China is expected to become a major player in the “highly lucrative” satellite navigation market as it seeks to compete with the US government-run Global Positioning System (GPS), an analyst said Monday.

But China’s indigenous Beidou system is unlikely to overtake the GPS system for the time being, said Craig Singleton, deputy assistant for the Hawkish Foundation for Defense of Democracies.

“China has taken an important step in its race to increase market share in this highly lucrative sector,” Singleton told CNBC’s Squawk Box Asia.

“The completion of the system also confirms China’s status as a world power. It is an important declaration of its technical independence from the West, which has far-reaching geopolitical implications,” said Singleton.

Flags of the United States and China fly along Pennsylvania Avenue in Washington, DC on January 17, 2011.

Andrew Harrer | Bloomberg | Getty Images

More than 120 countries – including Pakistan and Thailand – use China’s beidou system for …

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