The U.S. Air Force has awarded Boeing [BA: NYSE:] a GPS III study contract valued at $20.8 million. Under the contract, Boeing will perform a 24-month systems requirement review (SRR) study. GPS III is a new initiative by the Air Force to develop a next-generation GPS. The study will assess how requirements for the satellite-based navigation and timing system will evolve over the next 30 years. The GPS III SRR study also will address mission needs, requirements and evaluate architecture recommendations.

Boeing’s members include its Boeing Satellite Systems unit in El Segundo, Calif., Harris Corp. [NYSE: HRS], Lockheed Martin [NYSE: LMT], ITT Industries [NYSE: ITT], and Raytheon [NYSE: RTN].