ID: MRFR/A&D/7074-HCR | 173 Pages | Published By Swapnil Palwe on March 2023
Inertial Navigation System (INS) Market is projected to grow USD 17.864 Billion at a CAGR 5.70% by during the forecast period.
Inertial Navigation System Market Overview
Inertial Navigation System (INS) Market Size is Anticipated to reach USD 17.864 Billion by 2030 expanding at a CAGR of 5.70% between 2020-2030
The Inertial Navigation System is a navigation device that uses the measurements recorded by accelerometers and gyroscopes to put the velocity and position of a vehicle in view. The Inertial Navigation System Market benefits from the growth of vehicle segment and usage of vehicles. The Inertial Navigation System (INS) Market is a growing that has shown moderate trends of growth in the last few years. In the upcoming years, too, the Market is set to grow. The INS measures the gravitational force acting on an object, its angular velocity, and its directional position when it is in motion. The Inertial Navigation System works in tandem with modern accelerometers and gyroscopes as well as sensors.
As sensor technology has evolved into being an accurate and fast technology due to recent improvements, the allied Inertial Navigation System Market is expected to grow too. The INS is not only used by aircraft but also by the military aviation sector, missile launches. The INS is also used in commercial games and medical appliances that also use location trackers. As inertial reference system increases in use cases, the Inertial Navigation System Industry will also benefit in the future.
In this report, the future prospects of the inertial guidance system Market are discussed. The report covers the prospects of the Market in lieu of the drivers and restraints in the market. The Industry has many factors contributing to its growth and overall progress. While the Market was a multi-billion dollar industry by the end of the year 2019, by the year 2027, the value of the Inertial Navigation System (INS) Market will surpass 15 billion USD. The Market shows strong trends of growth and progress over the upcoming forecast period.
COVID 19 Analysis
Like all other industrial segments, the Inertial Navigation System Market also got impacted by the COVID 19 pandemic. As the travel industry got impacted negatively because of the pandemic and resulting lockdown,Market also shrank in size and application. The manufacturing sector, including the INS Market, saw a production and sales slowdown. This resulted in a decrease in the growth rate of the Inertial Navigation System Marketduring the pandemic.
However, in the post-pandemic era, as the production of aircraft and missiles for different purposes gains traction, the Market will also see a revival. There will be an enhanced deployment of the inertial navigation system aircraft in the military and naval field. The deployment of a better ship inertial navigation system will also bring strong trends of overall market growth. The forecast period will thus see an expansion of the INS Market.
The Inertial Navigation System (INS) Market has major drivers of growth that support future progress in the sector. The Inertial Navigation System Market has one major growth driver in the form of demand for new UAVs. Unmanned Aerial vehicles are increasingly used in the civilian and military arena. The demand for UAVs and their production in the future years will see an unprecedented growth phase. There is space for the development of highly accurate Inertial Navigation Systems in the coming years. Thus, the Inertial Navigation System Market is all set to grow.
There are many opportunities for expansion in application and revenue for the Inertial Navigation System Market. The use of advanced drones in underwater monitoring and research for oceanography is one opportunity for use ofembedded GPS inertial navigation system in modern oceanographic equipment. Similarly, the broadening of the space research sector also creates enough space for the space ships Inertial Navigation System Market to grow into new sectors of application.
The high cost attached with the creation of such advanced positioning systems as well as with their operations is a restraint for the Inertial Navigation System (INS) Industry. If the key players do not start optimizing the cost of such navigation systems, the growth prospects will stunt because of the niche quality of the segment. The increase in budget limits for the security and military sector on national and international levels can help in the resolution of this restraint.
There are some challenges in the inertial navigation system sector that need to be resolved to bring in a period of growth and progress in the future. The need for a highly-skilled workforce to create advanced, futuristic, and accurate Inertial Navigation Systems is a major challenge. The existing workforce needs to be upskilled if the Inertial Navigation Systems are to be upgraded.
Cumulative growth Analysis
After a brief overview of the major drivers, restraints, and opportunities of the Inertial Navigation System Market, a growth analysis of the Inertial Navigation System Market reveals that the sector will grow at a moderate rate of 8.66 percent. The inertial navigation system market analysis reveals that the market will grow at a CAGR lower than 10 percent but at a steady, healthy rate. By the end of 2027, the Inertial Navigation System Industry will reach a collective value of 16.45 billion US Dollars.
The inertial navigation system market analysis by industrial segments is very necessary to create an understanding of its product distribution, manufacturing parameters, and growth factors. The major industrial segments of the inertial navigation system market are based on different criteria.The major criteria for the division of the market are by component and by technology. By component, the inertial navigation system market divides into accelerometer, gyroscope, magnetometer, etc. By technology, the inertial navigation system market is segmented into fiber optics Gyro, Mechanical Gyro, Ring Laser Gyro, etc. The regional analysis of the inertial navigation system market is discussed in the next segment.
The inertial navigation system market analysis by regions is necessary to understand the revenue distribution and competitor presence in the different regions of the world. The global inertial navigation system market actually disperses over primary regional markets like North America, Asia Pacific, Europe, MEA, and Latin America. The North American, European, and APAC regions are the biggest markets of inertial navigation systems. While all the regions will show great Inertial Navigation System (INS) Market trends of growth, the North American region will stay as the dominant regional market by revenue and competitors. The North American region has major inertial navigation system manufacturers.
The competitive landscape of the inertial navigation system market is very dynamic. There are many companies that contribute to the growth of the inertial navigation system industry. The inertial navigation system industry is not made from a single inertial navigation System Company but from many manufacturers. The major manufacturers of inertial navigation systems are
Gladiator Technologies Inc.
Honeywell International Inc.
Northrop Grumman Corporation
Safran Electronics & Defense
The major competitors contribute to setting Inertial Navigation System (INS) Market trends and creating more revenue. The competitors take up multiple initiatives to create opportunities for growth. These initiatives are listed under the recent development section.
The major companies of the inertial navigation system market contribute to the growth of the sector with Research and development initiatives. Many companies expand their operations with the launch of a new product line in the inertial navigation system sector. Other companies either enter a collaboration or a merger or take part in acquisition. Such ventures help in increasing the size and expanding operations of the inertial navigation system market collectively. One of the notable developments happened in September 2020 when VectorNav Technologies developed a miniature inertial measurement unit in the form of VectorNav Tactical Embedded.
The inertial navigation system market Reportsummaryis as follows-
COVID 19 Analysis
The inertial navigation system market research Outlook is a complete, concise report on the present condition of the market and its past influences that discuss the market’s future prospects in view. The market research report discusses the present drivers and opportunities that exist in the market. The report also talks about the restraints and challenges influencing the market so that a fair view of the present market is created.
The report also takes into consideration the changes brought by COVID 19 and how they will shape the inertial navigation system market in the future. The report also includes analysis by regions, industrial segments, and competitors to create a better understanding of the market composition and distribution. The inertial navigation system market report discusses CAGR and trends for the future that can create a clear, insightful view of the market forecast.
|Market Size||USD 17.864 Billion|
|Forecast Units||USD (value)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Technology|
|Geographies Covered||North America, Asia Pacific, Europe, MEA, and Latin America. The North American, European, and APAC regions|
|Key Vendors||General Electric Company,Gladiator Technologies Inc.,Honeywell International Inc.,Lord Microstrain,Northrop Grumman Corporation,Safran Electronics & Defense|
|Key Market Opportunities||The use of advanced drones in underwater monitoring and research for oceanography is one opportunity for use ofembedded GPS inertial navigation system in modern oceanographic equipment|
|Key Market Drivers||The demand for UAVs and their production in the future years will see an unprecedented growth phase.|
Global Inertial Navigation System (INS) Market is touted to record a substantial market valuation of USD 17.864 Billion billion by 2030.
Global Inertial Navigation System (INS) Market is projected to register a moderate 5.70% CAGR in the forecast period.
A few eminent market players operating in the global Inertial Navigation System (INS) Market are General Electric Company (US), Gladiator Technologies Inc. (US), Honeywell International Inc. (US), among others.
The mechanical gyro segment is expected to secure the highest CAGR.