Increasing aircraft demand and a growing aviation sector are driving up demand for the Global Inertial Navigation System, which is expected to climb between 2024 and 2028.
According to TechSci Research report, “Inertial Navigation System market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028”, Global Inertial Navigation System Market is expected to show consistent growth throughout the industry in the coming years. Inertial navigation systems are widely used in aerospace and defense applications such as ships, submarines, missiles, satellites, and aero planes. Growing investment in the development of sophisticated communication systems for defense applications has greatly aided the growth of the global inertial navigation system market. Rising demand for advanced aircraft, increased investment in the development of highly accurate missile systems, and the proliferation of unmanned vehicles across aerial, marine, and ground defense applications are expected to drive the global inertial navigation system market during the forecast period.
The increased availability of miniaturized components at reasonable prices has resulted in market value rise. Increased use of inertial navigation systems in new missiles and aircrafts will also provide the industry with attractive growth prospects. Rising emphasis on the development of autonomous commercial vehicles, in conjunction with increased industrialization, will also promote market growth. Manufacturers’ increased emphasis on substantial research and development capabilities that help boost the market growth rate.
However, reducing defense spending in industrialized nations will offer a significant challenge to market growth rates. In addition, the high prices of inertial navigation systems will slow industry expansion. Furthermore, the operational complexity involved with inertial navigation systems will hinder industry expansion.
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Global inertial navigation system market is segmented by technology, component, application, and by vertical. Based on Technology, the market is segmented into Ring Laser Gyro, Mechanical Gyro, Fiber Optics Gyro, MEMS, and Others. Based on technology, the market is divided into ring laser gyros (RLGs), fiber optics gyros (FOGs), mechanical gyros, MEMS (micro-electro-mechanical systems), and others. Due to the rising integration of MEMS sensors in navigation systems, the technology of micro-electromechanical systems is growing at the highest rate. This is primarily done to increase accuracy and minimize total system weight. MEMS sensors have cheap cost, high performance, high reliability, and low weight. Because of these characteristics, the MEMS accelerometer and MEMS gyroscope are widely used in the development of INS. Furthermore, the quartz MEMS have broken through earlier SWaP-c hurdles in line-of-sight communication, targeting, and autonomous navigation.
Based on Application, the market is segmented into Aircraft, Missiles, Marine and Unmanned Vehicles. The Unmanned Vehicles is going to dominate this segment as demand for Unmanned vehicle at a robust pace.
Based on Component, the market is segmented into Accelerometers, Gyroscopes, and Wireless Systems.
From 2024 to 2028, the gyroscope component segment is expected to increase at the fastest rate. The increase in the use of tiny and cost-effective gyroscopes to improve the capabilities and performance of these navigation systems is related to the expansion of the market. Based on Verticals, the market is segmented into Commercial, Consumer Electronics, Military & Defense, and Other End-user Industries. The military end-user category is expected to increase at a faster CAGR throughout the projected period. This expansion is driven by increased demand for modern military solutions to improve the nation’s safety and security. This need will result in quick advancements in sophisticated missiles with the next generation of inertial navigation systems to improve performance on the battlefield. Furthermore, it would increase the acquisition of UAVs to boost border defense through continuous observation. As a result of the increasing development of missiles and UAVs, the demand for INS for military applications is increasing.
Key market players in the Inertial Navigation System market:
- Honeywell International Inc
- Northrop Grumman Corporation
- Tersus GNSS
- Raytheon Technologies Corporation
- Thales Group
- Safran
- General Electric Company
- IXblue SAS
- Parker-Hannifin Corporation
- Teledyne Technologies Incorporated
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“The market is expanding as a result of rising demand for aircraft, rising demand for missiles as a result of geopolitical uncertainties, and rising need for navigational precision. Additionally, the market has grown due to developments in navigational technology and the expanding aerospace industry. The market’s expansion might be hampered by system initializations and a fall in the defense budgets of wealthy nations. Additionally, throughout the projection period, market integration with other systems and the expansion of commercial self-driving cars are anticipated to have an equal impact on market growth.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Inertial Navigation System Market Segmented By Technology (Ring Laser Gyro, Mechanical Gyro, Fiber Optics Gyro, MEMS, and Others), By Application (Aircraft, Missiles, Marine and Unmanned Vehicles), By Component (Accelerometers, Gyroscopes, Wireless Systems), By Vertical (Commercial, Consumer Electronics, Military & Defense, Other End-user Industries) By Region, Competition” has evaluated the future growth potential of Inertial Navigation System and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Inertial Navigation System Market.
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