Global Inertial Navigation System Market is Likely to Grow at a CAGR Value of 4.6% By 2028

09-Aug-2022 | Facts and Factors

According to Facts and Factors, the global inertial navigation system market was worth USD 10,835.2 million in 2021 and is expected to grow to USD 14,191.4 million by 2028, at a CAGR of approximately 4.6% over the forecast period. The report analyses the inertial navigation system market's drivers, restraints, and challenges and their effects on the demands during the projection period. In addition, the report explores emerging opportunities in the inertial navigation system market.

Global Inertial Navigation System Market Size

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An object's velocity, gravitational force, and directional orientation are all calculated using an inertial navigation system. Motion sensors, accelerometers, and gyroscopes are components of an inertial navigation system. The accelerometer detects the amount of change in the speed of drones, aircraft, and ships. In contrast, the gyroscope measures an item's angular velocity, such as drones, ships, and aircraft utilizing sensors. The direction and relative position of the object is inferred from such derivations.

Browse the full “Inertial Navigation System Market Size, Share, Growth Analysis Report By Product Type (Navigation, Tactical, Commercial, and Marine), By Technology (Micro electro-mechanical Systems, Fiber Optic Gyros, Ring Laser Gyros, Mechanical, And Vibrating Gyro), By Application (Naval, Airborne, Commercial, and Land), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/inertial-navigation-system-market

Additionally, inertial navigation systems are employed in aerospace and navigation applications where precision and performance are highly important. Additionally, inertial navigation technology uses mathematical computations to measure a vehicle's acceleration. Inertial navigation systems have a lot to offer unmanned systems like unmanned underwater vehicles (UUVs) and unmanned aerial vehicles (UAVs). These are frequently used in the oil and gas and defence sectors. UUVs are used in the defence sector for port security, deactivating underwater mines, and counterattacking. These unmanned vehicles use inertial navigation systems (INS), which provide accurate navigation and location data.

The primary reason fueling the market's expansion is the rising need for unmanned underwater vehicles (UUVs). UUVs are widely utilized in scientific research, defensive weapons that need high precision, and oil and gas exploration. The need for the product is further increased because UUVs are employed for oil rig building, pipeline inspections, and maintenance tasks due to the rising global oil consumption. A further factor boosting the market's expansion is the booming aerospace industry. A good picture for the market is also being created by several technological developments, such as the release of light-powered, small-sized navigation systems that use fiber optics and ring laser gyros. However, it is anticipated that the market for inertial navigation systems will develop slowly due to the operational complexity involved with these systems and declining defense budgets in some larger nations.

Segmental Overview

The global inertial navigation system market is segregated based on product type, technology, application, and region. Based on product type, the market is divided into navigation, tactical, commercial, and marine. In 2021, navigation products acquired the largest market share. Based on technology, the market is divided into micro-electro-mechanical systems, fiber optic gyros, ring laser gyros, mechanical gyros, and vibrating gyros. In 2021, micro-electro-mechanical systems technology acquired the largest market share. Based on application, the market is divided into naval, airborne, commercial, and land. In 2021, the naval application of an inertial navigation system dominated the market.

Regional Overview

The global inertial navigation system market is divided into geographic regions: North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. North America recorded the largest market share. The fact that the United States is the world's leading producer and supplier of robotic vehicles will help the market expand throughout the area. Moreover, it is predicted that the market in North America will rise due to the expanding use of remotely operated vehicles in both commercial and military applications. Furthermore, the region's market expansion would be aided by the presence of major competitors and OEMs.The Asia-Pacific region is anticipated to have considerable market expansion during the projection period. The growth is linked to rising defence sector investments from developing nations like China, India, and countries with developing economies. Defense spending and the acquisition of cutting-edge remotely operated vehicles for military use have surged in China and India.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 10,835.2 Million

Projected Market Size in 2028

USD 14,191.4 Million

CAGR Growth Rate

4.6% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Honeywell International, Safran, Northrop Grumman, Thales Group, KVH Industries, Teledyne, Systron Donner Inertial, VectorNav, TASC Gmbh, ETLG Aerosystems, and Others

Key Segment

By Product Type, Technology, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Competitive Landscape

The report contains qualitative and quantitative research on the global inertial navigation system market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Key players in the global inertial navigation system market include Honeywell International, Safran, Northrop Grumman, Thales Group, KVH Industries, Teledyne, Systron Donner Inertial, VectorNav, TASC Gmbh, and ETLG Aerosystems.

Recent Development:

  • In September 2020, Inertial Labs announced the availability of a new GPS-aided inertial navigation system (INS). A high-performance strapdown system, INS-DU, measures position, speed, and absolute orientation of any mounted platform. The INS-DU has a dual-antenna u-Blox GNSS receiver that supports a variety of GNSS constellations and offers a 1-cm real-time kinematic (RTK) position from RTCM 3 RTK corrections.
  • In September 2020, Northrop Grumman Corporation completed the critical design review (CDR) milestone for the EGI-M program, which stands for Embedded Global Positioning System (GPS)/Inertial Navigation System (INS)-Modernization.

The global Inertial Navigation System market is segmented as follows:

By Product Type

  • Navigation
  • Tactical
  • Commercial
  • Marine

By Technology

  • Micro electro-mechanical systems
  • Fiber Optic Gyro
  • Ring Laser Gyro
  • Mechanical
  • Vibrating Gyro

By Application

  • Naval
  • Airborne
  • Commercial
  • Land

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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