Inertial Navigation Systems Market To Reach USD 16,588.6 Million By 2028: Quince Market Insights
Global Inertial Navigation Systems Market, By Application (Aircraft, Missiles, Space Launch Vehicles, Marine, Military Armored Vehicles, Unmanned Aerial Vehicles, Unmanned Ground Vehicles, Unmanned Marine Vehicles), By Type (Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, MEMS, Others), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Rest of the World, Middle East,) –Forecast (2016-2025)
Pune, India, July 19, 2020 (GLOBE NEWSWIRE) -- The global Inertial Navigation Systems Market size is expected to grow at a CAGR of 6.3%, reaching USD 16,588.6 million by 2028 from a prior valuation of USD 10,165.2 million in 2020, according to a new report by Quince Market Insights. High demand for navigation of mobile platforms such as boats, ships, and ground units that need auto pilot will pave the way for Inertial Navigation Systems market with increasing demand in aerospace & defense, and accuracy in navigation. Recent advances in micro electro mechanical system (MEMS) technology have made it possible to manufacture small, light and low-cost Inertial Navigation Systems. This technology has also helped the development of sensors, audio, switches, and oscillators; MEMS adapts new technology to accomplish a specific set of objectives. The satellite navigation is also expected to fuel growth of the INS market for commercial application in future.
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An Inertial Navigation Systems uses a computer based system, and motion sensors, such as gyroscopes and accelerometers to calculate the rocking position of an object. The systems used in navigation applications are anticipated to boost the growth of the market. Due to increasing advancement in technology, pertaining to navigation systems the Inertial Navigation Systems market is forecasted to witness prominent growth in the future.
An Inertial Navigation Systems is an aid used in underwater research, aircraft, rockets, marine vessels, and other aerial vehicles. It consists of computers, accelerometers, gyroscopes, and uses the process of dead reckoning to determine the attitude of the moving object. Inertial navigation is extensively used in a several applications, such as tactical and strategic missiles, navigation of aircraft, spacecraft, ships, and submarines.
High Demand from Consumer Electronics to boost the Mechanical Gyro Segment
Mechanical gyro in type segment is poised to grow at a CAGR of 6.3% during the forecast period. The Mechanical gyro segment accounted for 40.6%, the largest share of the global Inertial Navigation Systems market in 2019. The large share of this segment is mainly attributed to huge demand from the consumer electronics industry; stringent government regulations for the automotive industry; the emergence of efficient, economic, and compact MEMS technology; and rising demand from emerging economies.
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However, MEMS is expected to grow at the fastest CAGR of 7.2% during the forecast period. Modern inertial measurement units are utilizing the newest technology achievements such as sensors for measuring linear acceleration, measuring angular acceleration value, detection of north direction, and temperature sensors.
Easy Handling and Efficiency Propels the Growth of the Gyroscopes Segment
In component segment, Gyroscopes is poised to grow at a CAGR of 6.5% during the forecast period. The segment accounted for the largest share, about 43.6% of the global Inertial Navigation Systems in 2019. The emergence of compact, efficient, and economic gyroscopes is facilitating the Inertial Navigation Systems market.
However, wireless is expected to grow at the fastest CAGR of 7.6% during the forecast period
Satellite and Space Research Technology Rapidly Accelerating Missiles Segment Growth
In application segment, Missiles is poised to grow at a CAGR of 6.7% during the forecast period. The segment accounted for the largest share of 27.5% in the global Inertial Navigation Systems in 2019. The large share of this market is mainly attributed to the rise in frequency of satellite launched for various applications, including research and development, and scientific and communication.
However, space launch vehicle is expected to grow at the fastest CAGR of 7.3% during the forecast period.
North America Market to Benefit from Presence of Large Network of Aviation
North America is poised to grow at a CAGR of 5.6% during the forecast period. The region held the largest share of the global Inertial Navigation Systems market due to technological enhancement by various regional research and development companies and ever growing passenger air traffic. Favorable regulations by the federal aviation administration (FAA) encourage the vendors to expansion and development strategies to enhance their product portfolios.
Asia Pacific market is poised to grow at a CAGR of 5.7% during the forecast period. Growth in commercial aircraft manufacturers in the Asia Pacific region has led to the region becoming the fastest growing Inertial Navigation Systems market with rise in defense budgets of several emerging economies including China and India. The countries develop homegrown technologies for the manufacture of UAVs, fighter aircraft, and missiles.
Geographical Expansions and Product Launch Key Business Strategies of Industry Giants
Keeping in mind this growth rate, Electrostatic Precipitator manufacturers are making significant efforts in adopting advanced technologies largely by entering into collaboration and partnerships or developing new products that will help boost Electrostatic Precipitator demand.
- In September 2019, Honeywell International expanded navigation offering to meet evolving requirements of industrial evolution. HGuide i300 and HG4930 S-Class IMUs are small sensors that serve industries like agriculture, robotics, survey/mapping, unmanned vehicles and transportation.
- In May, 2018, Northrop Grumman Corporation launched a next generation maritime Inertial Navigation Systems, SeaFIND (Sea Fiber Optic Inertial Navigation with Data Distribution), succeeding the company’s Inertial Navigation Systems product line of MK-39 Mod 3 and 4 series.
Major companies of functional in the global Inertial Navigation Systems market are Northrop Grumman Corporation, Honeywell International, Safran Electronics & Defense, The Raytheon Company, Thales Group, General Electric Company, Teledyne Technologies, Rockwell Collins, VectroNav Technologies, Trimble Navigation, and LORD MicroStrain.
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