Market Overview:
Inertial navigation system industry is projected to grow USD 17.864 billion at a CAGR 5.70% by during the forecast period.
In recent years, due to the rising demand for UAVs integrated with INS for military missions, the Global Inertial navigation system industry has experienced strong growth. In addition, the growing demand for new aircraft and precise navigation systems are some of the factors driving the market 's rise. It is anticipated that the increasing demand for UAVs incorporated with the INS for military tactical missions will fuel Inertial navigation system market growth. In developed countries, there has been a rise in air passenger traffic over the last few years. Therefore, to appeal to the growing number of customers, the market for new aircraft has grown correspondingly.
It is estimated that the advent of reliable, inexpensive, and portable gyroscopes would increase the demand for gyroscopes in the market for inertial navigation systems. To ensure the vehicle, an increase in the deployment of space launch vehicles, such as small satellites, worldwide is likely to increase the need for a highly efficient and precise inertial navigation system. The INS is, in addition, an important part of aircraft navigation. It is also expected that the growth of the industry will be driven by growing demand for new aircraft.
The organisational sophistication of the INS, however, is expected to restrict business development to some degree.
Key Players:
The key players of Inertial navigation system industry are General Electric Company, Gladiator Technologies Inc., Honeywell International Inc., Lord Microstrain, Northrop Grumman Corporation, Safran Electronics & Defense.
Market Segmentation:
The Inertial navigation system market industry, based on the component, is segmented into accelerometers, gyroscopes magnetometers, Inertial Measurement Units (IMUs), and Attitude Heading and Reference Systems (AHRS). The accelerometers segment is poised to witness substantial demand over the review period.
The market, based on technology, is segmented into mechanical gyro, fibre optics gyro, ring laser gyro, and Microelectromechanical Systems (MEMS) Gyro. The mechanical and MEMS segments are poised to mature at a substantial CAGR during the review period.
Regional Analysis:
The inertial navigation device industry is dominated by North America. Due to the involvement of influential players such as Honeywell International Inc., General Electric Company, Northrop Grumman Corporation, and United Technologies Corporation and high investments by them in the production of INS, this pattern is expected to continue during the forecast period.
The growing adoption by the military forces of UAVs, UMVs, and UGVs for tactical missions is projected to drive the growth of the European market in the review era.
Due to the growth of the aviation industry in the region, the Asia Pacific region is expected to expand at a substantial CAGR during the forecast period, while North America is projected to account for the most significant share of the Inertial navigation system industry. In this area, the market is projected to grow during the forecast period at a high CAGR. Growing defence spending and increasing demand for new aircraft in countries such as India and China are pushing regional growth. In addition, the growth in the disposable income of the middle-class population, which has contributed to a rise in air passenger traffic in the Asia Pacific region, has led to an increase in the market for new aircraft deliveries in the region, which, in turn, is boosting the demand for inertial navigation systems.
The rise in defence spending by countries such as Saudi Arabia, the UAE, and Israel is driving the Middle East & African region's demand expansion. There has been an increase in the use of UAVs in Latin America to collect intelligence on drug trafficking and rebel groups, track deforestation and regulate illicit migration, which is expected to fuel development in the sector.
Related reports:
Inertial Measurement Unit Market Report: By Component (Accelerometer, Gyroscope, and Magnetometer), Technology (Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, Microelectromechanical Systems (MEMs) Gyro and others), Grade (Marine Grade, Navigation Grade, Tactical Grade, Space Grade, and Commercial Grade), Application (Aircraft, Space Launch Vehicles, Missiles, Marine, Military Armored Vehicles, Unmanned Aerial Vehicles (UAVs), Unmanned Ground Vehicles (UGVs) and Unmanned Marine Vehicles (UMVs)) - Forecast till 2030
Drone Sensor Market, by Sensor Type (Inertial Sensor, Image Sensor, Speed and Distance Sensor, Position Sensor, Pressure Sensor, Light Sensor, Current Sensor, Others) Platform Type (VTOL, Fixed-Wing, Hybrid), Application (Navigation, Collision Detection & Avoidance, Data Acquisition, Motion Detection, Air Pressure Measurement), End-User (Construction, Media & Entertainment, Precision Agriculture, Personal, Security & Surveillance, Defense, Law Enforcement, Transportation, Others) — Forecast till 2027
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