Inertial Navigation Systems Market Outlook 2031:
The global inertial navigation systems market size was valued at USD 11.56 Billion in 2022 and is projected to reach USD 18.78 Billion by 2031, expanding at a CAGR of 5.54% during the forecast period 2023 - 2031. The growth of the market is attributed to the factors such as increased demand for safe and precise navigation, new aircraft and missiles, and the availability of affordable micro-components.
Inertial navigation system is a device that can determine the position, direction, and speed of objects by using onboard inertial sensors and dead roll technology. The inertial navigation system mainly contains the first batch of inertial sensors, such as accelerometers, gyroscopes or magnetometers for data collection.
Secondly, inertial navigation system contains a processing unit for analyzing and tracking measurement data from inertial sensors. It is widely used in the manufacture of military missiles and mass-produced games, cameras, computers, and medical equipment.
Recent technological advancements have led to the development of small parts, which ultimately reduced the size and weight of these tiny components making it portable and easy to use. In addition, MEMS technology can further miniaturize the embedded sensor system, making the production of micro MEMS accelerometers and MEMS gyroscopes expandable to meet application requirements.
In addition, the aerospace industry has very strict requirements for weight and size. The increasing procurement of unmanned vehicles and the increasing deliveries of aircraft have led to the introduction of micro-components to improve the performance and reliability of the navigation system.
Inertial Navigation Systems Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for accuracy in navigation in warfare scenario and adoption of advanced navigation technologies is expected to boost the inertial navigation systems market growth during the forecast period.
- Rapid growth of defense & aerospace industry is creating demand for advanced technologies and development of next generation system for enhanced accuracy is major factors fueling the market.
- Rising adoption of robotic vehicles for defense and commercial application is anticipated to drive the market during the forecast period.
- High operating & maintenance cost associated with inertial navigation systems is projected to restrict the inertial navigation systems market growth.
- R&D investment and technological advancement in developing driverless vehicles with high accuracy in navigation is projected to offer significant opportunities for the market players.
Scope of Inertial Navigation Systems Market Report
The report on the global inertial navigation systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Inertial Navigation Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023 – 2031
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Segmentation
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End Users (Aerospace & Defense, Marine, Automotive, and Industrial)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Inertial Sense Inc.; Tersus GNSS; Northrop Grumman Corp.; Honeywell International Inc.; and MEMSIC Inc.
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Inertial Navigation Systems Market Segment Insights
The aerospace & defense segment is projected to hold a major market share
Based on end users, the inertial navigation systems market share is segregated into aerospace & defense, marine, industrial, and automotive. The aerospace & defense segment is expected to represent a key share of the market during the forecast period owing to new investments in military & aerospace and marine applications.
Technological advancements in navigation systems may drive market development. Depending on the location or targeting of weapon systems, sensors or the weapons themselves, provide valuable support for these systems and ensure maximum safety. Inertial navigation system provides fully autonomous operation and resistance to electronic warfare.
This technology is also installed on European NH90 helicopters. The aircraft carrier must synchronize the navigation system of the ship with the navigation system of its aircraft. The inertial navigation system guarantees the ship's ability to operate in a critical magnetic environment without sacrificing performance, making it an ideal choice for the next generation of submarines.
On the battlefield, artillery systems must provide superior accuracy and impact resistance. As the number of passengers is growing exponentially, the commercial aviation market is growing rapidly. Increased military spending in many regions paved the way for technologies such as unmanned aerial vehicles. In addition, the use of inertial navigation systems in traditional combat aircraft is increasing significantly.
North America is anticipated to dominate the market
On the basis of regions, the inertial navigation system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The main demand for inertial systems is in defense sector in order to provide accurate navigation and location information for combat platforms during missions.
The tactical inertial navigation system is a combat-proven solution of the US Army. As the military sector requires reliable positioning and navigation solutions, the demand for INS systems is expected to grow rapidly. In addition, oil rig exploration requires high-performance gyroscopes and accelerometers to provide suitable autonomous detection systems, inertial measurement units, and inertial gyroscopes to provide accurate platform stability solutions when stability is critical.
Segments
The global inertial navigation systems market has been segmented on the basis of
End Users
- Aerospace & Defense
- Marine
- Industrial
- Automotive
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the inertial navigation systems market include Inertial Sense Inc.; Tersus GNSS; Northrop Grumman Corp.; Honeywell International Inc.; and MEMSIC Inc.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
For instance, In September, 2019 Honeywell International released two new inertial meters that can provide navigation in a compact and lightweight package without reducing costs.
In August, 2019 Northrop Grumman has received an order from the US Army to develop next-generation tactical radar antennas.
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