Inertial Navigation System (INS) Market Share, Revenue, Trends, Size, Growth, Opportunities, and Regional Forecast by 2028

Posted on Aug 11 2022 12:05 PM

"Key companies covered in The global inertial navigation system market Honeywell International Inc. (The U.S.), Northrop Grumman Corporation (The U.S.), Safran (France), Thales Group (France), Raytheon Technologies Corporation (The U.S.), General Electric Company (The U.S.), Teledyne Technologies, Inc. (The U.S.), VectorNav Technologies, LLC (The U.S.), Parker-Hannifin Corporation (The U.S.), Trimble Navigation Ltd. (The U.S.), Gladiator Technologies, Inc (The U.S.), iXblue SAS (France) "

The global inertial navigation system (INS) market size is projected to grow from USD 10.59 billion in 2021 to reach USD 15.45 billion by 2028 and exhibit a CAGR of 5.54% during the forecast period. The surging demand for an accurate navigation system and the growing adoption of modern technologies such as machine learning and artificial intelligence are anticipated to boost the market growth in the coming years. Fortune Business Insights™ has presented this information in its report titled, “Inertial Navigation System (INS) Market, 2021-2028”. The market size stood at USD 10.38 billion in 2020.

The technological development in INS and the growing aerospace industry are anticipated to drive the growth of the market in the coming years. The utilization of satellite navigation and the escalating technological advancements in MEMS (micro-electro-mechanical systems) are also expected to increase the market’s growth in the upcoming years.

COVID-19 Impact-

The sudden emergence of the humanitarian crisis has drastically affected the global economic structure and hampered the growth of several industries and markets. The market for INS has witnessed a negative impact of the coronavirus pandemic due to the shutdown of manufacturing plants. The diminished demand for autonomous vehicles for commercial operations such as field mapping, windmill inspection, pipeline inspection, and oil tank testing has hindered the market’s growth. Nonetheless, the vaccines are now available to the mass population, and the market is slowly recovering. The market is expected to witness significant growth post-pandemic.

Request Sample PDF Brochure :-

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/inertial-navigation-system-ins-market-102849

Segmentation-

Based on components, the market is fragmented into gyroscopes, accelerometers, and others. On the basis of technology, the market is segmented into MEMS, fiber optics gyro, ring laser gyro, mechanical gyro, and others. On the basis of platform, the market is divided into space, maritime, ground, and airborne. On the basis of end-user, the market is bifurcated into military and commercial. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.

Report Coverage-

  • It envisages an in-depth assessment of the prospected market.
  • It incorporates Porters’ Five Forces Analysis for an unerring market prediction.
  • It highlights different market segments; components, enterprise size, industry, deployment type, and others.
  • It highlights strategies of growth for companies to wade through the COVID-19 pandemic.
  • It emphasizes the market's competitive landscape and elucidates the latest industry developments, new product launches, key market trends, etc.

Drivers & Restraints-

Growing Demand for Highly Accurate Navigation Systems to Boost Market Growth

The growing adoption of unmanned vehicles has boosted the demand for small-sized modern navigation solutions. This had led to the development of portable, cost-efficient, and miniaturized INS components, such as micro-accelerometers and micro-gyroscopes. Hence, the development of INS with these attributes is anticipated to fuel the global inertial navigation system (INS) market growth.

The demand for extremely accurate navigation systems for precise positioning has increased across military and commercial applications. The growing adoption of modern technologies such as machine learning and artificial intelligence to produce highly accurate navigation solutions is expected to boost the market growth in the coming years.

Moreover, the technological developments in the navigation industry are likely to accumulate growth for the market.

However, the high costs of INS are likely to restrict the market’s growth.

Regional Insights-

Surging Remotely Operated Vehicles Adoption to Fuel Growth in North America

North America is projected to gain the largest portion of the global inertial navigation system (INS) market share due to the surging adoption of remotely operated vehicles across military and commercial applications. Additionally, the U.S. is the largest provider and manufacturer of robotics vehicles. This is likely to foster growth for the market.

Asia Pacific is anticipated to witness immense growth due to the increasing defense investments by India, China, and others. The increasing acquisition of modern remotely operated vehicles for applications in the military is likely to garner for the market.

Europe is expected to witness moderate growth due to the presence of prominent OEMs such as Safran, Thales Group, and others.

The Rest of the World is likely to exhibit considerable growth in the coming years due to the rising defense expenditures.

Inquire Before Buying This Research Report :-

https://www.fortunebusinessinsights.com/enquiry/queries/inertial-navigation-system-ins-market-102849

Competitive Landscape-

Key Players Emphasize Developing Cost-Efficient INS to Attract Growth

The market is fairly fragmented and comprises several key players with a robust brand and product portfolios. They aim to develop a cost-efficient INS to attract growth and generate greater revenues. The key players focus on various growth strategies like partnerships, mergers, acquisitions, new product launches, technological advancements, patents, etc., to enhance market presence. For instance, The U.S. Air Force assigned a contract worth USD 59 million to Northrop Grumman Corporation in February 2019 to manufacture an upgraded inertial navigation system and GPS.

Industry Developments-

  • May 2019: Northrop Grumman Corporation launched its upgraded SeaFINDTM INS for the marine platform. It is the first marine INS based on fiber optics gyro technology (eFOGTM).

Key Players in the Global Market are:

  • Honeywell International Inc. (U.S.)
  • Northrop Grumman Corporation (U.S.)
  • Safran (France)
  • Thales Group (France)
  • Raytheon Technologies Corporation (U.S.)
  • General Electric Company (U.S.)
  • Teledyne Technologies, Inc. (U.S.)
  • VectorNav Technologies, LLC (U.S.)
  • Parker-Hannifin Corporation (U.S.)
  • Trimble Navigation Ltd. (U.S.)
  • Gladiator Technologies, Inc. (U.S.)
  • iXblue SAS (France)

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Address:

Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –

Mahalunge Road, Baner, Pune-411045,

Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

LinkedIn Facebook Twitter