According to the latest report published by Variant Market Research,the global inertial navigation system (INS) market size is projected to reach $14.7 billion by 2025. In this report, inertial navigation system (INS) market forecast says that the global market is growing at a CAGR of 5.5% from 2017 to 2025. By geography, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Inertial navigation system (INS), a navigation support uses a computer for computation process that is useful in initial velocity and position controlling, and also moving object regardless external positions. These systems offer better systems integrity & permit the navigation system to coast via short GPS outages with high accuracies.
Inertial Navigation System (INS) Market (By Application: Aircraft, Missiles, Space Launch Vehicles, Marine, Military Armored Vehicles, Unmanned Aerial Vehicles, Unmanned Ground Vehicles, and Unmanned Marine Vehicles; By Technology: Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, Mems, and Others; By Grade: Marine Grade, Navigation Grade, Tactical Grade, Space Grade, and Commercial Grade; By Component: Accelerometers, Gyroscopes, Algorithms & Processors, and Wireless; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Increase in demand for aircraft drives the global inertial navigation system (INS) market
The global inertial navigation system (INS) market trend includes progressions in technologies for navigation, increase in demand for aircraft, and high demand for missiles due to geopolitical inconsistencies. But, decrease in defense funds of developed nations might limit the global inertial navigation system (INS) market growth. Moreover, growth of commercial self-driving vehicles might provide several growth opportunities for the market over the forecasted period.
Application, technology, grade, component, and geography are the classification of the global inertial navigation system (INS) market. The application segment is categorized into aircraft, missiles, space launch vehicles, marine, military armored vehicles, unmanned aerial vehicles, unmanned ground vehicles, and unmanned marine vehicles. Mechanical gyro, ring laser gyro, fiber optics gyro, mems, and others are the segregation of technology segment. Grade segment is sub-segmented into marine grade, navigation grade, tactical grade, space grade, and commercial grade. On the basis of component, the segmentation includes accelerometers, gyroscopes, algorithms & processors, and wireless.
By geography, global inertial navigation system (INS) market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further split in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Russia, France, and Rest of Europe. Asia-Pacific is segmented into China, India, South Korea, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Navigation grade, by grade projected to grow at the highest CAGR between forecast period
On the basis of grade, navigation grade segment is expected to grow at the highest CAGR over the forecasted period. Growth in aircraft orders one main driving factor for the growth of the navigation grade segment of the global inertial navigation system (INS) market.
MEMS, by technology is anticipated to gain the fastest CAGR between 2017 and 2025
MEMS, by technology is predicted to achieve the fastest CAGR during the forecast period, owing to technological improvements in MEMS-based INS which are resultant to increased applicability in unmanned & small aircraft applications.
Asia-Pacific is anticipated to be the fastest growing market during the forecast period
Asia-Pacific is likely to attain the fastest CAGR throughout the forecast period, driven by factors such as growing defense budget of developing countries like India and China, the backing providing by these nations to develop homegrown technologies for the manufacture of fighter aircraft, UAVs, and missiles.
Key players are offering innovative products and services to increase their inertial navigation system (INS) market share. Main players competing in the market include General Electric, Honeywell International Inc., Northrop Grumman Corporation, Safran Electronics & Defense, Thales Group, The Raytheon Company, Rockwell Collins, Teledyne Technologies Incorporated, LLC, LORD MicroStrain, and VectorNav Technologies, LLC, among others.