The global inertial navigation system market exhibited moderate growth during 2015-2020.
An Inertial Navigation System (INS) is a navigation system that calculates velocity, gravitational force and directional orientation of a moving object. It is a computer-based mechanism that primarily includes motion sensors, accelerometers and gyroscopes. The gyroscope measures the angular velocity of an object such as drones, ships and aircraft using sensors, whereas the accelerometer measures the degree of change in their speed. Based on these derivations, the object’s direction and relative position are estimated. The INS finds extensive applicability in the production of guided military weapons and commercially produced games, cameras, computers and medical appliances.
The growing demand for Unmanned Underwater Vehicles (UUV) is the key factor driving the growth of the market. UUVs are extensively used in oil and gas explorations, scientific research and defense weaponry that require high precision to function. In the defense sector, they are used for deactivating underwater mines, counterattacking, port security and hull inspection. In scientific research, underwater drones assist in oceanographic studies for the mapping of the ocean bed. Furthermore, with the rising oil consumption across the globe, UUVs are increasingly being used for oil rig constructions, pipeline inspections, and maintenance activities, thereby fueling the demand for the product. Additionally, the thriving aerospace sector is another factor contributing to the growth of the market. Advancements in space research and increasing satellite launches have enhanced the utilization of these navigation systems that are necessary to measure the velocity and altitude of an object accurately. Moreover, various technological advancements such as the introduction of light-powered and compact-sized navigation systems, which utilize ring laser gyro (RLG) and fiber optic gyro (FOG), are also creating a positive outlook for the market. Looking forward, the analyst expects the global inertial navigation system market to grow at a CAGR of around 5% during the forecast period (2021-2026).
Report Coverage: Historical, Current and Future Market Trends
Market Breakup by Technology: Mechanical Gyros Ring Laser Gyros Fiber Optics Gyros MEMS Others
Market Breakup by Grade: Marine Grade Navigation Grade Tactical Grade Space Grade Commercial Grade
Market Breakup by Component: Accelerometers Gyroscopes Algorithms and Processors Wireless Systems
Market Breakup by Application: Aircraft Missiles Space Launch Vehicles Marine Military Armored Vehicles Unmanned Aerial Vehicles Unmanned Ground Vehicles Unmanned Marine Vehicles
Market Breakup by Region: North America Europe Asia Pacific Middle East and Africa Latin America
Competitive Landscape: The report has also analyzed the competitive landscape of the market with some of the key players being Honeywell International Inc., Northrop Grumman Corporation, Teledyne Technologies Inc., Vectornav Technologies LLC, Lord Microstrain, Safran Electronics & Defense , Thales Group, The Raytheon Company, General Electric Company, Rockwell Collins Inc., Trimble Navigation Ltd., Gladiator Technologies Inc, etc.
Key Questions Answered in This Report: How has the global inertial navigation system market performed so far and how will it perform in the coming years? What are the key regional markets in the global inertial navigation system industry? What has been the impact of COVID-19 on the global inertial navigation system market? What is the breakup of the market based on the technology? What is the breakup of the market based on the grade? What is the breakup of the market based on the component? What is the breakup of the market based on the application? What are the various stages in the value chain of the global inertial navigation system industry? What are the key driving factors and challenges in the global inertial navigation system industry? What is the structure of the global inertial navigation system industry and who are the key players? What is the degree of competition in the global inertial navigation system industry?
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