Press release
Inertial Navigation System Market Swot Analysis By Key Players: Honeywell International Inc., Northrop Grumman Corporation., Thales Group
Inertial Navigation System Market
An inertial navigation system is a navigation system which is used to calculate velocity, gravitational force, and directional orientation of a moving object. Inertial navigation system 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 speed of drones, aircrafts, and ships. Based on such derivations, the object’s direction and relative position are estimated. Moreover, inertial navigation systems are used in navigation applications and in aerospace where accuracy & performance are considered as utmost importance. Further, inertial navigation technology also allows to measure the acceleration of a vehicle by applying mathematical calculations.
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COVID-19 scenario analysis:
Due to COVID-19 situation, the ongoing research & development in inertial navigation system has been adversely affected due to the declared lockdowns and government restrictions on public gatherings.
Slowing sign in economies of several countries has been observed due to COVID-19 effect, which may limit governments investment in their defense projects. Such reduction in investment will directly affect the growth in inertial navigation system market.
Travel restrictions and reduction in military activities due to COVID-19, has also adversely effected growth of inertial navigation system market, as supply chain of related spare parts has been disturbed.
Demand may rise extensively in global inertial navigation system market in upcoming quarter as industry’s production has started to get momentum after tough phase of COVID-19.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Rise in defense expenditure among developing countries, increase in demand for accuracy in navigation, and surge in demand for aircrafts are some of the major factors which drive the growth of the global inertial navigation system market. However, operational complexity associated with inertial navigation system and decline in defense budgets in some of the major countries are expected to restrain the growth of inertial navigation system market. Contrarily, technological advancements in MEMS based inertial navigation systems will be opportunistic for the growth of inertial navigation system market.
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Rising defense expenditure among developing countries
The increase in transactional conflicts among several countries such as Saudi Arabia & Iran, India & Pakistan, has resulted in rising of defense expenditure among these countries. Such countries are investing heavily in the development of several missile systems such as S-400 (Russia) and Akash missile defense system (India). Such missile systems use inertial navigation system for guidance. Hence, rising defense expenditure is contributing significantly in the growth of the global inertial navigation system market.
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