Press release
Inertial Navigation System (INS) Market 2021 Outlook Opportunities - Honeywell International Inc., Northrop Grumman Corporation, Novatel Inc, MEMSIC Inc.
Market Insights Reports delivers key insights on the Inertial Navigation System (INS) market in its latest report titled, “Inertial Navigation System (INS) Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2025)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.The inertial navigation system market was valued at USD 10.43 billion in 2019, at a CAGR of 5.55% over the forecast period 2020 - 2025.
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Top Key Players in the Global Inertial Navigation System (INS) Market: Honeywell International Inc., Northrop Grumman Corporation, Novatel Inc, MEMSIC Inc., Tersus GNSS Inc., Lord Microstrain (Parker Hannifin Corp.), Inertial Sense LLC, Oxford Technical Solutions Ltd, Aeron Systems Pvt. Ltd, and Others.
Industry News and Update:
- September 2019 - Honeywell International Inc. launched two new inertial measurement units to provide navigation in a small, lightweight package without compromising on cost. It can withstand almost any environment in the air, on land, or underwater. These IMUs can serve several markets, like robotics, survey/mapping, unmanned vehicles, and transportation.
- Aug 2019 - Northrop Grumman Corporation received a contract from the U.S. Army to develop the next generation tactical radar antenna. The Re-scalable Aperture for Precision Targeting Radar (RAPTR) will be composed of small radar building blocks to allow the antenna to be scaled to fit a wide range of mission and platform requirements.
Key Market Trends:
Aerospace and Defense Sector Dominates the Inertial Navigation System Market
- Fresh investments in military and naval applications encourage the inertial navigation system market. The blooming aerospace market and technological advancements in navigations systems are further anticipated to drive the market. Inertial Navigation System gives exact navigation and positioning information to fight platforms when engaged in missions, whether for their location or the pointing of weapons systems (artillery, missile, etc.), sensors (radars, optronics, etc.) or weapons itself. They deliver valuable assistance to these systems while ensuring the best security. On advanced fighters like the Rafale, INS gives fully autonomous operation and resistance to electronic warfare. The European helicopter NH90 has also installed this technology.
- Aircraft carriers need to harmonize the ship's navigation system with those on its aircraft. Inertial Navigation System guarantees the ship's capability to work in a critical magnetic environment, without castigating performance, an ideal solution for new-generation submarines. Out on the battlefield, artillery systems have to offer extraordinary precision, extreme shock resistance. As the commercial aviation market is increasing at a more accelerated rate due to the exponential rise in air passenger traffic, the demand for new aircraft is growing year on year. This increasing demand is expected to drive the navigational grade INS market during the forecast period.
- The increasing military spending across multiple regions paves the way for technologies, like drones/unmanned aerial vehicles (UAVs). In addition, the usage of the inertial navigation system in traditional fighter jets is increasing significantly. The factors mentioned above are creating an exponential demand for inertial navigation systems in terms of volumes as well. These solutions that have minimum standardization, based on applications, are highly customizable. However, the manufacturers are often challenged by the long production time, leading to the technology becoming obsolete by the end of the production period.
Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2025 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.
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This Inertial Navigation System (INS) Market report addresses:
- The Market size from 2016-2021
- Expected market growth until 2025
- Forecast of how market drivers, restraints, and future opportunities will affect
- Segment and regions that will drive or lead the market growth and why
- Comprehensive mapping of the competitive landscape
- In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
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