Press release
Inertial Navigation System market 2023 Slated to Witness Tremendous Growth at a high CAGR of 4.19 % to reach above USD 13.2 billion by 2029
Inertial Navigation System market Overview
Qualitative analysis about Inertial Navigation System market status (2023-2029), enterprise competition pattern, advantages and disadvantages of enterprise Products, industry development trends , regional industrial layout characteristics and macroeconomic policies, industrial policy has also be included. From raw materials to downstream buyers of this industry will be analysed scientifically, the feature of product circulation and sales Distribution will be presented as well.
An inertial navigation system is an electronic device used to determine the direction, speed, position, and orientation of the item by utilizing locally available inertial sensors and dead shaking strategies. This system consists of a global navigation satellite system (GNSS) receiver, an inertial measurement unit, or other motion-sensing devices. These components operate together to identify the exact data of an object. In addition, the INS consists of a computational unit used to analyze and track the measured data coming from inertial sensors.
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The comprehensive Demand analysis of the Inertial Navigation System market will assist in managing better product differentiation, along with detailed understanding of the core capability of each activity involved. The Inertial Navigation System market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.
Following are the major Companies of Inertial Navigation System market - Honeywell International Inc., Northrop Grumman Corporation, Safran Electronics & Defense, Thales Group, The Raytheon Company, General Electric Company, Rockwell Collins Inc., Teledyne Technologies Inc., VectroNav Technologies LLC. , LORD MicroStrain, and and others.
KEY INDUSTRY DEVELOPMENTS:
September 2020 - Northrop Grumman Corporation announced that it had completed the critical design review (CDR) milestone for the embedded global positioning system (GPS) / Inertial Navigation System -Modernization, or EGI-M, program.
August 2020 - VectorNav Technologies, LLC introduced a novel miniature inertial measurement unit and GNSS/inertial navigation system products: The VectorNav Tactical Embedded.
April 2020 - Honeywell International Inc. announced that it had awarded a four-year contract worth USD 99.1 million from the U.S. Air Force to update the service branch's embedded global positioning system/inertial navigation system.
Inertial Navigation System market Segmentation:
Based on the industrial chain, this report mainly indicates the definition, types, applications and major players of Inertial Navigation System market in details.
Inertial Navigation System Market by Application, 2023-2029, (USD Million)
Aircraft
Missiles
Space Launch Vehicles
Marine
Military Armored Vehicles
Unmanned Aerial Vehicles
Unmanned Ground Vehicles
Unmanned Marine Vehicles
Inertial Navigation System Market by Component, 2023-2029, (USD Million)
Accelerometers
Gyroscopes
Algorithms & Processors
Wireless
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Driver: Increased demand for accuracy in navigation
The need for exact location details with altitude and orientation of military equipment is of paramount importance in the current warfare scenario. These details are required for the effective planning and execution of targets. Inertial navigation systems encompass a group of sensors that include accelerometers and gyroscopes, which offer details with respect to the position, orientation, and velocity of a moving body. The ability of inertial navigation systems to provide exact location details have led to the increased applicability of these systems in the defense sector. Thus, the increasing firepower of militaries worldwide and the rising demand for accuracy in navigation have contributed to the growth of the inertial navigation system market.
Restraint: Decline in defense budgets of developed countries
Inertial navigation systems are extensively used in defense ships, guided munitions, military and special mission helicopters, fighter aircraft, submarines, and short, medium, and long-range missiles. The decline in defense budgets of developed countries, such as Sweden, Switzerland, Finland, Brussels, and Canada, has affected the demand for these systems, which, in turn, acts a restraint to the growth of the inertial navigation system market. For instance, in 2016, the Canadian government decided to reduce its defense expenditure to less than 1% of its GDP and withheld approximately USD 4 billion that had been earmarked for the purchase of new defense equipment. Thus, the decline in the procurement of defense equipment due to limited defense funding is restraining the demand for inertial navigation systems.
Opportunity: Development of commercial driverless vehicles
Driverless vehicles are robotic vehicles capable of traveling to destinations without human intervention. Advancements in sensor technology coupled with breakthroughs in machine learning are driving the demand for commercial driverless vehicles. Companies such as Tesla, Google, Ford, and BMW are actively involved in the development of driverless technology for commercial vehicles. For instance, in 2016, Alphabet, the parent company of Google, formed a new driverless car company known as Waymo LLC. Ford and BMW predict that fully autonomous commercial vehicles are anticipated to be launched in the market by 2022. Several key players in the automotive industry are investing in the production of driverless vehicles.
Inertial Navigation System market Regional Analysis:
Inertial Navigation System market research targets on volume and value at regional Opportunity and company Trends From a global perspective, this report Study represents overall market analysed on historical data and future growth Aspects. Geographically, Inertial Navigation System market report focuses on following key regions: Americas, Europe, Asia-Pacific, Middle East & Africa and ROW.
Growth Market Overview:
Digital transformation of Inertial Navigation System industry verticals requires broadband services, thereby promoting growth. For instance, increasing online commerce for retail goods and services, digitalization of hospital records, e-government initiatives, and rapidly rising platforms for media and entertainment content are notably augmenting the market growth. Wireless technology holds immense potential in accelerating the global digital revolution across verticals through productivity enhancements and cost-effectiveness.
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