Inertial Navigation System Market is Expected to Grow in Owing to an Increase in Defense Spending throughout the Forecast Period
Increasing aircraft demand and a growing aviation
sector are driving up demand for the Global Inertial Navigation System, which
is expected to climb between 2024 and 2028.
According to
TechSci Research report, “Inertial Navigation System market- Global Industry
Size, Share, Trends, Opportunity, and Forecast. 2018–2028F”, Global Inertial
Navigation System Market is expected to show consistent growth throughout the
industry in the coming years. Inertial
navigation systems are widely used in aerospace and defense applications such
as ships, submarines, missiles, satellites, and aero planes. Growing investment
in the development of sophisticated communication systems for defense
applications has greatly aided the growth of the global inertial navigation
system market. Rising demand for advanced aircraft, increased investment in the
development of highly accurate missile systems, and the proliferation of
unmanned vehicles across aerial, marine, and ground defense applications are
expected to drive the global inertial navigation system market during the
forecast period.
The increased
availability of miniaturized components at reasonable prices has resulted in
market value rise. Increased use of inertial navigation systems in new missiles
and aircrafts will also provide the industry with attractive growth prospects.
Rising emphasis on the development of autonomous commercial vehicles, in
conjunction with increased industrialization, will also promote market growth.
Manufacturers' increased emphasis on substantial research and development
capabilities that help boost the market growth rate.
However, reducing
defense spending in industrialized nations will offer a significant challenge
to market growth rates. In addition, the high prices of inertial navigation
systems will slow industry expansion. Furthermore, the operational complexity
involved with inertial navigation systems will hinder industry expansion.
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market data Figures spread through XX Pages and an in-depth TOC on "Global Inertial Navigation System Market”
Global inertial
navigation system market is segmented by technology, component, application, and by
vertical. Based on Technology, the market is segmented into Ring Laser Gyro, Mechanical
Gyro, Fiber Optics Gyro, MEMS, and Others. Based on technology, the market is
divided into ring laser gyros (RLGs), fiber optics gyros (FOGs), mechanical
gyros, MEMS (micro-electro-mechanical systems), and others. Due to the rising
integration of MEMS sensors in navigation systems, the technology of
micro-electromechanical systems is growing at the highest rate. This is
primarily done to increase accuracy and minimize total system weight. MEMS
sensors have cheap cost, high performance, high reliability, and low weight.
Because of these characteristics, the MEMS accelerometer and MEMS gyroscope are
widely used in the development of INS. Furthermore, the quartz MEMS have broken
through earlier SWaP-c hurdles in line-of-sight communication, targeting, and
autonomous navigation.
Based on Application,
the market is segmented into Aircraft, Missiles, Marine and Unmanned Vehicles.
The Unmanned Vehicles is going to dominate this segment as demand for Unmanned
vehicle at a robust pace.
Based on Component,
the market is segmented into Accelerometers, Gyroscopes, and Wireless Systems.
From 2024 to 2028,
the gyroscope component segment is expected to increase at the fastest rate.
The increase in the use of tiny and cost-effective gyroscopes to improve the
capabilities and performance of these navigation systems is related to the
expansion of the market. Based on Verticals, the market is segmented into Commercial,
Consumer Electronics, Military & Defense, and Other End-user Industries. The
military end-user category is expected to increase at a faster CAGR throughout
the projected period. This expansion is driven by increased demand for modern
military solutions to improve the nation's safety and security. This need will
result in quick advancements in sophisticated missiles with the next generation
of inertial navigation systems to improve performance on the battlefield.
Furthermore, it would increase the acquisition of UAVs to boost border defense
through continuous observation. As a result of the increasing development of
missiles and UAVs, the demand for INS for military applications is increasing.
Key market
players in the Inertial Navigation System market:
- Honeywell
International Inc
- Northrop Grumman Corporation
- Tersus GNSS
- Raytheon Technologies Corporation
- Thales Group
- Safran
- General Electric Company
- IXblue SAS
- Parker-Hannifin Corporation
- Teledyne Technologies Incorporated
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“The market is expanding
as a result of rising demand for aircraft, rising demand for missiles as a
result of geopolitical uncertainties, and rising need for navigational
precision. Additionally, the market has grown due to developments in
navigational technology and the expanding aerospace industry. The market's
expansion might be hampered by system initializations and a fall in the defense
budgets of wealthy nations. Additionally, throughout the projection period,
market integration with other systems and the expansion of commercial
self-driving cars are anticipated to have an equal impact on market growth.”
said, Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Inertial Navigation System Market Segmented By Technology (Ring Laser Gyro,
Mechanical Gyro, Fiber Optics Gyro, MEMS, and Others), By Application (Aircraft,
Missiles,
Marine and Unmanned Vehicles), By Component (Accelerometers, Gyroscopes, Wireless Systems), By Vertical (Commercial, Consumer
Electronics, Military & Defense, Other End-user Industries) By Region,
Competition” has evaluated the future growth potential
of Inertial Navigation System and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Inertial
Navigation System Market.
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