The global inertial navigation system (INS) market size is projected to grow from USD 10.59 billion in 2021 to reach USD 15.45 billion by 2028 and exhibit a CAGR of 5.54% during the forecast period. The surging demand for an accurate navigation system and the growing adoption of modern technologies such as machine learning and artificial intelligence are anticipated to boost the market growth in the coming years. Fortune Business Insights™ has presented this information in its report titled, “Inertial Navigation System (INS) Market, 2021-2028”. The market size stood at USD 10.38 billion in 2020.
The technological development in INS and the growing aerospace industry are anticipated to drive the growth of the market in the coming years. The utilization of satellite navigation and the escalating technological advancements in MEMS (micro-electro-mechanical systems) are also expected to increase the market’s growth in the upcoming years.
The sudden emergence of the humanitarian crisis has drastically affected the global economic structure and hampered the growth of several industries and markets. The market for INS has witnessed a negative impact of the coronavirus pandemic due to the shutdown of manufacturing plants. The diminished demand for autonomous vehicles for commercial operations such as field mapping, windmill inspection, pipeline inspection, and oil tank testing has hindered the market’s growth. Nonetheless, the vaccines are now available to the mass population, and the market is slowly recovering. The market is expected to witness significant growth post-pandemic.
Based on components, the market is fragmented into gyroscopes, accelerometers, and others. On the basis of technology, the market is segmented into MEMS, fiber optics gyro, ring laser gyro, mechanical gyro, and others. On the basis of platform, the market is divided into space, maritime, ground, and airborne. On the basis of end-user, the market is bifurcated into military and commercial. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.
It envisages an in-depth assessment of the prospected market.
It incorporates Porters’ Five Forces Analysis for an unerring market prediction.
It highlights different market segments; components, enterprise size, industry, deployment type, and others.
It highlights strategies of growth for companies to wade through the COVID-19 pandemic.
It emphasizes the market’s competitive landscape and elucidates the latest industry developments, new product launches, key market trends, etc.
Drivers & Restraints-
Growing Demand for Highly Accurate Navigation Systems to Boost Market Growth
The growing adoption of unmanned vehicles has boosted the demand for small-sized modern navigation solutions. This had led to the development of portable, cost-efficient, and miniaturized INS components, such as micro-accelerometers and micro-gyroscopes. Hence, the development of INS with these attributes is anticipated to fuel the global inertial navigation system (INS) market growth.
The demand for extremely accurate navigation systems for precise positioning has increased across military and commercial applications. The growing adoption of modern technologies such as machine learning and artificial intelligence to produce highly accurate navigation solutions is expected to boost the market growth in the coming years.
Moreover, the technological developments in the navigation industry are likely to accumulate growth for the market.
However, the high costs of INS are likely to restrict the market’s growth.
Surging Remotely Operated Vehicles Adoption to Fuel Growth in North America
North America is projected to gain the largest portion of the global inertial navigation system (INS) market share due to the surging adoption of remotely operated vehicles across military and commercial applications. Additionally, the U.S. is the largest provider and manufacturer of robotics vehicles. This is likely to foster growth for the market.
Asia Pacific is anticipated to witness immense growth due to the increasing defense investments by India, China, and others. The increasing acquisition of modern remotely operated vehicles for applications in the military is likely to garner for the market.
Europe is expected to witness moderate growth due to the presence of prominent OEMs such as Safran, Thales Group, and others.
The Rest of the World is likely to exhibit considerable growth in the coming years due to the rising defense expenditures.
Key Players Emphasize Developing Cost-Efficient INS to Attract Growth
The market is fairly fragmented and comprises several key players with a robust brand and product portfolios. They aim to develop a cost-efficient INS to attract growth and generate greater revenues. The key players focus on various growth strategies like partnerships, mergers, acquisitions, new product launches, technological advancements, patents, etc., to enhance market presence. For instance, The U.S. Air Force assigned a contract worth USD 59 million to Northrop Grumman Corporation in February 2019 to manufacture an upgraded inertial navigation system and GPS.
May 2019: Northrop Grumman Corporation launched its upgraded SeaFINDTM INS for the marine platform. It is the first marine INS based on fiber optics gyro technology (eFOGTM).
Rugged Display Market Key Drivers, Restraints, Industry Size & Share, Opportunities, Trends, and Forecasts up to 2029
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