Inertial Navigation System Market Size, Share, Industry Impact on Industry Dynamics by 2030
The global inertial navigation system market size was valued at USD 11.61 billion in 2022. The market is projected to grow from USD 12.29 billion in 2023 to USD 22.15 billion by 2030, exhibiting a CAGR of 8.77% during 2023-2030.
The Inertial Navigation System (INS) measures the relative position of a reference system point. These systems determine the location, attitude, and location of vehicles and other equipment. The INS market is expected to grow significantly during the forecast period owing to the increasing demand for miniaturized accelerometers and gyroscope sensors, emphasizing the development of next-generation navigation devices.
Fortune Business Insights™ mentioned this in a report titled "Inertial Navigation System Market, 2023-2030."
Informational Source:
https://www.fortunebusinessinsights.com/inertial-navigation-system-ins-market-102849
Russia-Ukraine War Impact
Advanced Navigation Systems Prove Crucial in Wartime, Offering Precision and Flexibility
During wartime situations, there is a growing need for technologically advanced airborne systems, space-based navigation technology for enemy positioning precision, and the acquisition of Ship Inertial Navigation Systems (SINS). These conflicts have underscored the importance of multi-platform navigation solutions that disrupt accurate location data, with modern technology-based solutions providing lightweight, compact, and cost-effective systems suitable for both UAVs and vehicles, serving both aerial and ground applications.
List of Key Players Profiled in the Report:
General Electric Company (U.S.)
Gladiator Technologies (U.S)
Honeywell International Inc. (U.S.)
iXblue SAS (France)
Northrop Grumman Corporation (U.S.)
Parker Hannifin Corporation (U.S.)
Raytheon Technologies Corporation (U.S.)
Safran S.A (France)
Teledyne Technologies Incorporated (U.S.)
Thales Group (France)
Trimble Inc. (U.S.)
VectroNav Technologies LLC. (U.S.)
Segments:
Gyroscope Segment’s Augmented Growth due to Increased Demand for Compact and Efficient Devices
By component, the market is segmented into accelerometers, gyroscopes, and others. Due to the increasing demand for gyroscopes owing to its development of compact, cost-effective, and efficient devices, the gyroscope segment is expected to be the fastest-growing segment during the forecast period.
MEMS Segment Growth Driven by Increasing Demand for Compact and Intelligent Systems
By technology, the market is divided into mechanical gyro, ring laser gyro, fiber optics gyro, MEMS, and others. The MEMS segment is estimated to witness the fastest growth during the forecast period, owing to the rising demand for compact, intelligent, and efficient systems.
Airborne Segment Soars as Demand for Navigation Tech Rises
By platform, the market is classified into airborne, ground maritime, and space. The airborne segment is expected to experience the fastest growth during the forecast period, owing to the rising demand for navigation technology for airborne platform products.
Commercial Segment Takes Off with Growing Demand for Navigation Solutions
By end-user, the market is divided into commercial and military. The commercial segment is expected to grow significantly during the forecast period. The segment's growth is attributed to the navigation solutions’ growing demand in commercial platforms, including vehicles, helicopters, and aircraft.
Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
INS Market Thrives on Technological Advancements and Growing Satellite Navigation Use
The growing technological developments in Micro-Electro-Mechanical-Systems (MEMS) and the rising use of satellite navigation are expected to drive market growth during the forecast period. The increasing availability of solid and minor components, navigation device developments, and aerospace businesses is estimated to drive the inertial navigation system market growth.
These systems require regular maintenance, leading to high procurement, maintenance cost, and operation and may hamper market growth during the forecast period.
Regional Insights
North America Dominates INS Market, Fueled by Military Investment and Tech Developers
North America held the largest inertial navigation system market share in 2022. The growth is attributed to the rising spending on advanced systems procurement for military solutions and the presence of several hardware and software developers across North America.
Europe is estimated to witness the fastest growth during the forecast period owing to the significant opportunities created by the Russia-Ukraine war for navigation devices.
Competitive Landscape
Major Players Drive Growth through Strategic Partnerships and Acquisitions
The inertial navigation system market has several players with strong brand and product portfolios. The rising adoption of different partnerships and acquisition strategies by major market players is expected to drive market growth during the forecast period.
Key Industry Development
March 2023 – The Inertial Labs GPS-Aided Inertial Navigation System launched INS-DM. It is an IP68-rated version of a new-generation, super-ruggedized, fully integrated system shielded from electromagnetic compatibility and electromagnetic interference (EMC/EMI). It combines an Inertial Navigation System (INS) with an Air Data Computer (ADC) to provide high-performance strapdown capabilities, enabling it to determine velocity, position, and absolute orientation.