DUBLIN, Ireland, Aug. 21, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Inertial Navigation System Market Size, Share, Growth Analysis Report By Product Type (Navigation, Tactical, Commercial, and Marine), By Technology (Micro electro-mechanical Systems, Fiber Optic Gyros, Ring Laser Gyros, Mechanical, And Vibrating Gyro), By Application (Naval, Airborne, Commercial, and Land), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Inertial Navigation System Market size & share in terms of revenue was valued at USD 10,835.2 million in 2021 and it is expected to surpass around USD 14,191.4 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 4.6% during the forecast period 2022 to 2028.”
What is Inertial Navigation System? How big is the Inertial Navigation SystemIndustry?
Report Overview:
An object's velocity, gravitational force, and directional orientation are all calculated using an inertial navigation system. Motion sensors, accelerometers, and gyroscopes are components of an inertial navigation system. The accelerometer detects the amount of change in the speed of drones, aircraft, and ships. In contrast, the gyroscope measures an item's angular velocity, such as drones, ships, and aircraft utilizing sensors. The direction and relative position of the object is inferred from such derivations.
Additionally, inertial navigation systems are employed in aerospace and navigation applications where precision and performance are highly important. Moreover, inertial navigation technology uses mathematical computations to measure a vehicle's acceleration. Inertial navigation systems have a lot to offer unmanned systems like unmanned underwater vehicles (UUVs) and unmanned aerial vehicles (UAVs). These are frequently used in the oil and gas and defence sectors. UUVs are used in the defence sector for port security, deactivating underwater mines, and counterattacking. These unmanned vehicles use inertial navigation systems (INS), which provide accurate navigation and location data.
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Market Dynamics
The primary reason fueling the market's expansion is the rising need for unmanned underwater vehicles (UUVs). UUVs are widely utilized in scientific research, defensive weapons that need high precision, and oil and gas exploration. The need for the product is further increased because UUVs are employed for oil rig building, pipeline inspections, and maintenance tasks due to the rising global oil consumption. A further factor boosting the market's expansion is the booming aerospace industry.
A good picture for the market is also being created by several technological developments, such as the release of light-powered, small-sized navigation systems that use fiber optics and ring laser gyros. However, it is anticipated that the market for inertial navigation systems will develop slowly due to the operational complexity involved with these systems and declining defense budgets in some larger nations.
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Inertial Navigation System Market: COVID-19 Impact Analysis
Due to the pandemic issue, commercial operations are currently restricted. The process disruption has resulted in a decrease in the number of easily available system components and a decline in the demand for unmanned vehicles for use in commercial operations, such as oil tank testing, pipeline inspection, windmill inspection, and field mapping. Critical production facilities are also shut down globally during the lockdown. As a result, the pandemic has an adverse effect on the production of inertial navigation system components, which hinders the growth of this market.
The coronavirus's unfavorable effects are now pervasive and will have a significant effect on the market in 2020. However, increased use of unmanned vehicles for commercial and military surveillance is expected to result in a significant demand for next-generation navigation systems in the coming years.
Inertial Navigation System Market: Segmentation Analysis
The global inertial navigation system market is segregated based on product type, technology, application, and region. Based on product type, the market is divided into navigation, tactical, commercial, and marine. In 2021, navigation products acquired the largest market share. Based on technology, the market is divided into micro-electro-mechanical systems, fiber optic gyros, ring laser gyros, mechanical gyros, and vibrating gyros. In 2021, micro-electro-mechanical systems technology acquired the largest market share. Based on application, the market is divided into naval, airborne, commercial, and land. In 2021, the naval application of an inertial navigation system dominated the market.
The global Inertial Navigation System market is segmented as follows:
By Product Type
- Navigation
- Tactical
- Commercial
- Marine
By Technology
- Micro electro-mechanical systems
- Fiber Optic Gyro
- Ring Laser Gyro
- Mechanical
- Vibrating Gyro
By Application
- Naval
- Airborne
- Commercial
- Land
Browse the full “Inertial Navigation System Market Size, Share, Growth Analysis Report By Product Type (Navigation, Tactical, Commercial, and Marine), By Technology (Micro electro-mechanical Systems, Fiber Optic Gyros, Ring Laser Gyros, Mechanical, And Vibrating Gyro), By Application (Naval, Airborne, Commercial, and Land), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022–2028” Report at https://www.fnfresearch.com/inertial-navigation-system-market
Competitive Landscape
Some of the main competitors dominating the global Inertial Navigation System market include -
- Honeywell International
- Safran
- Northrop Grumman
- Thales Group
- KVH Industries
- Teledyne
- Systron Donner Inertial
- VectorNav
- TASC Gmbh
- ETLG Aerosystems
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Inertial Navigation System market is likely to expand at a CAGR of around 4.6% during the forecast period (2022-2028).
- In terms of revenue, the Inertial Navigation System market size was valued at around US$ 10,835.2 million in 2021 and is projected to reach US$ 14,191.4 million by 2028.
- As a subset of the product type, navigation products increased their share to a new high in 2021.
- A technological framework, the market share for micro-electro-mechanical systems (MEMS) technology peaked in 2021.
- Based on application, the naval application of an inertial navigation system dominated the market in 2021.
- On the basis of geography, the largest market share was observed in North America.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Inertial Navigation System industry?
- What are the main driving factors propelling the Inertial Navigation System Market forward?
- What are the leading companies in the Inertial Navigation System Industry?
- What segments does the Inertial Navigation System Market cover?
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Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Product Type, Technology, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
- North America dominated the inertial navigation system market in 2021
The global inertial navigation system market is divided into geographic regions: North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. North America recorded the largest market share. The fact that the United States is the world's leading producer and supplier of robotic vehicles will help the market expand throughout the area. Moreover, it is predicted that the market in North America will rise due to the expanding use of remotely operated vehicles in both commercial and military applications.
Furthermore, the region's market expansion would be aided by the presence of major competitors and OEMs.The Asia-Pacific region is anticipated to have considerable market expansion during the projection period. The growth is linked to rising defence sector investments from developing nations like China, India, and countries with developing economies. Defence spending and the acquisition of cutting-edge remotely operated vehicles for military use have surged in China and India.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
- In September 2020, Inertial Labs announced the availability of a new GPS-aided inertial navigation system (INS). A high-performance strap down system, INS-DU, measures position, speed, and absolute orientation of any mounted platform. The INS-DU has a dual-antenna u-Blox GNSS receiver that supports a variety of GNSS constellations and offers a 1-cm real-time kinematic (RTK) position from RTCM 3 RTK corrections.
- In September 2020, Northrop Grumman Corporation completed the critical design review (CDR) milestone for the EGI-M program, which stands for Embedded Global Positioning System (GPS)/Inertial Navigation System (INS)-Modernization.
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 10,835.2 Million |
| Projected Market Size in 2028 | USD 14,191.4 Million |
| CAGR Growth Rate | 4.6% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Honeywell International, Safran, Northrop Grumman, Thales Group, KVH Industries, Teledyne, Systron Donner Inertial, VectorNav, TASC Gmbh, ETLG Aerosystems, and Others |
| Key Segment | By Product Type, Technology, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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