Global Inertial Navigation System (INS) Market to Reach US$ 18.9 Billion by 2032, Impelled by Emerging Defense Industry

April 12, 2023 | Technology & Media

According to the latest report by IMARC Group, titled "Inertial Navigation System (INS) Market Report by Technology (Mechanical Gyros, Ring Laser Gyros, Fiber Optics Gyros, MEMS, and Others), Grade (Marine Grade, Navigation Grade, Tactical Grade, Space Grade, Commercial Grade), Component (Accelerometers, Gyroscopes, Algorithms and Processors, Wireless Systems), Application (Aircraft, Missiles, Space Launch Vehicles, Marine, Military Armored Vehicles, Unmanned Aerial Vehicles, Unmanned Ground Vehicles, Unmanned Marine Vehicles), and Region 2024-2032," the global inertial navigation system (INS) market size reached US$ 11.5 Billion in 2023. An inertial navigation system (INS) refers to a navigation system that generally utilizes gyroscopes, magnetometers and accelerometers to measure the angular velocity and acceleration of a moving object. It is capable of calculating positions that are either relative to some reference point or to absolute coordinates. Besides this, it does not depend on external signals, such as GPS, to determine the position, making it a useful system in situations where GPS signals are not available or unreliable. As a result, it is extensively used in the manufacturing of commercially produced games, computers, cameras, medical appliances and guided military weapons.

Global Inertial Navigation System (INS) Market Trends:

The global market is primarily driven by significant growth in the defense industry. Along with this, the rising investments by private and public agencies to upgrade the overall defense infrastructure are significantly supporting the uptake of INS. In addition to this, the growing incidences of terrorism activities and the increasing geopolitical conflicts are major driving factors. Moreover, the escalating demand for unmanned underwater vehicles (UUV) in oil and gas explorations is creating a positive market outlook. Apart from this, continual technological advancements and the widespread integration of machine learning (ML) and advanced sensors with the initial navigation system are acting as major growth-inducing factors. In line with this, the advent of micro-electromechanical systems (MEMS) technology has led to the increasing development of smaller and more affordable INS systems, which is providing a boost to the market. The market is further driven by the widespread adoption of INS systems in the production of autonomous systems, such as drones and self-driving cars, to enhance navigation and localization capabilities. Other factors, such as rapid urbanization and digitization and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 18.9 Billion by 2032, exhibiting a CAGR of 5.6% during 2024-2032.

Market Summary:

On the basis of the technology, the market has been segmented into mechanical gyros, ring laser gyros, fiber optics gyros, MEMS and others.
Based on the grade, the market has been bifurcated into marine, navigation, tactical, space grade and commercial grade.
On the basis of the component, the market has been categorized into accelerometers, gyroscopes, algorithms and processors and wireless systems.
Based on the application, the market has been segmented into aircraft, missiles, space launch vehicles, marine, military armored vehicles, unmanned aerial vehicles, unmanned ground vehicles and unmanned marine vehicles.
On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Honeywell International Inc., Northrop Grumman Corporation, Teledyne Technologies Inc., VectorNav Technologies, LLC, LORD, MicroStrain Sensing Systems, Safran Electronics & Defense, Thales Group, Raytheon Technologies Corporation, General Electric Company, Collins Aerospace, Trimble Inc., and Gladiator Technologies, Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Technology, Grade, Component, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Honeywell International Inc., Northrop Grumman Corporation, Teledyne Technologies Inc., VectorNav Technologies, LLC, LORD, MicroStrain Sensing Systems, Safran Electronics & Defense, Thales Group, Raytheon Technologies Corporation, General Electric Company, Collins Aerospace, Trimble Inc., and Gladiator Technologies, Inc
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
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Global Inertial Navigation System (INS) Market to Reach US$ 18.9 Billion by 2032, Impelled by Emerging Defense Industry

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