According to the latest report by IMARC Group, titled "Inertial Navigation System (INS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global inertial navigation system market reached a value of US$
10.3 Billion in 2021. An Inertial Navigation System (INS) refers to a navigational aid that is commonly used across the marine and defense sectors. It utilizes a computer-based system and motion sensors to estimate the dead reckoning and velocity of a moving object, irrespective of the external references. Gyroscopes are employed in these systems to measure the angular velocity of the object, whereas the function of the accelerometer is to measure the degree of change in the speed. INS is extensively used for applications where enhanced accuracy and high performance are crucial determining factors. Consequently, it is employed in the production of commercially produced games, cameras and medical appliances as well as in guided military weapons.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Inertial Navigation System (INS) Market Trends:
The market is primarily driven by the increasing demand for Unmanned Underwater Vehicles (UUV) on the global level. INS forms an essential component of these vehicles that are extensively used in defense weaponry for deactivating underwater mines, counterattacking, port security and hull inspection. They are also utilized in several scientific and oceanographic studies for mapping the ocean bed. Additionally, they are used in oil and gas exploration activities to assist in oil rig constructions, pipeline inspections, and maintenance activities. Moreover, the growing utilization of INS in the aerospace sector to accurately calculate the velocity and altitude of celestial objects, is acting as another growth-inducing factor. An increase in the number of satellite launches, along with the advancements in space research, is expected to provide a thrust to the market growth. Furthermore, the advent of advanced technologies has led to the introduction of superior navigation systems, such as micro-electro-mechanical systems (MEMS) that are integrated with fiber optic gyro (FOG), and ring laser gyro (RLG). Since these variants are extremely light in weight and compact in size, they are anticipated to gain widespread prominence across the end use sectors. On account of the aforementioned factors, the market is expected to reach a value of US$
14.5 Billion by 2027, registering a CAGR of
6.1% during 2022-2027.
- On the basis of technology, the market has been divided into mechanical gyros, ring laser gyros, fiber optics gyros, MEMS and others.
- Based on the grade, the market has been classified into marine, navigation, tactical, space and commercial grades.
- 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 geographical front, the market has been segregated into North America, Europe, Asia Pacific, 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. Some of these 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.
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