The global inertial navigation system market size is projected to reach USD 16.45 billion by the end of 2027. The increasing applications of INS across diverse industry verticals will aid the growth of the overall market in the coming years. The technological intervention has played a massive role in the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Inertial Navigation System (INS) Market Size, Share and Industry Analysis, by Component (Accelerometers, Gyroscopes, and Others), By Technology (Mechanical Gyro, Ring Laser Gyro, Mechanical Gyro, Fiber Optics Gyro, MEMS and Others), By Platform (Airborne, Ground, Marine/Naval, and Space), By End User (Commercial, and Defense), and Regional Forecast, 2020 – 2027,” the market was worth USD 11.79 billion in 2019 and will exhibit a CAGR of 8.66% during the forecast period, 2020-2027.
Inertial navigation systems (INS) are used in numerous applications across the aerospace and defense industry. The product is inclusive of different types of sensors that are used to located the position and orientation of the object. Besides this, the product can also detect the speed and velocity of the object that is on-board through these sensors. The growing applications of inertial navigations systems across diverse industry verticals will open up a huge potential for the companies operating in the market.
The high investment in these products are primarily attributable the massive demand and widespread applications. Due to high demand, several companies are operating across the world. The high emphasis on technological intervention has yielded exceptional products with higher operational flexibilities. Increasing applications will create several opportunities for the growth of the companies in the market and subsequently influence the growth of the overall market in the coming years.
List of Key Companies Profiled in the Inertial Navigation System (INS) Market are:
• Honeywell International Inc. (The U.S.)
• Northrop Grumman Corporation (The U.S.)
• Safran (France)
• Thales Group (France)
• Raytheon Technologies Corporation (The U.S.)
• General Electric Company (The U.S.)
• Teledyne Technologies, Inc. (The U.S.)
• VectorNav Technologies, LLC (The U.S.)
• Parker-Hannifin Corporation (The U.S.)
• Trimble Navigation Ltd. (The U.S.)
• Gladiator Technologies, Inc (The U.S.)
• iXblue SAS (France)
Accounting to Massive Demand, Companies are Looking to Offer Technologically Sound Products
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It highlights major strategies adopted by large scale companies and discusses in detail how these strategies have helped their businesses grow. It further discusses the impact of these strategies on the growth of the overall market. Among all factors, the efforts taken by companies to establish a wider consumer base have ultimately had the highest impact on the growth of the overall market in recent years.
In October 2018, Safran Electronics & Defense announced the launch of a new range of inertial navigations systems. The company introduced a new range of naval INS that can be used for applications in submarines. The company claims that this product can also be used in surface vehicles. Safran’s latest product will help the company generate massive revenue in the coming years. Accounting to the considerable consumer base of the company, its latest range of INS will have a positive impact on the growth of the overall market in the coming years.
North America Holds the Highest Market Share; Increasing use of Robotic Vehicles by Major Companies Will Aid Growth
The report highlights the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, the market in North America holds the highest market share. The increasing use of robotic vehicles in diverse applications will emerge in favor of the companies operating in the market. The increasing adoption of remotely operated vehicles in military applications will emerge in favor of market growth. As of 2019, the market in North America was worth USD 5.15 billion and this value is projected to increase further in the coming years. Besides North America, the market in Asia Pacific will exhibit a significant CAGR in the coming years driven by the rising investment in the defense sector towards the integration of INS by major companies as well as government organizations.