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Global Inertial Navigation Market is projected to Grow at a CAGR of 6.3% during forecast period

The Global Inertial Navigation Market has been valued at USD 10,165.2 million in 2020 and is projected to reach USD 16,588.6 million by 2028, registering a CAGR of 6.3% from 2020 to 2025. North America and Asia Pacific are anticipated to be the major markets for INS with a huge demand for commercial aviation, defense aviation, military, and naval applications.

Inertial Navigation Systems (INS) are capable of measuring location, either in relation to any system and point of reference or to absolute coordinates. An INS system consists of a computer-based arrangement and motion sensors including at least three gyros and three accelerometers that allow a navigation solution to be extracted from the system. This method of navigation requires at least the location (normally latitude, longitude).

Several factors that are boosting the growth of the industry including a rise in the need for highly accurate navigation to ensure safety, an increase in demand for new aircraft and missiles, and the availability of miniaturized components at affordable prices. In addition, an increase in aircraft orders, coupled with advancements in space research, is resulting in the use of a larger number of launch vehicles and a surge in satellite launches. This is expected to boost market growth during the forecast period.

Global Inertial Navigation Market, by Type

Based on type, the market has been divided into mechanical gyros, ring laser gyros, fiber optics gyros, and micro electromechanical system (MEMS), among others. Among these segments, mechanical gyro accounted for the largest share of ~40.6% in the global inertial navigation systems in 2019 and is expected to grow at a CAGR of 6.3% to reach USD XX million by 2028, followed by the MEMS segment.

The MEMS segment is expected to grow at the fastest CAGR of 7.2% during the forecast period to reach USD XX million by 2028, owing to huge demand from the consumer electronics industry, stringent government regulations for the automotive industry, the emergence of efficient, economic, and compact technology, and the rising demand from emerging economies.

The growth of the MEMS segment in the inertial navigation system market can be attributed to advancements in MEMS-based technologies. Such technological advancements have resulted in enhanced applicability of MEMS-based technologies for unmanned and small aircraft applications.

Global Inertial Navigation Market, by Grade

Based on grade, the market has been divided into marine grade, navigation grade, tactical grade, space-grade, and commercial grade. Among these, the navigation grade segment accounted for the largest share of ~34.9% in the global inertial navigation systems in 2019. It is expected to grow at a CAGR of 6.5% in the forecast period to reach USD XX million by 2028.

Increasing commercial aircraft requirements in the near future is projected to drive the growth of this segment. However, the space grade is expected to grow at the fastest CAGR of 7.1% during the forecast period to reach USD XX million by 2028.

Global Inertial Navigation Market, by Component

Based on components, the market has been divided into accelerometers, gyroscopes, algorithms & processors, and wireless. Among these, the gyroscopes segment held the largest market share of ~43.6% in the overall INS market in 2019. This market is valued at USD XX million in 2020 and is poised to grow at a CAGR of 6.5% during the forecast period to reach USD XX million by 2028.

The emergence of efficient, economic, and compact gyroscopes in the inertial navigation system market is expected to increase the demand for gyroscopes in the forecast period. Furthermore, better capabilities in addressing high level motion sensing, navigational assistance, and its ability to measure angular velocity in three dimensions are expected to drive the demand for a gyroscope in the near future. However, the wireless segment is expected to grow at the fastest CAGR of 7.6% during the forecast period to reach USD XX million by 2028.

Global Inertial Navigation Market, by Application

Based on application, the market has been divided into aircraft, missiles, space launch vehicles, marines, military armored vehicles, unmanned aerial vehicles, unmanned ground vehicles, and unmanned marine vehicles. Among these, the missile segment accounted for the largest share of ~27.5% in the global inertial navigation systems in 2019. This market is valued at USD XX million in 2020 and is expected to grow at a CAGR of 6.7% during the forecast period to reach USD XX million by 2028.

An increase in transnational conflicts has contributed to increased defense spending in numerous developing countries across the world. Countries around the globe are engaged in the development of various missile systems, such as ballistic missiles and cruise missiles, among others, which require inertial guidance navigation systems.

However, the space launch vehicle segment is expected to grow at the fastest CAGR of 7.3% during the forecast period to reach USD XX million by 2028. The growth of this segment can be mainly attributed to a rise in the frequency of satellite launched for various applications including research & development and scientific & communication applications.

Global Inertial Navigation Market, by Region

By Region, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The North American market is valued at USD XX million in 2020 and is expected to grow at a CAGR of 5.6% during the forecast period to reach USD XX million by 2028. The growth of this regional market can be explained by the presence of major missile and aircraft manufacturers in the region, which generates high demand for inertial navigation systems.

Furthermore, the growing air traffic and technological enhancements by various regional research and development companies are expected to boost the demand in the near future. The Asia Pacific inertial navigation system market is valued at USD XX million in 2020 and is poised to grow at a CAGR of 5.7% during the forecast period to reach USD XX million by 2028, mainly due to the emerging aircraft manufacturers in the region, coupled with an increase in defense budgets in countries such as China and India. The growing emphasis given on indigenous technologies to manufacture aircraft, missiles, and armored vehicles, among others, is also expected to drive growth in the Asia Pacific region.

Some major findings of the inertial navigation market report include:

  • Major global market trend & forecasts analysis, along with a country-specific market analysis for up to 25 countries
  • An in-depth global inertial navigation market analysis by type, grade, component, application, and regions with an analysis of trend-based insights and factors
  • Profiles of major key market players that are operating in the global inertial navigation market, which include Honeywell International, Northrop Grumman Corporation, Safran Electronics & Defense, Thales Group, The Raytheon Company, General Electric Company, Rockwell Collins, Teledyne Technologies, VectroNav Technologies, LORD MicroStrain, and Trimble Navigation, among others.
  • Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
  • Key impact factor analysis that includes technological advancement, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global inertial navigation market
  • Impact of the COVID-19 pandemic on the inertial navigation market

Market Segmentation:

By Type:

  • Mechanical Gyro
  • Ring Laser Gyro
  • Fiber Optics Gyro
  • MEMS

By Application:

  • Aircraft
  • Missiles
  • Space Launch Vehicles
  • Marine
  • Military Armored Vehicles
  • Unmanned Aerial Vehicles
  • Unmanned Ground Vehicles
  • Unmanned Marine Vehicles

By Grade:

  • Navigation Grade
  • Marine Grade
  • Space Grade
  • Tactical Grade
  • Commercial Grade

By Component:

  • Gyroscopes
  • Accelerometers
  • Algorithms And Processors
  • Wireless

By Region:

  • North America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Middle East
  • Rest of the World
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