Market Synopsis:
The Global Inertial Navigation System (INS) Market is slated to acquire USD 17.864 Billion by 2030, maturing at a CAGR of 5.70% between 2020 and 2030. In recent years, due to the rising demand for UAVs integrated with INS for military missions, the Global Inertial Navigation System Market has experienced strong growth. In addition, the growing demand for new aircraft and precise navigation systems are some of the factors driving the market 's rise. It is anticipated that the increasing demand for UAVs incorporated with the INS for military tactical missions will fuel market growth. In developed countries, there has been a rise in air passenger traffic over the last few years. Therefore, in order to appeal to the growing number of customers, the market for new aircraft has grown correspondingly.
It is estimated that the advent of reliable, inexpensive and portable gyroscopes would increase the demand for gyroscopes in the market for Inertial Navigation Systems Market. In order to ensure the vehicle, an increase in the deployment of space launch vehicles, such as small satellites, worldwide is likely to increase the need for a highly efficient and precise Inertial Navigation Systems Market Insights.
The INS is, in addition , an important part of aircraft navigation. It is also expected that the growth of the industry will be driven by growing demand for new aircraft. The organisational sophistication of the INS, however, is expected to restrict business development to some degree.
Segmental Analysis
The market, based on the component, is segmented into accelerometers, gyroscopes magnetometers, Inertial Measurement Units (IMUs), and Attitude Heading and Reference Systems (AHRS). The accelerometers segment is poised to witness substantial demand over the review period.
The market, based on technology, is segmented into mechanical gyro, fiber optics gyro, ring laser gyro, and Microelectromechanical Systems (MEMS) Gyro. The mechanical and MEMS segments are poised to mature at a substantial CAGR during the review period.
Regional Overview
The Inertial Navigation Device industry is dominated by North America. Due to the involvement of influential players such as Honeywell International Inc., General Electric Company, Northrop Grumman Corporation, and United Technologies Corporation and high investments by them in the production of INS, this pattern is expected to continue during the forecast period.
The growing adoption by the military forces of UAVs, UMVs, and UGVs for tactical missions is projected to drive the growth of the European market in the review era. Due to the growth of the aviation industry in the region, the Asia Pacific region is expected to expand at a subsntantial CAGR during the forecast period, while North America is projected to account for the most significant share of the inertial navigation system market.
In this area, the Inertial Navigation Systems Market Outlook is projected to grow during the forecast period at a high CAGR. Growing defence spending and increasing demand for new aircraft in countries such as India and China are pushing regional growth. In addition , the growth in the disposable income of the middle-class population, which has contributed to a rise in air passenger traffic in the Asia Pacific region, has led to an increase in the market for new aircraft deliveries in the region, which, in turn, is boosting the demand for inertial navigation systems.
The rise in defence spending by countries such as Saudi Arabia, the UAE, and Israel is driving the Middle East African region's demand expansion. There has been an increase in the use of UAVs in Latin America to collect intelligence on drug trafficking and rebel groups, track deforestation and regulate illicit migration, which is expected to fuel development in the sector.
Competitive Dashboard
A few eminent market players operating in the global Inertial Navigation System (INS) Market are Gladiator Technologies Inc. (US), General Electric Company (US), Honeywell International Inc. (US), Northrop Grumman Corporation (US), Lord Microcosmic (US), Safran Electronics Defense (France), Teledyne Technologies Inc. (US), Trimble Navigation Ltd. (US), Vectornav Technologies LLC (US), Thales Group (France), United Technologies Corporation (US), among others.
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