Inertial Navigation System Market Forecasts to 2028 – Global Analysis By Component (Algorithms & Processors, Accelerometers and Other Components), Grade (Navigation Grade and Space Grade), Technologies (Fiber Optics Gyro, Mechanical Gyro and Other Technol

Inertial Navigation System Market Forecasts to 2028 – Global Analysis By Component (Algorithms & Processors, Accelerometers and Other Components), Grade (Navigation Grade and Space Grade), Technologies (Fiber Optics Gyro, Mechanical Gyro and Other Technologies), Application and By Geography

According to Stratistics MRC, the Global Inertial Navigation System Market is accounted for $13.47 billion in 2022 and is expected to reach $20.39 billion by 2028 growing at a CAGR of 7.15% during the forecast period. A navigation system that uses locally accessible inertial sensors and dead shaking techniques to identify an object's direction, speed, position, and orientation is known as an inertial navigation system. A global navigation satellite system (GNSS) receiver, an inertial measurement unit, or other motion-detecting apparatus make up this system. These elements work together to pinpoint an object's precise data. The INS also includes a computing component that analyses and keeps track of the measured data obtained from inertial sensors.

According to the Association for Unmanned Vehicle Systems International, the US military had proposed spending USD 9.6 billion in 2019 (which was an increase of 28% over the previous year) on unmanned vehicle systems.

Market Dynamics

Driver

Increased demand for accuracy in navigation

In the current state of warfare, it is crucial to know the precise location, altitude, and direction of military equipment. These details are necessary for efficient target planning and implementation. Accelerometers and gyroscopes are two examples of the sensors used in inertial navigation systems, which provide information about the position, orientation, and speed of a moving body. Because inertial navigation systems can offer precise location information, their use in the defence industry has expanded. Thus, the market for inertial navigation systems has expanded as a result of the expanding firepower of military throughout the world and the increased requirement for navigational accuracy.

Restraint

Decline in defense budgets of developed countries

Defence ships, guided munitions, military and special purpose helicopters, fighter aircraft, submarines, short, medium, and long-range missiles, and inertial navigation systems are just a few examples of the many applications for these systems. The decrease in defence spending in affluent nations like Sweden, Switzerland, Finland, Brussels, and Canada has had an impact on the market for inertial navigation systems by reducing the demand for these systems. For instance, the Canadian government opted to withhold almost USD 4 billion that was allocated for the acquisition of new defence equipment in 2016 in order to cut its defence spending to less than 1% of its GDP. As a result, a reduction in the purchase of defence hardware as a result of inadequate defence spending is holding back the market for inertial navigation systems.

Opportunity

Development of commercial driverless vehicles

Robotic vehicles that can reach their destinations without human assistance are known as autonomous vehicles. The demand for commercial autonomous vehicles is being driven by advances in machine learning and sensor technology.Driverless technology for commercial vehicles is currently being developed by businesses including Tesla, Google, Ford, and BMW. For instance, Google's parent company Alphabet created the autonomous vehicle business Waymo LLC in 2016. Fully autonomous commercial vehicles are expected to hit the market by 2022, according to Ford and BMW. A number of significant businesses in the automotive sector are funding the development of autonomous vehicles.

Threat

Error Propagation

The operation of stable platform inertial navigation systems depends on a variety of mechanical components coupled to one another at various joints. To prevent any form of measuring inaccuracy, these joints must be frictionless. These systems' performance is hampered as a result of the friction error that develops with extended use and system wear and tear. A few computing errors are introduced by noise and drifts in addition to friction. For instance, MEMS inertial sensors contain incredibly small mechanical parts that weigh just a few micrograms. Due to their light weight, these components can fail to respond to slight alterations in orientation. Therefore, measurement error is caused by friction and drifts, which propagates over time.

Covid-19 Impact

The COVID 19 pandemic had an effect on the inertial navigation system market, just like it did on every other industrial sector. Market's size and scope decreased as a result of the epidemic and ensuing lockdown's detrimental effects on the travel industry. As a result, the market for inertial navigation systems grew less quickly during the pandemic. But as the manufacture of aircraft and missiles for various purposes picks up steam in the post-pandemic age, the market will likewise experience a comeback. The use of inertial navigation system aircraft in military and navy operations will be expanded. Strong trends of market expansion will also be brought about by the implementation of an improved ship inertial navigation system. Thus, there would be an increase in the anticipated period.

The gyroscopes segment is expected to be the largest during the forecast period

The gyroscopes segment is estimated to have a lucrative growth, due to the rise in the use of small, inexpensive gyroscopes, which has improved the functionality and performance of these kinds of navigation systems. The capacity of gyroscopes to compute angular velocity in three dimensions will also aid in the development of this market. There are several different types of gyroscopes, including mechanical gyros, hemispherical resonator gyros (HRGs), ring laser gyros (RLGs), fibre optic gyros (FOGs), micro electro mechanical systems (MEMS), and vibrating gyros.

The space launch vehicles segment is expected to have the highest CAGR during the forecast period

The space launch vehicles segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the demand for extremely accurate and dependable inertial navigation systems to assure the vehicle is expected to rise with the rise in the deployment of space launch vehicles, such as tiny satellites, around the globe. A launch vehicle is a rocket used in spaceflights to carry payloads into space, such as satellites and spacecraft, from the surface of the planet. Space launch vehicles range in size from a modest lift launch vehicle to a super-heavy lift vehicle, depending on their capabilities.

Region with highest share

Asia Pacific is projected to hold the largest market share during the forecast period owing to the expanding investments made in the defence industry by developing nations like China, India, and others. Defence spending and the acquisition of cutting-edge remotely operated vehicles for military use have grown in China and India.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period. The United States is the largest producer and supplier of robotic cars globally, which will help the business expand throughout the area. Moreover, it is predicted that the market in North America would rise due to the expanding use of remotely operated vehicles in both commercial and military applications. Furthermore, the region's market expansion would be aided by the presence of major competitors and OEMs.

Key players in the market

Some of the key players profiled in the Inertial Navigation System Market include iXblue SAS, Thales Group, Raytheon Technologies Corporation, General Electric Company, Gladiator Technologies, Inc., Trimble Navigation Ltd., Parker-Hannifin Corporation, VectorNav Technologies, LLC, Teledyne Technologies, Inc., Safran, Northrop Grumman Corporation, Honeywell International Inc, KVH Industries, Systron Donner Inertial, TASC Gmbh and ETLG Aerosystems.

Key Developments

In September 2017, General Dynamics Land Systems, UK awarded a contract to Honeywell, Inc. for the procurement of inertial land navigation systems for its AJAX armored fighting vehicles.

In May 2017, Northrop Grumman Corporation received a contract from the US Air Force to provide hardware and software architecture design for embedded GPS/INS modernization in legacy aircraft. This design and technology offered by Northrop Grumman Corporation is compatible with current systems on legacy aircraft used by the Air Force, allowing ease of integration and rapid adoption of new capabilities

Components Covered
• Algorithms & Processors
• Accelerometers
• Wireless
• Gyroscopes
• Other Components

Grades Covered
• Navigation Grade
• Space Grade
• Marine Grade
• Commercial Grade
• Tactical Grade

Technologies Covered
• Fiber Optics Gyro
• Mechanical Gyro
• Ring Laser Gyro
• MEMS
• Other Technologies

Applications Covered
• Building Missiles
• Aircraft
• Marine
• Unmanned Aerial Vehicles
• Military Armored Vehicles
• Unmanned Ground Vehicles
• Space Launch Vehicles
• Unmanned Marine Vehicles
• General Aviation
• Commercial Passenger Aircraft (Cargo Aircrafts)
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements