Newark, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11 billion in 2023 global inertial navigation systems market will reach USD 21.63 billion in 2033. Vehicles and other things can be moved or placed with the use of navigation systems in relation to nearby objects. This makes it easier for consumers to navigate. An external point of reference is not necessary for Inertial Navigation Systems (INS), a sophisticated navigation system, to ascertain an object's position or any other pertinent properties like its velocity and orientation. The two main INS components are gyroscopes and accelerometers. Gyroscopes measure velocity, and accelerometers detect acceleration.
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Accelerometers are linear measurement instruments that, like gyroscopes, determine an object's direction by measuring angular rotation. The main benefit of INS systems is their independence from external points of reference. It is trustworthy and provides accurate measurements. INS is a vital piece of equipment for the marine and aerospace industries due to the significance of navigation in both air and water spaces. They are also used in the automobile, aerospace, and defence sectors.
Key Insight of the Global Inertial navigation systems Market
North America will dominate the market during the forecast period.
The most influential and sophisticated industry players in the market, who propel innovation and developments in INS, are based in the area. The most cutting-edge defence and aerospace industry is also located in this region, and major producers, inventors, and government organisations support its expansion through grants, financing, partnerships, and collaborations. The regional market is driven by the growing spending on aerospace and military, particularly in the US, in an effort to maintain competitiveness and safeguard national interests. Modernising technology across the economy is vital to safeguard national assets and interests from emerging threats, as highlighted by the escalating conflicts and geopolitical uncertainties in the market. The expansion of the regional market is further aided by the capable, well-established, and well-funded manufacturing infrastructure.
In 2023, the gyroscopes segment dominated the market with the largest market share of 51% and revenue of USD 5.61 billion.
The component segment is divided into accelerometers, gyroscopes, and others. In 2023, the gyroscopes segment dominated the market with the largest market share of 51% and revenue of USD 5.61 billion.
In 2023, the MEMS segment dominated the market with the largest market share of 38% and revenue of USD 4.18 billion.
The technology segment is divided into mechanical gyro, ring laser gyro, fiber optics gyro, MEMS, and others. In 2023, the MEMS segment dominated the market with the largest market share of 38% and revenue of USD 4.18 billion.
In 2023, the airborne segment dominated the market with the largest market share of 41% and revenue of USD 4.51 billion.
The platform segment is divided into airborne, ground, maritime, and space. In 2023, the airborne segment dominated the market with the largest market share of 41% and revenue of USD 4.51 billion.
In 2023, the military segment dominated the market with the largest market share of 58% and revenue of USD 6.38 billion.
The end user segment is divided into commercial and military. In 2023, the military segment dominated the market with the largest market share of 58% and revenue of USD 6.38 billion.
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Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 7% |
| 2033 Value Projection | USD 21.63 Billion |
| Market Size in 2023 | USD 11 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Component, Technology, Platform, End-User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Inertial Navigation Systems Market Growth Drivers | The expanding aerospace and defence sectors |
Advancement in market
The first phase of Infleqtion UK's Quantum Enhanced Inertial Navigation Systems (Q-NAV) project, which was granted funding by Innovate UK, has been successfully completed. The Industry Day, which took place at the Institute of Physics (IOP) in London, gave Infleqtion, its project partners, government representatives, and industry stakeholders from 20 organizations a great chance to evaluate the most recent developments in quantum technologies for positioning, navigation, and timing (PNT). Participants looked at the Q-NAV team's advancements and had insightful conversations regarding the prospects and obstacles influencing this industry's future.
Market Dynamics
Driver: The growing aerospace and defence industries.
Global defence spending has surged as a result of growing territorial conflicts and threats to national security. Countries are spending more on defence in an effort to modernise their armed forces and address the ever-changing problems of modern combat and society. In addition, air travel has expanded due to the fast urbanisation and globalisation processes. The growth of the aerospace industry has been aided by the growing airline industry and increased disposable income. The need for secure air travel is growing, which has pushed navigation system development. Similar to this, growing research and development efforts are enabling breakthroughs in navigation systems by developing and investigating both Earth's and space. Consequently, the requirement for sophisticated navigation systems will be facilitated by the growing aerospace and defence industries, which will support the growth and development of the global inertial navigation systems market.
Restraints: The exorbitant expenses of INS.
Because of its expensive cost, the INS faces major obstacles to adoption, much like any other smart and advanced technology. The expenses of these systems reflect the research and development efforts in terms of labour, trials, tests, and money that go into creating practical, accurate, and dependable INS systems. Modern components, manufacturing techniques, and integration procedures are used in these systems, which accounts for the high cost of INS. The processes of integration, operation, and maintenance also demand a large amount of capital since skilled workers must be hired. Due to the high expense of these systems, only the biggest market participants can afford them, making the INS market a limited market where the bulk of companies cannot participate. Thus, the market's expansion will be constrained by the high costs of INS.
Opportunities: Technological Developments.
Research and development efforts to increase the dependability, accuracy, and precision of inertial navigation systems are fuelled by the perpetual need to own more sophisticated or superior technologies than competitors or hostile nations. Lower production costs have also resulted from innovations and advances. The range of applications is further increased by enhanced system integration and increased operational effectiveness brought about by advances in materials, products, and processing techniques. Therefore, during the projected period, technological advances will support the growth and development of the worldwide inertial navigation systems market.
Challenges: Lack of awareness.
INS is relatively modern and sophisticated technology unknown to many. Additionally, the lack of knowledge and training limits the best potential use of INS. the limited awareness facilitates alienation towards INS and reduces its adoption in the market. the complexity, integration challenges and error rectification methods might also limit its adoption. INS is still being tested with regular upgrades and improvements in the pipeline, making it a dynamic technology and therefore contributing towards the lack of awareness in the market. therefore, the lack of awareness about INS will challenge the market’s growth.
Some of the major players operating in the global inertial navigation systems market are:
• Collins Aerospace
• General Electric Company
• Gladiator Technologies, Inc.
• Honeywell International Inc.
• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Safran Electronics & Defense
• Thales Group
• Trimble Inc.
• General Electric Company
Key Segments covered in the market:
By Component
• Accelerometers
• Gyroscopes
• Others
By Technology
• Mechanical Gyro
• Ring Laser Gyro
• Fiber Optics Gyro
• MEMS
• Others
By Platform
• Airborne
• Ground
• Maritime
• Space
By End User
• Commercial
• Military
• Catenary
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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