Dublin, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The "Inertial Navigation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global inertial navigation system (INS) market, which achieved a size of US$ 10.8 billion in 2022, is projected to witness substantial growth in the coming years. Analysts anticipate the market to reach US$ 15.4 billion by 2028, registering a Compound Annual Growth Rate (CAGR) of 6.37% during the period from 2023 to 2028.
Inertial Navigation Systems (INS) are navigation systems that calculate an object's velocity, gravitational force, and directional orientation. These computer-based systems incorporate motion sensors, accelerometers, and gyroscopes. Gyroscopes measure the angular velocity of objects like drones, ships, and aircraft, while accelerometers gauge changes in their speed. Using these data, the system estimates an object's direction and relative position. INS finds widespread applications in various sectors, including military weaponry, gaming, cameras, computers, and medical devices.
Key Market Trends Driving Growth
- Growing Demand for Unmanned Underwater Vehicles (UUVs): The rising need for UUVs, utilized in activities such as oil and gas exploration, scientific research, and defense operations, is a primary growth driver. UUVs are deployed for tasks like mine deactivation, counterattacks, port security, and hull inspection in defense. In scientific research, underwater drones assist in oceanographic studies and ocean bed mapping. Furthermore, the increasing oil consumption has led to the use of UUVs for oil rig construction, pipeline inspections, and maintenance, boosting the demand for inertial navigation systems.
- Thriving Aerospace Sector: Advancements in space research and the increasing number of satellite launches have expanded the utilization of inertial navigation systems, crucial for accurate velocity and altitude measurements. Technological advancements, including compact-sized navigation systems using ring laser gyros (RLG) and fiber optic gyros (FOG), are also driving market growth.
Market Segmentation
The global inertial navigation system market is segmented based on technology, grade, component, application, and region:
Technology:
- Mechanical Gyros
- Ring Laser Gyros
- Fiber Optics Gyros
- MEMS (Micro-Electro-Mechanical Systems)
- Others
Grade:
- Marine Grade
- Navigation Grade
- Tactical Grade
- Space Grade
- Commercial Grade
Component:
- Accelerometers
- Gyroscopes
- Algorithms and Processors
- Wireless Systems
Application:
- Aircraft
- Missiles
- Space Launch Vehicles
- Marine
- Military Armored Vehicles
- Unmanned Aerial Vehicles (UAVs)
- Unmanned Ground Vehicles (UGVs)
- Unmanned Marine Vehicles
Regions:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape
The report provides a comprehensive analysis of the competitive landscape, featuring key market players such as Honeywell International Inc., Northrop Grumman Corporation, Teledyne Technologies Inc., VectorNav Technologies, LLC, LORD, MicroStrain Sensing Systems, Safran Electronics & Defense, Thales Group, Raytheon Technologies Corporation, General Electric Company, Collins Aerospace, Trimble Inc., and Gladiator Technologies, Inc.
Key Questions Addressed in the Report
- How has the global inertial navigation system market performed thus far, and what is its expected performance in the coming years?
- What are the key regional markets in the global inertial navigation system industry?
- What impact has COVID-19 had on the global inertial navigation system market?
- What is the market share based on technology, grade, component, application, and distribution channel?
- What are the primary drivers and challenges affecting the industry's growth?
- Who are the major players in the global inertial navigation system market, and what is their competitive positioning?
- What is the level of competition in the global inertial navigation system industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $10.8 Billion |
| Forecasted Market Value (USD) by 2028 | $15.4 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/uhss2u
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