PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304625
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304625
Inertial Navigation System Market size was valued at USD 11,005.3 Million in 2022, expanding at a CAGR of 6.2% from 2023 to 2030.
Inertial navigation system market is expected to see substantial growth over forecasted period. INS is a self-contained system with great cover. It may be used in the water, the air, or underground because it is independent of all external information and doesn't emit energy into outer space. The inertial navigation system can provide thorough navigation data, such as the location, because it updates the data quickly and has the advantages of accuracy and stability with small size and lightweight. As a result, both military and civilian navigation depend heavily on the INS. For instance, Northrop Grumman Corporation was given a contract by the US Navy to create the replacement inertial navigation system (INS-R) used on navy combat and support ships. For more accurate navigation in difficult maritime combat situations, use INS-R.
Robotic vehicles that can reach their destinations without human assistance are known as driverless vehicles. The demand for commercial autonomous vehicles is being driven by advances in machine learning and sensor technology. Driverless technology for commercial cars is currently being developed by businesses including Tesla, Google, Ford, and BMW. For instance, Google's parent company Alphabet created the driverless car business Waymo LLC in 2016. Fully autonomous commercial cars 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 driverless cars.
North America has a significant market advantage as providing precise navigation and positioning data to combat platforms while they are on missions is the main Grade for inertial systems in the region's defence industry. The US Army has used inertial tactical navigation systems, which have been successfully used in combat. The market for INS systems is anticipated to rise quickly as the military industry demands solutions for reliable location and navigation. Due to a revived focus on oil exploration activities, there is a demand for inertial systems in the US maritime sector. Additionally, high-performance gyroscopes and accelerometers are needed for oil rig exploration activities in order to provide the proper self-contained sensing system. Inertial gyroscopes also provide accurate platform stabilisation solutions in Grades like offshore oil rigs.
The Inertial navigation system market is fragmented into the process type, grade and technology segments. Based on process the type, the Aircraft segment is anticipated to dominate the market. By technology, the MEMS segment of this market is projected to grow at highest rate CAGR during the forecasted period.
The Inertial navigation system market is highly competitive. With the presence of local & international players. Major manufacturers are engaged in strategic collaborations, and new product launches to remain competent in the market. For example, in In September 2019, Honeywell International Inc. announced the launch of two new inertial measurement units. These measurement units provide navigation in a small, lightweight package and are cost friendly. These can withstand environment in the air, on land, or underwater and thus several markets, like survey/mapping, unmanned vehicles, robotics, and transportation. Morover, in August 2019, Northrop Grumman Corporation announced that they received a contract from the U.S. Army for the development of next generation tactical radar antenna.
The scope of this report covers the market by its major segments, which include as follows: