According to newly published report by Research Nester on “Inertial Navigation System Market: Global Demand Analysis & Opportunity Outlook 2019-2027” delivers detailed overview of the global inertial navigation system market in terms of market segmentation by product type (navigation, tactical, commercial and marine); by technology (MEMS, fiber optic gyro, ring laser gyro, mechanical, and vibrating gyro); by application (naval, airborne, land, and commercial) and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The inertial navigation system market is segmented by product type (navigation, tactical, commercial and marine); by technology (MEMS, fiber optic gyro, ring laser gyro, mechanical, and vibrating gyro); by application (naval, airborne, land, and commercial) and by regions.
An Inertial Navigation System (INS) uses a computer based system, and motion sensors, such as gyroscopes and accelerometers to calculate the dead reckoning position of an object. INS systems are used in navigation applications, in which accuracy and performance are of utmost importance, along with its size and cost. Some of the prominent players in the defense equipment business have in-house manufacturing facilities with limited applications. INS systems has wide scale applications such as guided munitions, and commercial Attitude and Heading Reference System (AHRS) categorized under tactical use, games, medical, cameras, and computers under the consumer use. Other applications focus on automotive and navigational use of the systems. These systems provide better systems integrity and allow the navigation system to coast through short GPS outages with high accuracies.
Inertial navigation system market is anticipated to mask a CAGR of 7% during the forecast period i.e. 2019-2027. North America is anticipated to dominate the market share on account of growing air traffic and technological advancements coupled with favorable regulations by the Federal Aviation Administration (FAA). Additionally, most of the leading companies in this industry are based out of this region. Asia Pacific is anticipated to grow at the fastest CAGR owing to launch of many programs related to INS systems. Countries such as China and India is expected to boost the growth on the back of rising defense budgets to develop homegrown technologies for naval vessels, warships, and defense aircrafts.
Increased applications in aircrafts and commercial vehicles
The rise in trans-national conflicts has led to rising defense expenditure in various emerging countries. Countries are investing in the advancement of missile systems, such as ballistic missiles, and cruise missiles, among others, which require INS systems for guidance. Moreover, system integration with commercial self-driving vehicles are expected to equally influence the overall growth of market during the forecast period. With the use of MEMS, manufactures have industrialized cost-effective and more efficient solutions resulting in light, small, and low-cost navigation systems.
However, challenges related to operational complexity and system initialization hampers the market growth. Additionally, decline in the defense budgets in some of major developed economies and technology being expensive hampering the expansion of the INS system market.
This report also provides the existing competitive scenario of some of the key players of the global inertial navigation system market which includes company profiling of Honeywell International, Northrop Grumman Corporation, Safran Electronics & Defense, Thales Group, The Raytheon Company, General Electric Company, Rockwell Collins, Teledyne Technologies, VetroNav Technologies and Trimble Navigation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global inertial navigation system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.