Global Inertial Navigation System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Inertial navigation system Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global inertial navigation system market report has been segmented on the basis of component, technology, grade, and region.
Global Inertial Navigation System Market: Overview
The inertial navigation system is an electronic system that is used for monitoring velocity, position, acceleration of vehicles, such as airplane, missile, submarine and provided data regarding navigation or control without the need for base station communication. Computer, accelerometer, and gyroscope are major components used in the inertial navigation system.
Global Inertial Navigation System Market: Dynamics
Rising demand for aircraft and growing aviation sector, owing to increasing number of air travel passengers are major factors driving growth of the global inertial navigation system market. Inertial navigation system is autonomous and does not require visibility conditions or external aids for functioning. It can be operated underwater or inside tunnels. In tactical operations, the inertial navigation system can be used as has no external antenna that can be detected by radar. These are also some of the factors supporting growth of the global market. Furthermore, increasing investment for the development of self-driving vehicles is a factor expected to support growth of the global inertial navigation system market in the near future.
However, defence budget cuts in developed countries, owing to the economic crisis is a factor that may hamper growth of the global inertial navigation system market. In addition, high cost of acquisition, operation, and maintenance of the inertial navigation system is a challenging factor that could affect growth of the global market. Nevertheless, integration of inertial navigation system with other systems can create high revenue opportunities for players in the target market.
Global Inertial Navigation System Market: Segment Analysis
Among the grade segment, the navigation grade segment is expected to register high growth in terms of revenue over the forecast period. Growing commercial aviation sector and increasing demand for aircraft are factors driving growth of the navigation grade segment in the global market.
Among the application segment, the space launch vehicles segment is expected to register lucrative growth in terms of revenue in the near future. Space launch vehicles or carrier rockets are used for launching payload from surface of the earth to space. An increasing number of exploration and research activities in space is a factor propelling growth of the space launch vehicles segment in the target market.
Global Inertial Navigation System Market: Regional Analysis
Market in North America is expected to account for a significant share in terms of revenue over the forecast period. High defence budget and the presence of prominent players are factors fueling growth of the target market in this region. Market in Asia Pacific is anticipated to register the fastest growth in terms of revenue in the near future. Increasing military budget in countries such as India and China is a key factor driving growth of the inertial navigation system market in this region. In addition, increasing investment for the development of indigenous technology is another factor supporting growth of the target market in the Asia Pacific.
Global Inertial Navigation System Market Segmentation:
Segmentation by Component:
- Algorithms & Processors
Segmentation by Technology:
- Microelectromechanical Systems
- Fiber Optics Gyro
- Ring Laser Gyro
- Mechanical Gyro
Segmentation by Grade:
- Tactical Grade
- Marine Grade
- Commercial Grade
- Space Grade
- Navigation Grade
Segmentation by Application:
- Military Armored Vehicles
- Unmanned Marine Vehicles (UMVs)
- Unmanned Ground Vehicles (UGVs)
- Unmanned Aerial Vehicles (UAVs)
- Naval Ships
- Merchant Ships
- Space Launch Vehicles
- Military Aircraft
- Civil Aircraft
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Northrop Grumman Corporation
- Honeywell International Inc.
- Safran Electronics & Defense SAS
- The Raytheon Company
- Thales Group
- General Electric Company
- Teledyne Technologies Incorporated
- Rockwell Collins, Inc.
- Trimble Navigation Ltd.
- VectorNav Technologies, LLC
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