According to the latest report by IMARC Group, titled “Inertial Navigation System (INS) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global inertial navigation system (INS) market reached US$ 10.1 Billion in 2018. Inertial navigation system (INS) is a self-contained navigation technique that helps in calculating velocity, gravitational force and directional orientation of a moving object. It is made using a minimum of three gyros and accelerometers that enables the system to derive a navigation solution. It is lightweight and small and offers advantages, such as high short-term accuracy, stability and updating the data rapidly. As an INS aids in determining the position, orientation and velocity of a moving object, it is widely utilized in the aviation, defense, naval and research sectors worldwide.
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As INS increases the efficiency of unmanned underwater vehicles (UUVs) by providing better navigation and accurate positional data, they are utilized in the defense sector for counter-attacking, deactivating underwater mines, port security and hull inspection. It is also extensively utilized in the oil and gas industry for performing complex tasks, such as oil rig construction and pipeline inspections. This represents one of the key factors that is strengthening the market growth. Other than this, the integration of advanced technological solutions, such as global positioning system (GPS) and attitude and heading reference system (AHRS), with INS, are expected to bolster the market growth in the upcoming years. Looking forward, IMARC Group expects the market to reach a value of US$ 13.7 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
Market Breakup by Technology:
- Mechanical Gyros
- Ring Laser Gyros
- Fiber Optics Gyros
- MEMS
- Others
- Marine Grade
- Navigation Grade
- Tactical Grade
- Space Grade
- Commercial Grade
- Accelerometers
- Gyroscopes
- Algorithms and Processors
- Wireless Systems
- Aircraft
- Missiles
- Space Launch Vehicles
- Marine
- Military Armored Vehicles
- Unmanned Aerial Vehicles
- Unmanned Ground Vehicles
- Unmanned Marine Vehicles
- Honeywell International Inc.
- Northrop Grumman Corporation
- Teledyne Technologies Inc.
- Vectornav Technologies LLC
- Lord Microstrain
- Safran Electronics & Defense
- Thales Group
- The Raytheon Company
- General Electric Company
- Rockwell Collins Inc.
- Trimble Navigation Ltd.
- Gladiator Technologies Inc
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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