Inertial navigation system market is projected to grow from an estimated $ 9.54 billion in 2017 to $ 12.26 billion by 2022, at a CAGR of 5.15% during the forecast period.
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The key players in the Inertial Navigation System Market include – Honeywell International Inc.(US), Northrop Grumman Corporation (US), Safran Electronics & Defense (France), Thales Group (France), The Raytheon Company (US), General Electric Company (US), Rockwell Collins Inc. (US), Teledyne Technologies Inc. (US), VectroNav Technologies LLC. (US), LORD MicroStrain (US), and Trimble Navigation Ltd. (US).
This growth can be attributed to factors, such as increased demand and production of aircraft and missiles, availability of components at affordable prices, miniaturized size, and need for accurate navigation systems providing high reliability.
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However, operational complexity associated with INS and decline in defense budgets in some of the major countries are expected to restrain the growth of this market.
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North America is estimated to account for the largest share in the inertial navigation system market in 2017.Major missile and aircraft manufacturers, such as Boeing (US), Lockheed Martin (US), Bombardier (Canada), Bell Helicopter (US), and Sikorsky Aircraft (US),BAE Systems, Inc. (US), The Raytheon Company (US), and General Dynamics Corporation (US), among others, are based in this region, and thus generate high demand for inertial navigation systems.
North America is projected to lead the inertial navigation system market during the forecast period, in terms of market share. Moreover, the Asia Pacific inertial navigation system market is projected to grow at the highest CAGR during the forecast period, owing to emerging aircraft manufacturers, such as COMAC (China) and Mitsubishi Aircraft Corporation (Japan), among others.
Furthermore, increase in defense budgets in emerging countries such as China and India, and emphasis on indigenous technologies to manufacture aircraft, missiles, and armored vehicles, among others is expected to fuel the growth of the market in the Asia Pacific.
Based on the application, the missile segment is estimated to account for the largest share in the inertial navigation system market in 2017.The increase in transnational conflicts has led to rising defense expenditure in various emerging countries worldwide. Countries across the globe are investing in the development of missile systems, such as ballistic missiles,and cruise missiles, among others, which require inertial navigation systems for guidance.
The need for the inertial navigation system in missiles is contributing to the growth of the INS market in missiles.
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- Manufacturers of Inertial Navigation Systems
- Wholesalers, Retailers, and Distributors of Inertial Navigation Systems
- System Integrators
- Technology Providers
- Sensor Manufacturers
- Raw Material Suppliers
- Aircraft Regulatory Bodies
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This research report categorizes the inertial navigation system market on the basis of application (aircraft, missiles, space launch vehicles, marine, military armored vehicles, UAV, UGV and UMV), technology(mechanical gyro, ring laser gyro, fiber optics gyro, MEMS, and others), grade (marine grade, navigation grade, tactical grade, space grade, and commercial grade) and component (accelerometers, gyroscopes and algorithms & processors). These segments and subsegments have been mapped across major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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