The global inertial navigation system (INS) market is projected to rise to a substantial valuation by the end of 2022, according to a report added to Radiant Insights, Inc. soaring demand for unmanned underwater vehicles (UUVs) from sectors such as oil and gas, defense, and scientific research is translating into greater uptake of inertial navigation systems. These systems provide improved navigation and accurate positional data for augmented efficiency of UUVs.
The report “Global Inertial Navigation System (INS) Market Research Report 2017-2022 by Players, Regions, and Product Types & Applications” is available now at https://www.radiantinsights.com/research/global-inertial-navigation-system-ins-market-research-report-2017-2022
Changing nature of warfare and increasing geopolitical instabilities are stoking the demand for aircraft and missiles. This, in turn, is expected to provide a significant push to the market. Technological advancements in navigation systems are also likely to play a vital role in the development of the market. Emergence of miniaturized systems at affordable prices will work in favor of the market.
Moreover, constant improvements in micro-electro-mechanical systems (MEMS) are estimated to allow the market to gain noteworthy traction. With the application of advanced MEMs, manufacturers are developing efficient and cost-effective navigation solutions. Flourishing aerospace and marine industries can also stimulate the growth of the market.
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New investments in naval and military applications are also supporting the market. For instance, with the help of a recent contract with Northrop Grumman, the US Navy is upgrading its INS for surface ships to AN/WSN-7(V) ring laser gyroscope technology. AN/WSN-7 is a self-contained inertial navigation system.
On the other hand, in several developed countries, there has been a cut in defense budgets in recent times. This, in turn, can adversely affect the growth of the market. Furthermore, operational complexities associated with INS, coupled with dearth of skilled personnel, can inhibit the upward climb of the market. However, introduction of commercial driverless vehicles is anticipated to brighten the future of the market.
The global inertial navigation system (INS) market has been classified on the basis of grade, technology, consumer, and geography. Based on technology, the market is divided into mechanical gyro, MEMS, ring laser gyro, fiber optics gyro, and others. By grade, the market is segmented into navigation grade, space grade, tactical grade, commercial grade, and marine grade. Key consumers are navigation, military and aerospace, and others.
From a geographical standpoint, the market is fragmented into North America, Asia Pacific, Europe, Latin America, and Africa and Middle East. North America is poised to hold a prominent position in the global arena throughout the forecast horizon (2017–2022). The growth of the market can be attributed to a booming aerospace industry and increasing air traffic. Rapid technological advancements in navigation are also providing a fillip to the market in the region.
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Asia Pacific, on the other hand, will be a promising destination for key players in the market. Governments in emerging economies such as China and India are allocating significant budgets for defense purposes. This, in turn, is propelling the market in the region. Increase in domestic manufacturing of fighter aircrafts and missiles and influx of new players in the commercial aircraft vertical are expected to trigger the growth of the region.
Some of the prominent companies operating in the market are Rockwell Collins Inc.; Thales Group; Honeywell International Inc.; Trimble Navigation Ltd.; and Northrop Grumman Corporation.
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