Increased demand for accurate and reliable navigation is one of the significant factors driving the inertial navigation system market
The inertial navigation system market is projected to grow from an estimated USD 9.54 billion in 2017 to USD 12.26 billion by 2022, at a CAGR of 5.15% during the forecast period. 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. 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.
Based on application, the missile segment is projected to account for the largest share in the inertial navigation system market during the forecast period
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.
The missile system segment consists of various systems, such as navigational systems, inertial reference systems, and air data systems, which use premium quality sensors, and owing to these factors this market is projected to lead during the forecast period.
North America is estimated to account for the largest share in the inertial navigation system market in 2017 and the Asia Pacific is projected to grow at the highest CAGR during the forecast period
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.
Break-up of profile of primary participants in the inertial navigation system market:
• By Company Type - Tier 1 – 30%, Tier 2 – 35%, and Tier 3 – 35%
• By Designation – C Level – 32%, Director Level – 38%, and Others – 30%
• By Region – North America - 27%, Europe – 18%, Asia Pacific – 46%, and RoW – 9%
Major companies profiled in the report 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), among others.
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).
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analyses —industry analysis (industry trends), market share analysis of top players, competitive leadership mapping matrix, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments in the inertial navigation system market, high-growth regions, and market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on inertial navigation system offered by top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the inertial navigation system market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the inertial navigation system market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the inertial navigation system market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the inertial navigation system market