Inertial Navigation System Market To Generate Revenue Worth $16,111.8 Million by 2030
- Published: July 2023
The inertial navigation system market will reach USD 16,111.8 million revenue by 2030, witnessing a CAGR of 5.1% during 2022–2030. This can be because it is widely utilized in making aircraft, ground vehicles, smart bombs, marine systems, and many other devices, where lightweight, high strength, small size, and low power consumption are needed.
Moreover, the aerospace and aviation industries are heavily relied on inertial navigation systems, as these offer important data for precise aircraft positioning, flight path tracking, and flight stabilization. In addition to this, the growing use of business jets, commercial airplanes, and unmanned aerial vehicles (UAVs) is also a key factor driving the demand for such systems.
Additionally, with the advancing technology, the uses and performance of inertial navigation systems have been also broadened. Advanced technologies help in the miniaturization of missiles and smart bombs, increased sensor accuracy, stable algorithms, and integration with other sensors like the global navigation satellite system (GNSS). These factors have increased the inertial navigation system’s usability, dependability, and affordability, which, in turn, drives the market growth.
Furthermore, the growing military and defense industry has played a significant role in driving the demand for inertial navigation systems. This is due to the wide applications of such systems, including aircraft, ships, submarines, ground vehicles, guided weapons, and many more, which are heavily relied on inertial navigation technology. It also improves operational capabilities by applying precise navigation, targeting, weapon guidance, and situational awareness.
Space Launch Category To Witness the Fastest Growth
Based on application, the space launch category is expected to witness the highest CAGR, of around 6%, during the forecast period. This can be due to the availability of extremely accurate and dependable inertial navigation systems that help in the accurate projection of space vehicles and the increase in the number of space launch vehicles, such as tiny satellites, across the world. Additionally, the demand for inertial navigation systems in these space launch vehicles is high, as satellite launches are rising for various applications, such as scientific, communication, research and development, and others.
Globally, the APAC market is projected to witness the fastest growth in the coming years. This can be due to quick advancements in technology, specifically in the areas of sensors, semiconductor production, software development, and miniaturization of missiles and smart bombs; the growing end-use industries; and the availability of advanced inertial navigation systems in the region.
The European market is also expected to grow significantly during the forecast period. This can be ascribed to the surging adoption of self-governing technologies among various industries and the rising deployment of autonomous vehicles and unmanned aerial vehicles (UAVs), which often require precise, reliable, and dependability by the use of inertial navigation systems. This can be also because Europe has a large defense and aerospace industry, which requires inertial navigation systems to build space vehicles, submarines, and ships, and the presence of a significant number of aviation companies and a large number of airports in the region.
On the other hand, the North American market holds the largest revenue share. This is primarily due to the rising demand for inertial navigation systems in the defense sector, to meet the requirement of precise navigation and positioning; the presence of major industry players; and high growth in end-use industries in the region.
Some of the major players in the inertial navigation system market are Honeywell International Inc., Northrop Grumman Corporation, Safran Electronics & Defense, Thales Group, Collins Aerospace, L3Harris Technologies Inc., iXblue, KVH Industries Inc., VectorNav Technologies, and Trimble Inc.