The inertial navigation system market was estimated to be USD 5,119.97 million in 2020 and is projected to register a CAGR of 4.9% to reach USD 7,525.75 million by 2028. North America is projected to be a major market for inertial navigation systems due to a growth in passenger air traffic and technological advancement by various regional research and development companies. The Federal Aviation Administration's (FAA) favorable regulations allow vendors to grow and develop plans to enhance their product portfolios. On the other hand, the Asia Pacific region is projected to register higher growth rate during the forecast period. The emergence of key aircraft manufacturers, such as COMAC (China) and Mitsubishi Aircraft Corporation (Japan) in Asia Pacific region are propelling the growth of this regional market. Also, the defense sector is estimated to experience tremendous growth in the Asia Pacific region with increasing concentration of developing economies.
A large percent of budget spending in some of Asia Pacific countries including China and India goes into defense expenditures. Many countries are investing heavily to strengthen their aerial defense. In addition, there has been increased investments by key market players to consolidate their market position in this region through contracts and strategic partnerships.
This research report categorizes the market for inertial navigation systems based on various segments and region and forecasts revenue growth and analysis of trends in each of the submarkets. The report analyses the key growth drivers, opportunities and challenges which influence the inertial navigation systems market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger and acquisition have been included in order to draw the competitive landscape in the inertial navigation systems market. The report strategically identifies and profiles the key market players and analyses their core competencies in each type and application of the inertial navigation systems market.
Based on type, the inertial navigation systems market has been segmented into inertial positioning, orientation systems, attitude heading reference system, and inertial measurement units. Among these segments, the inertial positioning accounted for largest market share in the inertial navigation systems market in 2019. The inertial positioning segment have seen growth in recent years as a result of increasing aerospace expenditure, increasing passenger traffic, and a significant rise in demand for new aircraft
Based on component, the inertial navigation systems market has been segmented into accelerometers, gyroscopes, algorithms, and processors, and wireless. Among these, the gyroscopes segment accounted for the largest share in the global inertial navigation systems market in 2019. The growth of gyroscopes can be attributed to their capabilities of addressing high level motion sensing and providing navigational assistance. Furthermore, gyroscopes can measure the angular velocity in three dimensions. The emergence of efficient, economic, and compact gyroscopes is estimated to increase the demand for gyroscopes in the inertial navigation systems market.
Based on grade, inertial navigation systems market has been segmented into commercial grade, navigation grade, tactical grade, and space grade. The commercial grade segment accounted for the largest share in the inertial navigation systems in 2019. The navigation grade segment in the inertial navigation system market is expected to witness a surge in demand due to increasing commercial aircraft requirements over the forecast period. According to the Boeing Current Market Outlook 2016, the world would require 41,039 new airplanes in the next 15 years. However, the space grade segment is expected to grow at the fastest CAGR of 5.5% during the forecast period
Based on technology, the inertial navigation systems market has been segmented into mechanical gyro, Ring Laser Gyro (RLGs), Fiberoptic Gyro (FOGs), Micro-Electro-Mechanical System (MEMS), and others. Among these segments, the mechanical gyro accounted for the largest share in the global inertial navigation systems market in 2019. Continuously increasing defense expenditure across the world is driving the mechanical gyroscope market, whereas the overall market is driven by factors such as the emergence of efficient, economic, and compact technology, growing adoption of technology in the aviation industry and rising demand from emerging economies.
Based on application, the inertial navigation systems market has been segmented into commercial aviation, general aviation, unmanned aerial vehicles (UAV), and military & space research. Commercial aviation accounted for the dominating share in the inertial navigation systems market in 2019. The significant growth of this market can be mainly attributed to a rise in commercial aircraft requirements over the forecast period. Increasing urbanization, tourism, and middle-class spending have contributed to a significant increase in air passenger traffic around the world, especially in emerging economies such as China, India, Brazil, Russia, and Mexico, among others.
Based on region, the inertial navigation systems market has been segmented as North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, and Rest of the World. North America is the largest inertial navigation system market due to the ever-growing passenger air traffic and technological enhancements by various regional research and development companies. Favorable regulations by the Federal Aviation Administration (FAA) encourage the vendors to expand and develop strategies to enhance their product portfolios. However, Asia Pacific is projected to be the fastest growing inertial navigation system market due to a rise in defense budgets of several emerging economies including China and India, to develop homegrown technologies for the manufacture of fighter aircraft, missiles, and UAVs, along with the growth in commercial aircraft manufacturers in the region.
A large percent of budget spending in some of Asia Pacific countries including China and India goes into defense expenditures. Many countries are investing heavily to strengthen their aerial defense. In addition, there has been increased investments by key market players to consolidate their market position in this region through contracts and strategic partnerships.
This research report categorizes the market for inertial navigation systems based on various segments and region and forecasts revenue growth and analysis of trends in each of the submarkets. The report analyses the key growth drivers, opportunities and challenges which influence the inertial navigation systems market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger and acquisition have been included in order to draw the competitive landscape in the inertial navigation systems market. The report strategically identifies and profiles the key market players and analyses their core competencies in each type and application of the inertial navigation systems market.
Based on type, the inertial navigation systems market has been segmented into inertial positioning, orientation systems, attitude heading reference system, and inertial measurement units. Among these segments, the inertial positioning accounted for largest market share in the inertial navigation systems market in 2019. The inertial positioning segment have seen growth in recent years as a result of increasing aerospace expenditure, increasing passenger traffic, and a significant rise in demand for new aircraft
Based on component, the inertial navigation systems market has been segmented into accelerometers, gyroscopes, algorithms, and processors, and wireless. Among these, the gyroscopes segment accounted for the largest share in the global inertial navigation systems market in 2019. The growth of gyroscopes can be attributed to their capabilities of addressing high level motion sensing and providing navigational assistance. Furthermore, gyroscopes can measure the angular velocity in three dimensions. The emergence of efficient, economic, and compact gyroscopes is estimated to increase the demand for gyroscopes in the inertial navigation systems market.
Based on grade, inertial navigation systems market has been segmented into commercial grade, navigation grade, tactical grade, and space grade. The commercial grade segment accounted for the largest share in the inertial navigation systems in 2019. The navigation grade segment in the inertial navigation system market is expected to witness a surge in demand due to increasing commercial aircraft requirements over the forecast period. According to the Boeing Current Market Outlook 2016, the world would require 41,039 new airplanes in the next 15 years. However, the space grade segment is expected to grow at the fastest CAGR of 5.5% during the forecast period
Based on technology, the inertial navigation systems market has been segmented into mechanical gyro, Ring Laser Gyro (RLGs), Fiberoptic Gyro (FOGs), Micro-Electro-Mechanical System (MEMS), and others. Among these segments, the mechanical gyro accounted for the largest share in the global inertial navigation systems market in 2019. Continuously increasing defense expenditure across the world is driving the mechanical gyroscope market, whereas the overall market is driven by factors such as the emergence of efficient, economic, and compact technology, growing adoption of technology in the aviation industry and rising demand from emerging economies.
Based on application, the inertial navigation systems market has been segmented into commercial aviation, general aviation, unmanned aerial vehicles (UAV), and military & space research. Commercial aviation accounted for the dominating share in the inertial navigation systems market in 2019. The significant growth of this market can be mainly attributed to a rise in commercial aircraft requirements over the forecast period. Increasing urbanization, tourism, and middle-class spending have contributed to a significant increase in air passenger traffic around the world, especially in emerging economies such as China, India, Brazil, Russia, and Mexico, among others.
Based on region, the inertial navigation systems market has been segmented as North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, and Rest of the World. North America is the largest inertial navigation system market due to the ever-growing passenger air traffic and technological enhancements by various regional research and development companies. Favorable regulations by the Federal Aviation Administration (FAA) encourage the vendors to expand and develop strategies to enhance their product portfolios. However, Asia Pacific is projected to be the fastest growing inertial navigation system market due to a rise in defense budgets of several emerging economies including China and India, to develop homegrown technologies for the manufacture of fighter aircraft, missiles, and UAVs, along with the growth in commercial aircraft manufacturers in the region.
WHAT THIS STUDY PROVIDES
- Global market and submarket forecast covering the period of 2017 to 2028, with accompanying analysis
- Inertial navigation systems market and submarket forecast covering the period of 2017 to 2028, with accompanying analysis
- Extensive details and analysis of contracts, projects, and programs
- Analysis of game-changing technological trends and how these will shape the industry
- Explanation or political, regulatory, and technical factors to consider
- Barriers to entry analysis for markets around the world
- Profiles of leading companies operating within the sector with market share analysis
- SWOT analysis of the major strengths and weaknesses of the market, together with the opportunities available and the key threats faced
- Market conclusions & recommendations
KEY QUESTIONS ANSWERED BY THIS REPORT
- How the inertial navigation systems market is evolving?
- What is driving and restraining inertial navigation systems dynamics?
- How will each inertial navigation systems submarket segment grow over the forecast period and how much sales will these submarkets account for in 2028?
- How will market shares of each inertial navigation systems submarket develop from 2017-2028?
- Which inertial navigation system submarket will be the main driver of the overall market from 2017-2028?
- How will political and regulatory factors influence regional inertial navigation systems markets and submarkets?
- Will leading national inertial navigation systems broadly follow macroeconomic dynamics, or will individual country sectors outperform the rest of the economy?
- How will market shares of the national markets change by 2028 and which nation will lead the market in 2028?
- Who are the leading players and what are their prospects over the forecast period?
- How will the sector evolve as alliances form during the period between 2017 and 2028?
Frequently Asked Questions about the Inertial Navigation Systems Market
What is the estimated value of the Inertial Navigation Systems Market?
What is the growth rate of the Inertial Navigation Systems Market?
What is the forecasted size of the Inertial Navigation Systems Market?
Who are the key companies in the Inertial Navigation Systems Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 202 |
| Published | March 2021 |
| Forecast Period | 2017 - 2028 |
| Estimated Market Value ( USD
| USD 5312.68 Million |
| Forecasted Market Value ( USD
| USD 7525.75 Million |
| Compound Annual Growth Rate | 3.2% |
| Regions Covered | Global |
Table of Contents
1 Market Abstract
2 Market Introduction
3 Research Practice
4 Key Related Data
5 Impact Factor Analysis
6 Market Development Analysis
7 Inertial Navigation Systems Market, by Type
8 Inertial Navigation Systems Market, by Component
9 Inertial Navigation Systems Market, by Grade
10 Inertial Navigation Systems Market, by Technology
11 Inertialnavigation Systems Market, by Application
12 Inertial Navigation Systems Market, Regional Analysis
13 Company Profile
14 Appendix
List of Tables
List of Figures
Companies Mentioned
A selection of companies mentioned in this report includes:
- Parker Hannifin Corp
- Raytheon Technologies Corporation
- General Electric Company
- Trimble Inc.
- L3Harris Technologies Inc.
- Safran
- Collins Aerospace
- Honeywell International Inc.
- Northrop Grumman Corporation
- Thales Group
- Garmin Ltd
- Gladiator Technologies
- Avidyne Corporation
- Jeppesen
- Dynon Avionics
- Becker Avionics Inc.
- Uavionix
- Vectronav Technologies
- Aspen Avionics
- Universal Avionics
- Emcore Corporation
- Lord Microstrain
