Inertial navigation system Market is anticipated to grow with a value CAGR of 5.2 % over 2019-2028. According to a study published by Insure Insights on the Inertial navigation system Market, an Inertial navigation system is a navigation equipment that uses a computer, rotation sensors and motion sensors to constantly calculate by dead reckoning the position, the orientation, and the velocity of a moving object without the need for external references, these devices are widely used in the Aircrafts. The availability of miniaturized components at low prices and development of Commercial Driverless Vehicles have boosted the market.
Top Driver: The increasing demand for Aircraft have driven the Market
The increasing demand for Aircraft, and for accuracy in navigation have highly contributed in the Market. The rising demand for missiles due to geopolitical instabilities and changing nature of warfare have promoted the market. The technological advances in MEMS-Based Ins have positively impacted the market growth.
Space launch vehicle have obtained the highest growth in the Global Inertial navigation system Market
Based on Application, the Space launch vehicle segment have held the most significant growth. The rise in the satellite launches and growing space research and exploration activities have primarily boosted the segment. The rise in the investments in satellite manufacturing and associated satellite launches have positively impacted the market.
In terms of Technology, MEMS segment has held the highest share owing to the rise in the technological advancements in MEMS-based INS and increase in its applicability in small aircraft. Based on Grade, navigation grade segment has held in the lucrative share. The rise in the demand of aircraft, and increase in the adoption of commercial aircraft have improved the segmental growth
Asia Pacific to rule the Regional Market of Inertial Navigation systems
The increase in defense budgets of emerging countries like India and China and the rise in commercial aircraft manufacturers have primarily boosted the market of Asia Pacific. The growth in the air passenger traffic and increase in disposable income among the middle-class population have improved the air passenger traffic and have further expanded the market growth in the region. The North American region is projected to grow at a significant rate owing to presence of key players like Honeywell International Inc., Northrop Grumman Corporation, Rockwell Collins, Inc. Teledyne Technologies Inc. etc. and increase in the air passenger traffic.
Players to Focus on advancing the technologies, Product Launches, and signing merger and acquisition deals
The Competitors are focusing on developing new technologies, product launches, and signing merger and acquisition deals. The major competitors of the Inertial navigation system Market are Honeywell International Inc., Northrop Grumman Corporation, Safran Electronics & Defense, Thales Group, The Raytheon Company, General Electric Company, Rockwell Collins Inc., Teledyne Technologies Inc., VectroNav Technologies LLC., and Rockwell Collins, Inc.
Honeywell International Inc.: Honeywell International Inc., is the leading competitor of the Inertial navigation system Market. In December 2019, Honeywell International Inc., had announced that it has acquired Rebellion Photonics, this acquisition was made by Honeywell to improve safety and compliance capabilities in gas monitoring, industrial processing and software solutions.
Teledyne Technologies Inc.: Teledyne Technologies Inc., is one of the major competitor of the Inertial navigation system Market. In August 2019, Teledyne Technologies Inc. had announced the acquisition of gas and Flame Detection Business of 3M, the deal was made for USD 230 million. The acquisition was made to strengthen Teledyne portfolio with fixed and portable industrial gas and flame detection instruments.
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