CHICAGO, May 16, 2024
/PRNewswire/ -- The Inertial Navigation Systems market is
estimated to be USD 10.3 billion in
2024 and is projected to reach USD 13.5
billion by 2029, at a CAGR of 5.6% from 2024 to 2029
according to a new report by MarketsandMarkets™. The
inertial navigation systems market is experiencing robust growth
driven by the increasing need for accurate navigation solutions in
different fields and situations. This demand arises because precise
positioning, speed, and direction information are crucial,
especially when GPS signals are weak or absent. As more autonomous
technologies, such as drones and driverless cars, become popular,
the demand for advanced navigation systems grows globally. This
makes improving navigation abilities across various sectors a key
force influencing the growth of the global inertial navigation
systems market.
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Browse in-depth TOC on "Inertial Navigation Systems
Market"
150 – Tables
90 – Figures
300 – Pages
Inertial Navigation Systems Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 10.3 billion
|
Estimated Value by
2029
|
$ 13.5 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.6%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Grade, Technology,
Platform, End User, Component and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Calibration and
alignment issues
|
Key Market
Opportunities
|
The trend of driverless
cars and Innovations in sensor design and data processing
algorithms
|
Key Market
Drivers
|
Growing space
exploration missions and Increasing procurement of commercial
aircraft
|
By End-User, the defense segment is projected to grow at the
highest CAGR during the forecast period.
The increasing demand for advanced navigation solutions to
enhance military capabilities is one of the primary drivers behind
the growth of the defense end user segment in the inertial
navigation systems market. Defense organizations require precise
and reliable navigation systems for various applications, including
missile guidance, reconnaissance, and battlefield navigation. As
military operations become more complex and diverse, the need for
inertial navigation systems technology that can operate effectively
in challenging environments becomes paramount. Additionally,
advancements in sensor technology and the integration of GPS-denied
navigation capabilities further contribute to the growth of the
defense segment in the inertial navigation systems market.
By platform, the inertial navigation systems market for the
space launch vehicles segment is projected to grow at the highest
CAGR during the forecast period.
The space launch vehicles segment of the inertial navigation
systems market is experiencing dynamic growth through the
application of specialized technological innovations. Key
developments include the escalating demand for highly accurate
navigation solutions in space missions. Space agencies and private
space companies require precise navigation systems to ensure the
success and safety of space launch operations. Inertial navigation
systems technology plays a crucial role in guiding launch vehicles
during ascent and orbit insertion phases, as well as in controlling
spacecraft orientation and maneuvering in space. The increasing
frequency of space missions, including satellite deployments,
crewed missions, and interplanetary exploration, further fuels the
demand for advanced inertial navigation systems technology tailored
to the unique challenges of space environments. Additionally,
ongoing advancements in inertial sensor technology,
miniaturization, and reliability contribute to the growth of the
space launch vehicles segment in the inertial navigation systems
market.
By Technology, the Fiber Optic Gyro (FOG) segment for the
inertial navigation systems market is projected to grow at the
highest growth rate during the forecast period.
The Fiber Optic Gyro (FOG) segment within the inertial
navigation systems market is advancing due to its inherent
advantages in accuracy, reliability, and durability. FOG technology
offers precise measurements of rotation rates, making it ideal for
applications requiring high levels of accuracy, such as navigation
in aerospace, defense, and autonomous vehicles. Additionally, FOG
systems are known for their robustness against external factors
like temperature changes and vibrations, making them suitable for
use in harsh environments. Furthermore, ongoing advancements in FOG
technology, including miniaturization and cost reduction, are
driving its adoption across a wider range of applications, further
fueling the growth of this technology segment in the inertial
navigation systems market.
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Asia Pacific holds the
highest growth rate in the region for the Aircraft Seating
market.
The Asia Pacific segment of the
inertial navigation systems industry is propelled by stringent
regulatory standards and a strong emphasis on sustainable
innovations. As countries in the Asia-Pacific region experience significant
economic growth and technological advancement, the demand for
advanced navigation systems increases across various sectors such
as aerospace, defense, maritime, and transportation. Additionally,
government investments in infrastructure development and defense
modernization programs further fuel the adoption of inertial
navigation systems technology in the region. Moreover, the
emergence of autonomous technologies and the growing emphasis on
unmanned systems contribute to the rising demand for inertial
navigation systems in applications like drones and autonomous
vehicles.
Key Players
Major players in the inertial navigation systems companies are
Safran Electronics & Defense (France), Northrop Grumman (US), Teledyne
Technologies Inc. (US), Collins Aerospace (US), Honeywell
International Inc. (US), Thales (France), General Electric Company (US),
Trimble Inc. (US), L3Harris Technologies, Inc. (US), EXAIL
Technologies (France), MEMSIC
Semiconductor Co., Ltd. (China),
Israel Aerospace Industries Ltd. (Israel), EMCORE Corporation (US).
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