The global inertial navigation system market size isprojected to reach USD 16.45 billion by the end of 2027. Theincreasing applications of INS across diverse industry verticals will aid thegrowth of the overall market in the coming years. The technologicalintervention has played a massive role in the growth of the overall market inthe coming years. According to a report published by Fortune BusinessInsights, titled “Inertial Navigation System (INS) Market Size, Share andIndustry Analysis, by Component (Accelerometers, Gyroscopes, and Others), ByTechnology (Mechanical Gyro, Ring Laser Gyro, Mechanical Gyro, Fiber OpticsGyro, MEMS and Others), By Platform (Airborne, Ground, Marine/Naval, andSpace), By End User (Commercial, and Defense), and Regional Forecast, 2020 –2027,” the market was worth USD 11.79 billion in 2019and will exhibit a CAGR of 8.66% during the forecast period, 2020-2027.
Inertial navigation systems (INS) are used in numerousapplications across the aerospace and defense industry. The product isinclusive of different types of sensors that are used to located the positionand orientation of the object. Besides this, the product can also detect thespeed and velocity of the object that is on-board through these sensors. The growingapplications of inertial navigations systems across diverse industry verticalswill open up a huge potential for the companies operating in the market.
The high investment in these products are primarily attributable the massivedemand and widespread applications. Due to high demand, several companies areoperating across the world. The high emphasis on technological intervention hasyielded exceptional products with higher operational flexibilities. Increasingapplications will create several opportunities for the growth of the companiesin the market and subsequently influence the growth of the overall market inthe coming years.
Accounting to Massive Demand, Companies are Looking to Offer TechnologicallySound Products
The report encompasses several factors that have contributed tothe growth of the overall market in recent years. It highlights majorstrategies adopted by large scale companies and discusses in detail how thesestrategies have helped their businesses grow. It further discusses the impactof these strategies on the growth of the overall market. Among all factors, theefforts taken by companies to establish a wider consumer base have ultimatelyhad the highest impact on the growth of the overall market in recent years.
In October 2018, Safran Electronics & Defense announced the launch of a newrange of inertial navigations systems. The company introduced a new range ofnaval INS that can be used for applications in submarines. The company claimsthat this product can also be used in surface vehicles. Safran’s latest productwill help the company generate massive revenue in the coming years. Accountingto the considerable consumer base of the company, its latest range of INS willhave a positive impact on the growth of the overall market in the coming years.
North America Holds the Highest Market Share; Increasing use ofRobotic Vehicles by Major Companies Will Aid Growth
The report highlights the ongoing market trends across NorthAmerica, Europe, Asia Pacific, Latin America, and the Middle East and Africa.Among these regions, the market in North America holds the highest marketshare. The increasing use of robotic vehicles in diverse applications willemerge in favor of the companies operating in the market. The increasingadoption of remotely operated vehicles in military applications will emerge infavor of market growth. As of 2019, the market in North America was worth USD5.15 billion and this value is projected to increase further in the comingyears. Besides North America, the market in Asia Pacific will exhibit asignificant CAGR in the coming years driven by the rising investment in thedefense sector towards the integration of INS by major companies as well asgovernment organizations.
Gain More Insights into the Inertial Navigation System (INS)Market Research Report:
https://www.fortunebusinessinsights.com/inertial-navigation-system-ins-market-102849
