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The global inertial navigation system (INS) market is projected to witness striking growth by reaching USD 15.45 billion by 2028. Fortune Business Insights™, in its report titled “Inertial Navigation System Market Size, Share & COVID-19 Impact Analysis, By Component (Accelerometers, Gyroscopes, and Others), By Technology (Ring Laser Gyro, Mechanical Gyro, Fiber Optics Gyro, MEMS and Others), By Platform (Airborne, Ground, Sea, and Space), By End User (Commercial, and Military & Defense), and Regional Forecast, 2021 - 2028”, and observes that market size stood at USD 10.38 billion in 2020 and USD 10.59 billion in 2021. It is further anticipated to exhibit a CAGR of 5.54% between 2021 and 2028. The surging demand for an accurate navigation system and the growing adoption of modern technologies such as machine learning and artificial intelligence are anticipated to boost the market growth in the coming years.
Northrop Grumman Corporation’s Upgraded SeaFIND INS for Marine Platform to Incite Development
In May 2019, Northrop Grumman Corporation launched the upgraded novel SeaFIND INS for maritime. The next-generation navigation system succeeds MK-39 Mod 3 and 4 series of the company. The system provides navigation capabilities in an affordable and compact package. The system is ideal for applications where reduced power, weight, and size are crucial. It has embedded navigation data distribution capabilities that leverage the company’s proprietary algorithm for low data latency and allows system to interface with several users that need precise timing and positioning.
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Growing Demand for Highly Accurate Navigation Systems to Boost Market Growth
The growing adoption of unmanned vehicles has boosted the demand for small-sized modern navigation solutions. This had led to the development of portable, cost-efficient, and miniaturized INS components, such as micro-accelerometers and micro-gyroscopes. The demand for extremely accurate navigation systems for precise positioning has increased across military and commercial applications. The growing adoption of modern technologies such as machine learning and artificial intelligence to produce highly accurate navigation solutions is expected to boost the market growth in the coming years.
Key Players in the Global Market are:
Further Report Findings
Table of Segmentation
Value (USD Billion)
Component, Technology, Platform, End User, and Geography
By End User