Aug 12, 2020 (Heraldkeepers) -- Global Inertial Navigation System Market was valued at USD 10.22 billion in2018 which is expected to reach USD 15.26billion by 2027 at a CAGR 5.5%.
Inertial navigation systems is defined as navigational aid with reference to dead reckoning process which is used to determine initial position, velocity, and attitude of a moving object irrespective of external references.
Increase in demand for aircraft is the key driving factor which is expected to boost the global inertial navigation system market growth. Furthermore, rise in demand for missiles due to geopolitical instabilities and changing nature of warfare will have the positive impact on market growth. Moreover, availability of miniaturized components at affordable prices will propel the market growth during this forecast period. Also, increase in technological advancements in MEMS Based Ins will drive the market growth.
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However, operational complexity associated with high end ins is the major restraining factor which is expected to hinder the global inertial navigation system market growth. Also, decline in defense budgets of developed countries will affect the market growth.
Market Key Players
Various key players are discussed in this report such as Honeywell International Inc., Northrop Grumman Corporation, Safran Electronics & Defense, Thales Group, The Raytheon Company, General Electric Company, Rockwell Collins, Inc, Teledyne Technologies, Inc., and Vectornav Technologies, LLC
By Product Type
Ring laser gyro
Fiber optic gyro
Micro Electromechanical Systems