(I-BusinessNews.Com, November 12, 2020 ) Increase in aircraft orders, increased space research leading to the use of a greater number of launch vehicles, and increase in satellite launches are some of the key factors driving the Inertial Navigation System Market. The Inertial Navigation System Market is projected to grow from an estimated USD 9.54 billion in 2017 to USD 12.26 billion by 2022, at a CAGR of 5.15% during the forecast period.
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ÂThe space launch vehicle segment in the inertial navigation system market is estimated to be the fastest-growing market during the forecast periodÂ
Based on application, the space launch vehicle segment in the inertial navigation system market is estimated to be the fastest-growing segment in the inertial navigation system market during the forecast period. This growth is attributed to an increase in satellite launches and increasing space research and exploration activities. Also, increased investments in satellite manufacturing and associated satellite launches are contributing to the high demand for space inertial navigation systems
ÂThe navigation grade segment in the inertial navigation system market is projected to grow at the highest CAGR from 2017 to 2022Â
Based on grade, the navigation grade segment is projected to grow at the highest CAGR during the forecast period. Increase in aircraft orders is one of the key factors driving the inertial navigation system market. According to the Boeing Current Market Outlook, as the commercial aircraft market is growing, globally, it is expected that these systems have a high growth potential in the commercial sector.
ÂThe MEMS segment in the inertial navigation system market is projected to grow at a higher CAGR from 2017 to 2022Â
Based on technology, the MEMS segment in the inertial navigation system market is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to technological advancements in MEMS-based INS that are resulting in its increased applicability in small aircraft and unmanned applications. The ongoing R&D activities in the field of MEMS technology are expected to improve the accuracy and reliability of these systems further. The MEMS inertial navigation systems are expected to replace the fiber optics gyro inertial navigation systems in the tactical grade performance applications in the coming years.
ÂAsia Pacific is expected to be the fastest-growing market for the inertial navigation system during the forecast periodÂ
Asia Pacific is expected to be the fastest-growing market during the forecast period. The growth is largely due to an increase in defense budgets of emerging countries such as India and China; the backing provided by these countries to develop homegrown technologies for the manufacture of missiles, fighter aircraft, and UAVs; and rise in commercial aircraft manufacturers in the region. The aviation industry in the Asia Pacific region is growing at a significant pace mainly due to the increasing air passenger traffic in the region. Moreover, the increase in disposable income of the middle-class population lead to growth in air passenger traffic of the Asia Pacific region have resulted in the growing demand for new aircraft deliveries in the region, which, in turn, is boosting the demand for inertial navigation systems.
Key Market Players
Major players operating in the inertial navigation system market include Honeywell International Inc. (US), Northrop Grumman Corporation (US), Safran Electronics & Defense (France), Rockwell Collins, Inc. (US), and Thales Group (France).
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