Inertial Navigation System Market Worth 12.26 Billion USD by 2022
PUNE, India, September 5, 2017 /PRNewswire/ --
The report "Inertial Navigation System Market by Grade (Marine, Navigation, Tactical, Space, Commercial), Technology (Mechanical, Ring Laser, Fiber Optic, Mems), Application (Aircraft, Missile, Marine, UAV, UGV, UMV), Component, and Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the 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. 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.
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Based on application, the space launch vehicle segment in the inertial navigation system market is estimated to be the fastest-growing market during the forecast period
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.
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Based on grade, the navigation grade segment in the inertial navigation system market is projected to grow at the highest CAGR from 2017 to 2022
Based on aircraft type, 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, the demand for commercial aircraft is expected to grow significantly in future.
Based on technology, the MEMS segment in the inertial navigation system market is projected to grow at a higher CAGR from 2017 to 2022
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.
Asia Pacific is expected to be the fastest-growing market for the inertial navigation system during the forecast period
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.
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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). These key players offer various technologies such as Ring Laser Gyro (RLG), Fiber Optics Gyro (FOG), and MEMS in inertial navigation systems. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, and the Asia Pacific
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