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(Transportation-News.com, March 28, 2020 ) 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. This growth can be attributed to factors, such as rise in need for highly accurate navigation to ensure safety, rise in demand for new aircraft and missiles, and availability of miniaturized components at affordable prices.
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“The space launch vehicle segment in the inertial navigation system market is estimated to be the fastest-growing market during the forecast period”
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
“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. 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.
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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