The inertial navigation system market report provides an analysis of the market from 2017 to 2022. It discusses industry and technology trends that are currently prevailing in the inertial navigation system market, along with the drivers, restraints, challenges, and opportunities in the 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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The increase in aircraft orders is one of the key factors driving the inertial navigation system market. Emerging markets in the Asia Pacific and Latin American regions are expected to witness an increase in demand for aircraft during the forecast period. This growth can be attributed to factors, such as rise in passenger traffic across the globe due to increase in disposable incomes of the middle-class population in emerging economies. Due to the rapid growth in the procurement of aircraft, the demand for inertial navigation systems is expected to increase.
Technological advancements in MEMS-based INS have resulted in its increased applicability in unmanned aerial vehicles and small aircraft. The new quartz-based MEMS are smaller in size and less expensive as compared to conventional navigation systems. Furthermore, owing to its small size, MEMS can be mounted directly on a Printed Circuit Board (PCB), thereby facilitating seamless integration.
North America is expected to lead the inertial navigation system market during the forecast period, due to the growth in the aviation industry in the region and the presence of major aircraft OEMs such as Lockheed Martin (US), Bombardier (Canada), Boeing (US), and Bell Helicopter (US).
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Based on grade, navigation grade INS is estimated to lead the inertial navigation system market in 2017. The growth in the navigation grade segment of the inertial navigation system market can be attributed to the increase in the number of aircraft in the commercial aviation sector. Based on technology, the MEMS INS segment is projected to grow at the highest CAGR during the forecast period. MEMS INS are smaller, lightweight, and easily installed and can effectively eliminate problems caused by structural and acoustic vibrations as compared to other INS.
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The increase in aircraft orders is one of the key factors driving the inertial navigation system market. Emerging markets in the Asia Pacific and Latin American regions are expected to witness an increase in demand for aircraft during the forecast period. This growth can be attributed to factors, such as rise in passenger traffic across the globe due to increase in disposable incomes of the middle-class population in emerging economies. Due to the rapid growth in the procurement of aircraft, the demand for inertial navigation systems is expected to increase.
Technological advancements in MEMS-based INS have resulted in its increased applicability in unmanned aerial vehicles and small aircraft. The new quartz-based MEMS are smaller in size and less expensive as compared to conventional navigation systems. Furthermore, owing to its small size, MEMS can be mounted directly on a Printed Circuit Board (PCB), thereby facilitating seamless integration.
North America is expected to lead the inertial navigation system market during the forecast period, due to the growth in the aviation industry in the region and the presence of major aircraft OEMs such as Lockheed Martin (US), Bombardier (Canada), Boeing (US), and Bell Helicopter (US).
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https://www.marketsandmarkets.com/requestCustomization.asp?id=154810661
Based on grade, navigation grade INS is estimated to lead the inertial navigation system market in 2017. The growth in the navigation grade segment of the inertial navigation system market can be attributed to the increase in the number of aircraft in the commercial aviation sector. Based on technology, the MEMS INS segment is projected to grow at the highest CAGR during the forecast period. MEMS INS are smaller, lightweight, and easily installed and can effectively eliminate problems caused by structural and acoustic vibrations as compared to other INS.
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Email: sales@marketsandmarkets.com
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