Press release
Inertial Navigation System Market: Industry Analysis, Share, Growth, Global Trends and Forecast to 2024, Key players- Honeywell, Northrop Grumman, Safran, Thales, Rockwell Collins, Raytheon, L3 Technologies, KVH Industries, Inc., VectorNav Technologies
Asia Pacific is projected to be the fastest growing inertial navigation system market due to rise in defense budgets of several emerging economies including China and India to develop homegrown technologies for the manufacture of fighter aircraft, missiles and UAVs along with the growth in commercial aircraft manufacturers in the region.
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Recent advancements in MEMS technology have further made it possible to manufacture light, small, and low-cost products. Growing product usage of satellite positioning for commercial application will propel the inertial navigation system market growth over the forecast period.
Based on aircraft, the navigation grade segment in the inertial navigation system market is expected to witness a surge in demand due to increasing commercial aircraft requirements over the forecast period. According to the Boeing Current Market Outlook 2016, the world requires 41,039 new airplanes in next 15 years. That will be 3.6% increase from current capacity and the value of the orders is calculated to be USD 6.1 trillion.
Space launch vehicle segment application is expected to generate maximum demand in the inertial navigation system market owing to the upsurge in satellite launches and growth in space research & exploration events. The global space industry grew in 2015 in terms of technological advancement, although fluctuations in the currency due to economic instability witnessed a decline in revenue from USD 328 billion in 2014 to USD 322 billion in 2015.
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Naval platform application includes ships & submarines, autonomous underwater vehicle (AUV) and remotely operated vehicle (ROV). Global ships & submarines industry is significantly affected owing to the decline in expenditure in Europe and the U.S. However, Asia Pacific is expected to considerably expand due to high geopolitical influence and economic enhancement and in turn enhancing the overall inertial navigation system market.
Increase in aircraft orders, advancement in space research leading to the use of a larger number of launch vehicles, and surge in satellite launches will drive industry growth over the forecast period. As per the Aerospace Industries Association (AIA), the total number of global aircraft carrier launches were 203 in 2016.
Based on technology, MEMS segment in the inertial navigation system market is anticipated to observe highest growth attributed to technological advances in MEMS based technologies that are resulting in its enhanced applicability for unmanned and small aircraft applications. The technology also allows the user to measure the acceleration of a vehicle for estimating change in velocity by applying several mathematical calculations to time and acceleration of the vehicle.
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The major industry players in the global inertial navigation system market gradually focusing towards product development through extensive research and development initiatives and in turn increasing their revenues. The leading players in this market include Honeywell, Northrop Grumman, Safran, Systron Donner Inertial, Thales Group, VectorNav Technologies and Rockwell Collins. Other prominent players in the inertial navigation system market are KVH Industries, Crossbow Technology, L-3 Communications, Raytheon, TASC and Teledyne CDL.
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