Northrook, IL -- (SBWIRE) -- 03/27/2020 -- 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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Based on component, the gyroscopes segment is estimated to account for the largest share in the inertial navigation system market during the forecast period

Based on component, the gyroscopes segment is estimated to account for the largest share of the overall market in 2017. The emergence of efficient, economic and compact gyroscopes is estimated to increase the demand for gyroscopes in the inertial navigation system market. The growth of gyroscopes can be attributed to their capabilities of addressing high level motion sensing and navigational assistance. Furthermore, gyroscopes can measure the angular velocity in three dimensions. The common variants of gyroscopes used in inertial navigation systems include Fiber Optics Gyros (FOGs), Ring Laser Gyros (RLGs), mechanical gyros, Micro-Electro-Mechanical System (MEMS), vibrating gyros, and Hemispherical Resonator Gyros (HTGs).

Based on application, the space launch vehicles segment is projected to account for the highest growth in the inertial navigation system market during the forecast period

Based on the application, the space launch vehicles segment is estimated to account for the largest share in the inertial navigation system market in 2017. Rise in deployment of space launch vehicles, such as, small satellites, across the globe is anticipated to increase the demand for highly reliable and accurate inertial navigation system, to ensure the vehicle. In a spaceflight, a launch vehicle is a rocket used to transport spacecraft, satellites, and payload from the surface of the earth into the outer space. Depending upon the capabilities, space launch vehicles vary from a small lift launch vehicle to super-heavy lift vehicle. Furthermore, the rise in frequency of satellite launched for various applications, including research and development, scientific and communication, among others, is anticipated to drive the demand for inertial navigation systems in these space launch vehicles.

Based on region, Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia Pacific region is estimated to grow at the highest CAGR during the forecast period owing to the rise of aviation industry in the region, while North America is estimated to account for the largest share in the inertial navigation system market in 2017. One of the significant factors attributing the growth of Asia Pacific region is the emergence of key aircraft manufacturers, such as COMAC (China) and Mitsubishi Aircraft Corporation (Japan), among others. 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.

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Key market players profiled in the report include Honeywell International Inc. (US), Northrop Grumman Corporation (US), Safran Electronics & Defense (France), Thales Group (France), The Raytheon Company (US), General Electric Company (US), Rockwell Collins Inc. (US), Teledyne Technologies Inc. (US), VectroNav Technologies LLC. (US), LORD MicroStrain (US), and Trimble Navigation Ltd. (US), among others.

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