Market Research Report
Global Inertial Systems Market for Aerospace Applications - Segmented by Component, Grade, Type, and Region - Growth, Trends, and Forecast
|Published by||Mordor Intelligence LLP||Product code||659318|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Global Inertial Systems Market for Aerospace Applications - Segmented by Component, Grade, Type, and Region - Growth, Trends, and Forecast|
|Published: May 5, 2018||Content info: 104 Pages||
The inertial systems market for aerospace applications is expected to register a CAGR of 6.34%, during the forecast period (2018-2023). The scope of the market covers various holistic solutions offered by the leading vendors of the market. The scope is limited to the end-user applications, such as defence and aerospace, automotive, and industrial.
The navigational grade dominated the market in 2017 and is expected to do the same during the forecast period, with fighter aircrafts and unmanned aerial vehicles being the demanding applications and main beneficiaries of high-end MEMS sensors in aerospace market for military applications. While the tactical grade has witnessed an increased penetration into the aerospace market owing to the modern defence applications. The demand in the commercial aerospace sector is driving the demand for high-end IMUs. Boeing's recent aerospace study revealed that in the next three decades there would be a demand for 35,200 new jet aircrafts across the world; the net market value is estimated to be more than USD 4.8 trillion. China and Mexico are expected to emerge as the major manufacturing bases while the Asia-Pacific region is expected to account for more than 30% of the demand during the next three decades. The aerospace sectors in the United States and European markets are mature, whereas a huge demand is expected from the Asia-Pacific region in the coming years. These factors are expected.
For inertial systems in aerospace applications, Asia-Pacific is expected to witness the highest growth rate. China has proclaimed that it will increase its defence budget by 7% and is further planning to spend a substantial amount on defence aircraft. This will fuel the market growth for defence aircraft, which in turn will increase the demand for INS. The demand in this region is slated to escalate further, as the Indian military India will be using ring laser gyro based inertial navigation system (RLG-INS) in its new Prahar missiles. Over the next few years, the global middle class is expected to double in emerging countries and the rise in spending power will result in a further growth of tourism. Additionally, with economic integration and labour mobility, the Asia-Pacific region will witness a consistent growth of travel within and between regions, which in turn, will increase the demand for commercial aircrafts. This will directly trigger the growth of inertial navigation systems. Among the various new airport developments, more than 50% of the investments are in Asia-pacific, which creates wide range of opportunities for airport support industries, thereby, having an indirect impact on the growth inertial navigation systems. The rise in demand for unmanned vehicles across various applications in both defence and civilian applications has increased the need for complex navigational inertial systems.
MEMS technology has revolutionized accelerometers in many applications. One of the applications is structural test analysis, which performs high-resolution vibration measurement to enable the early detection of structural defects via wireless networks. MEMS accelerometers are dominating traditional accelerometers and replacing them. The low weight, power, and space consumption of MEMS accelerometers are driving the market for them during the forecast period. The demand for accelerometers is directly influenced by the increasing defence expenditure globally and the rise in demand from the emerging economies. The highly complex manufacturing process and the capital-intensive applications hinder the growth of this market. Furthermore, the low return on investment and the growing level of integration are some of the challenges, which are affecting the growth. However, factors, such as rising demand for unmanned vehicles and increase in fleet size in commercialization aviation are expected to provide significant opportunities for this market during the forecast period.
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