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Global Inertial Navigation System Market Expected to Reach $4.63 Billion by 2019

Jul 3 2014

Research and Markets has announced the addition of the "Global Inertial Navigation System (Air, Land and Naval) Market Report 2014 - Forecast to 2019" report to their offering.

The INS market size is estimated to be $2.75 billion in 2014 and is projected to grow at a CAGR of 10.98% to reach $4.63 billion by 2019

Though North America and Europe have the largest market for INS in terms of commercial aviation, defense aviation, military, and naval applications, lots of programs have been launched in Asia-Pacific and Middle East region for INS development. Rockwell Collins, Northrop Grumman, Sagem, Systron Donner Inertial, and Thales are some of the INS providers that capture the INS market size in different segment.

INS uses a self-contained navigation technique to track the position and orientation of an object relative to a known starting point, orientation, or velocity. Inertial navigation is used in a wide range of applications, including the navigation of aircraft, tactical and strategic missiles, spacecraft, submarines, and ships.

A wide range of forces such as increasing demand for accuracy in navigation, growing aerospace and defense market and high availability of small and robust components will pave the way for INS market to rise significantly in future. Recent advancements in MEMS technology have made it possible to manufacture small, light, and low-cost INS. The increased use of satellite navigation for commercial application will also fuel growth of the INS market in the future. System initialization and error propagation are some of the challenges faced by the INS market.

The market will observe a tremendous growth in the future across countries in Asia-Pacific and the Middle East region. The increase in defense budget of countries such as China, India, and South Korea will fuel the growth of the INS market in the defense segment.

Many countries are investing heavily to strengthen their naval defense. There are tremendous growth opportunities for the INS market in unmanned vehicles. The increasing demand of Unmanned Aerial Vehicle (UAV), Remotely Operated Underwater Vehicle (ROV), and Autonomous Underwater Vehicle (AUV) will lead to a significant rise in the INS market in future.

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