Inertial Navigation System Market Worth $4.63 Billion by 2019 - New Report by MarketsandMarkets

Inertial Navigation System Market is driven by the increasing demand for accuracy in navigation, the growing aerospace and defense market, and high availability of small and robust components - http://www.marketsandmarkets.com/Market-Reports/inertial-navigation-system-market-154810661.html.

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Northrop Grumman, Honeywell, and Sagem (Safran), Rockwell Collins, VectorNav Technologies, Systron Donner Inertial, KVH Industries.

(PRWEB) July 31, 2014

According to a new market research report, the "Inertial Navigation System Market by Product, Technology, Geography (North America, Europe, Asia-Pacific, the Middle East, and ROW) - Forecast & Analysis to 2014, the inertial navigation system market is estimated at $2.75 billion in 2014 and is expected to reach $4.63 billion by 2019. The inertial navigation system market for defense segment is estimated at $1.98 billion in 2014 and is expected to reach $3.33 billion by 2019. The inertial navigation system market for commercial segment is estimated at $770 million in 2014 and is expected to reach $1.29 billion by 2019.

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This report provides a market analysis of the inertial navigation system (INS) market for the next five years. It provides an overview of drivers, challenges, and restraints impacting the industry. It also discusses the industry, market, and technology trends that are currently prevailing in this market. It tracks, analyses, and lays out the market size of the major spenders in each region and analyses the market by defense and commercial applications. It also provides information about the leading players and their market share in the INS market.

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According to market research, the inertial navigation system market is dominated by Asia-Pacific, the Middle East, and North American regions. Increase in defense budgets of countries like China, India, and South Korea will fuel the growth of the INS market in the defense segment. North America is a mature market, but low cost micro-electro-mechanical systems (MEMS) technology and increasing demand of inertial navigation systems in naval and commercial application is driving the market in this region.

In the commercial segment, the increase in passenger travel demand in countries like India, China, the Middle East, and other Asia-Pacific countries is the reason for growth in the aircraft market. As INS is one of the necessities in every aircraft for efficient navigation, its market is growing with the market for aircraft. The demand for INS is also increasing due to advancement in technology; high availability of low cost MEMS gyros have made it cheaper, compact, and affordable. The integration of GPS and INS has become more common in aviation.

Apart from a general overview of these companies, it also provides details on their financial positions, key products, their unique selling points, and key developments. This research report also segments the market on the basis of defense, country, and geography, forecasting revenues, market share, and analyzing trends in each of the sub segments.

According to market research, the inertial navigation system market is dominated by Asia-Pacific, the Middle East, and North American regions. Increase in defense budgets of countries like China, India, and South Korea will fuel the growth of the INS market in the defense segment. Though North America is a mature market but low cost micro-electro-mechanical systems (MEMS) technology and increasing demand of inertial navigation systems in naval and commercial application is driving the market in this region.

In the commercial segment, the increase in passenger travel demand in countries like India, China, the Middle East, and other Asia-Pacific countries is the reason for growth in the aircraft market. As INS is one of the necessities in every aircraft for efficient navigation, its market is growing with the market for aircraft. The demand for INS is also increasing due to advancement in technology; high availability of low cost MEMS gyros have made it cheaper, compact, and affordable. The integration of GPS and INS has become more common in aviation.

In the defense segment, Asia-Pacific region has the highest growth potential for the Inertial Navigation System Market. China has announced that it will increase its defense budget by 12.2% to $132 billion this year. It is planning to spend a significant amount on military and defense aircraft. This will fuel the market growth for military and defense aircraft, which in turn will also increase the demand for INS. The Indian military is readying itself for any potential two-front war with Pakistan and China. In its new Prahar missiles, India will be using ring laser gyro based inertial navigation system (RLG-INS).

This report provides the details of financial positions, key products, key developments, and the unique selling point of the major players in this market. The market is segmented by technology which includes mechanical, ring laser gyro (RLG), fiber optic gyro (FOG), micro-electro-mechanical systems (MEMS) and hemispherical resonator gyro (HRG).

It also covers the Inertial Navigation System market application in airborne, land, and naval platforms. Further, it also contains the segmentation of INS based on product type, which includes marine grade, navigation grade and tactical grade. The increasing demand for unmanned vehicles such as unmanned aerial vehicle (UAV), remotely operated vehicle (ROV), and autonomous underwater vehicle (AUV) is driving this market. The integrated navigation system such as GNSS\INS and GPS\INS has superior performance characteristics as compared to standalone global navigation satellite system (GNSS) or global positioning system (GPS). These embedded technologies will be very promising for the growth of this market in future.

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