Dallas, TX -- (SBWIRE) -- 06/27/2014 -- 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).
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According to a new market research report the "Inertial Navigation System Market by Product (Marine grade, Navigation grade, Tactical grade, and Commercial grade), Technology (Mechanical, Fiber optic gyro (FOG), Ring laser gyro (RLG), Micro-Electro-Mechanical Systems (MEMS), Hemispherical Resonator gyro (HRG), and Vibrating gyro), Application (Air, Land, and Naval Platforms), Geography (North America, Europe, Asia-Pacific, the Middle East, and ROW) - Forecast & Analysis to 2014 - 2019", published by MarketsandMarkets, is estimated at $2.75 Billion in 2014 and is expected to register a CAGR of 10.98% to reach $4.63 Billion by 2019.
Browse 61 market data Tables 48 Figures spread through 200 Pages and in-depth TOC on "Inertial Navigation System Market"
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This report provides a market analysis of the Inertial Navigation System Market for the next five years. It provides an overview of drivers, challenges, and restraints impacting the industry. It also discusses about the industry, market, and technology trends that are currently prevailing in the inertial navigation system 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 inertial navigation system.
This report Inertial Navigation System Market also 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), hemispherical resonator gyro (HRG), and vibrating gyro based inertial navigation systems. It also covers the market of inertial navigation system by their application in airborne, land, and naval platforms. Inertial Navigation System Market is also segmented by product type which includes marine grade, navigation grade, tactical grade, and commercial grade navigation systems.
Recent advancements in micro electromechanical system (MEMS) technology have made it possible to manufacture small, light, and low cost inertial navigation systems. The increased use of satellite navigation for commercial application will also fuel the growth of the INS market in future. The increasing demand for unmanned vehicles such as unmanned aerial vehicle (UAV), remotely operated vehicle (ROV), and autonomous underwater vehicle (AUV) is driving the inertial navigation system 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 Inertial Navigation System Market in the future.
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Northrop Grumman, Honeywell and Sagem (Safran) are the leading players in this market. However, Rockwell Collins, VectorNav Technologies, Systron Donner Inertial, KVH Industries, Raytheon, SBG Systems, Advanced Navigation, Atlantic Inertial System, Teledyne CDL, L-3 Communications, Crossbow Technology, and Kearfott Guidance & Navigation Corporation are other prominent players in this market.
The Asia-Pacific, the Middle East, and North American regions will prove to be emerging markets for inertial navigation systems. Countries such as the U.S., South Korea, China, India, Japan, Israel, and Saudi Arabia will show reliable levels of growth.
Northrop Grumman, Honeywell Inc., and Sagem (Safran) will be the market leaders that occupy a significant market share of the inertial navigation system market.
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