Inertial Navigation System Global Market Predicted to Hit $4.63 Billion
Research firm predicts 2019 worldwide market.
The inertial navigation system (INS) market size is estimated to be $2.75 billion in 2014 and is projected to grow at a compound annual growth rate of 10.98 percent to reach $4.63 billion by 2019, according to Research and Markets, a Dublin-based market analysis firm. Though North America and Europe have the largest market for INS in terms of commercial and defense aviation, military and naval applications, a lot of INS development programs have been launched in Asia-Pacific and the Middle East. Rockwell Collins, Northrop Grumman, Sagem, Systron Donner Inertial and Thales are some of the INS providers that capture the INS market size in different segments, the firm reports.
The increase in defense budgets for countries such as China, India and South Korea will fuel market growth in the defense segment. Many countries are investing heavily to strengthen their navies, and the demand for unmanned aerial vehicles, remotely operated underwater vehicles and autonomous underwater vehicles present major market opportunities. Recent advancements in microelectromechanical 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. System initialization and error propagation, on the other hand, offer market challenges.