Inertial navigation system or INS uses computer systems and various sensors to calculate orientation, dead reckoning and velocity of the moving objects. INS does not require external references in this process and can monitor various vehicles like submarines, ships, spacecrafts and guided missiles. Rise in the defense and commercial applications of these systems are anticipated to drive the inertial navigation system market at a steady rate. Technological changes in the existing systems and introduction to advanced applications of INS are also expected to drive the growth in the industry. All these factors will play a crucial role in stabilizing the businesses in the industry, which is a great sign for the new investors as well.
Scope of Research – Segmentation
The global inertial navigation system market is segmented on the basis of the types of technologies, applications, products and geographic regions. The technological segments of the market include fiber optic gyro, MEMS, mechanical INS, ring laser gyro, vibrating gyro and HRG systems. Major applications of the INS industry range across airborne, land and naval industries. The products available in the market include navigation, marine, commercial and tactical grade products. The major geographic segmentation of the market is done on the basis of the strongest demand segments, which include North America, Latin America, Asia Pacific, Europe, Middle East and the rest of the world.
Growth in the demand for aircrafts is a strong driver for the global inertial navigation system market. Growth in the demand for accurate navigation systems is also a vital element driving growth in the industry. Joint development of the key market players is also a contributing factor for the current rate of market growth. Easy availability of low cost system components are also set to increasing the investments in the market. According to the current industry trends, integrated INS demand is set to increase during the next few years. Growth in marine navigation industry is also expected to drive the demand in the global INS market.
According to the latest research reports, the global inertial navigation system market is expected to grow at a steady CAGR of over 10% from 2014 to 2019. As a result of the steady growth rate, the market is set to reach past $3.33 billion by the end of the year 2019. The market is estimated to be worth $1.98 billion in 2014. Inertial navigation systems are set to record strongest growth during the forecasting period, which is a great sign for the key players in this segment. Asia Pacific, North America and Middle East are projected to be the emerging geographic segments for the market. Technological advancements in the MEMS technology are also expected to cause positive influence on the industry.