PUNE, India, December 14, 2015 /PRNewswire/ --
The report "Inertial Navigation System Market by Product Grade (Marine, Navigation, Tactical, And Commercial), by Technology (RLG, Fog, MEMS, Mechanical, Vibrating GYRO, HRG), by Application (Defense and Commercial Platform) and by Geography - Global Forecast to 2020", published by MarketsandMarkets, the Inertial navigation system (INS) market is projected to reach USD 8.87 Billion by 2020, at a CAGR of 13.81%.
Browse 108 market data Tables 67 Figures spread through more than 153 Pages and in-depth TOC on "Inertial Navigation System Market".
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A number of factors, such as easy availability of smaller robust components, rising need for accuracy in navigation, and growth in passenger traffic worldwide will drive the growth of the INS market.
The Asia-Pacific region to show highest growth in inertial navigation system market during the period 2015-2020
Asia-Pacific has the highest growth potential for the inertial navigation system market. This segment will show the highest growth for the studied market, primarily driven by the increase in spending towards AUV's. The demand for independent reliable navigation systems for defense and military applications is one of the driving factors for inertial navigation system market in this region. China is the largest market for INS in the Asia-Pacific region.
The commercial grade INS is expected to grow the highest during the forecast period.
The global INS market has been segmented and analyzed in terms of four types of product grades, which include navigation, tactical, marine, and commercial grade wherein the navigation grade segment dominates the overall market, and is expected to exhibit a similar trend during the next five years. They are used extensively in various applications such as underwater robotic vehicles, motion tracking, antenna tracking, and low-cost UAVs. North America is expected to dominate the INS market for commercial grade during the forecast period.
The naval platform application market is expected to witness the highest growth during the review period 2015-2020
The naval platform application includes subsegments such as ships & submarines, ROV, and AUV. The global military shipbuilding and submarines industry is affected significantly due to the decline in spending by the U.S. and Europe. In coming years, the INS market in Asia would expand considering high economic development and influence of geopolitical factors.
Prominent companies in this market consist of well-established, financially stable INS manufacturers. These companies consist of players who have been operating in this domain for several years and possess a diversified product portfolio and advanced technologies, along with strong sales and marketing networks, globally.
The report classifies the INS market based on product grade, application, technology, and geography. The market has been segmented based on product grade into navigation, tactical, marine and, commercial grade. By application, it is segmented into commercial, airborne, land, and naval platform.
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The major players in this market have been identified to be Northrop Grumman (U.S.), Honeywell International Inc. (U.S.), Sagem (France), and Rockwell Collins (U.S.)
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