The market will exhibit gradual growth over the next 5 years. This market is estimated at $2.75 billion in 2014 and is expected to reach $4.63 billion by 2019. It will register a CAGR of 10.98%. The market for the 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 the commercial segment is estimated at $770 million in 2014 and is expected to reach $1.29 billion by 2019.
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Inertial Navigation System Market
Inquiry of Report :
This 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. Recent advancements in micro electromechanical system (MEMS) technology have made it possible to manufacture small, light, and low cost inertial navigation system. The increased use of satellite navigation for commercial application will also fuel the growth of market in future. System initialization and error propagation are some of the challenges which are faced by the market currently.
The Asia-Pacific, the Middle East, and North American regions will prove to be emerging markets for inertial navigation system. Countries such as the U.S., South Korea, China, India, Japan, Israel, and Saudi Arabia will show reliable levels of growth.
Report Details @
Northrop Grumman, Honeywell Inc., and Sagem (Safran) will be the market leaders that occupy a significant market share of the market.
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