New Application Areas for Unmanned Underwater Vehicles Will Significantly Drive the Global Inertial Navigation Systems Market Until 2020, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global inertial navigation systems market is expected to surpass USD 9 billion in revenue by 2020.

In this report, Technavio covers the present scenario and growth prospects of the global inertial navigation systems market for 2016-2020. To calculate the market size, Technavio researchers have considered revenues garnered from sales of new units in leading geographies, including Americas, EMEA, and APAC.

“Increasing demand for unmanned underwater vehicles (UUVs) from commercial and defense industries is expected to create a simultaneous need for inertial navigation systems (INS). UUVs have a broad range of applications across oil and gas industries, scientific research, and defense industries. They have proved to be cost-effective, safe, reliable, and rapidly deployable. In the defense sector, they are used for counter-attacking, deactivating underwater mines, port security, and hull inspection,” said Abhay Singh, one of Technavio’s lead industry analysts for aerospace components research.

 

Market segmentation by geography 2015

• Americas

  44%

• EMEA

39%

• APAC

17%

Source: Technavio research

 

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INS market in the Americas: largest region

Technavio researchers expect the market to grow at a CAGR of 12.21% until 2020. The market for defense application dominates this region; however, increasing demand to accommodate air passengers has led to an increased demand for INS. In 2014, North America witnessed an economic growth of 2.5% and South America of 3.9%, and it is expected to have a positive impact on the aviation market during the forecast period.

According to International Air Transport Association (IATA), the passenger traffic in the US increased from 0.8% to 1.9% between 2012 and 2013. In addition, it is expected to grow further at a CAGR of 3.2% accounting for 1.2 billion passengers by 2034. In 2013, 8,030 aircraft were in service and by 2033, 12,650 new aircraft will likely be in operation, which will increase the demand for INS.

INS market in EMEA: second largest region

Technavio researchers expect the market to grow at a CAGR of 13.81% until 2020. The INS market in this region is highly influenced by an increase in the defense budget, especially in the Middle East. The defense spending in MENA is expected to reach USD 920 billion during 2014-2020. Other countries in the Middle East such as Iraq have increased their military spending during 2004-2011 by 212%. Further, in 2013, the defense budget across MENA grew by 12.1% to reach USD 120.6 billion.

In terms of annual foreign military financing, the US emerged as the major supplier to the Middle East countries. As of 2012, it had already provided military aid worth USD 1.3 billion to Egypt and around USD 3 billion to Israel. In 2013, the global military aircraft count was around 48,157 and the number increased further to 51,685 in 2014. This increase in the funding and rising aircraft orders have led to the development of military aircraft components such as INS.

INS market in APAC

Technavio researchers expect the market to grow at a CAGR of 15.82% until 2020. Emerging aviation markets such as China and India are expected to grow significantly due to an increase in passenger traffic and airline fleet. China is also one of the fastest growing countries in the global aviation supply chain due to its comprehensive aviation products and services.

In 2014, APAC contributed 4.4% to the global economy with a market share of 33.3% in air passenger traffic. This increase in passenger traffic has resulted in market consolidation between airlines to expand their fleet to accommodate more passengers. A joint venture between TATA-SIA in India and Qantas-China Eastern joint venture in China has immensely contributed to the region's growth.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global inertial navigation systems market is expected to surpass USD 9 billion in revenue by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com