According to the new market research report by IndustryARC, “Inertial Sensing Systems and Its Components Market: By Type (IMUs, INS & AHRS); Components (Accelerometer, Gyroscope, GPS, Magnetometer); Applications (Aerospace, Military & Defense) – Forecast (2018-2023)”, the market is set to exhibit significant growth due to the growing technological advancements.
The overall inertial sensing systems market in 2017 was expected to be around $6.41 billion and is projected to reach $10.286 by 2023 at a CAGR of 8.2%. The major share in the total inertial sensing systems market in 2013 was occupied by Defense sector With a CAGR of 2.9%, the market for inertial sensing systems is contemplated to grow from $1.98 billion in 2017 to $2.35 billion by 2023. The highest growth rate will be witnessed in the automotive and consumer electronics sector as the manufacturers are keen to persuade the inclusion of Inertial Measurement Units in these sectors extensively.
Americas continues to lead the market share during 2018-2023.
The market for the Americas is the largest market for Inertial Sensing Systems with revenue of $2.419 billion in 2017. Also, it is projected to grow to reach $3.611 billion by 2019 with a CAGR of 6.9%, followed by Asia-pacific and Europe.
The prominent regions for the inertial sensing systems growth will be Asia-Pacific and Rest of the World countries wherein there has been upheaval in the demand for aerospace and Defense products followed by their requirement for creating a suitable infrastructure to become developed economies before the end of next decade.
Asia-pacific is projected to register fastest growth rate of 11.2% CAGR, followed by Americas and Europe.
Selected / Sample Analysis done in the full Report:
The product is first being developed as a prototype in the government or university funded research institutes.
These research institutes also comprise the device manufacturer’s R&D laboratories wherein the future product is being envisaged. Once the prototype has been tested successfully, the designing and manufacturing processes intended for the product is delivered to the original device manufacturer who then eventually initiates the production with material and manufacturing equipment being procured through various suppliers in the market.
The MEMS foundry owners play a crucial role in the MEMS-based inertial sensing systems and components wherein device manufacturers do not have enough facilities to support MEMS fabrication.
The components intended to be embedded inside the inertial sensing systems are also acquired through contract manufacturers. All these processes form a crucial aspect of the manufacturing process.
Once the devices are being manufactured or fabricated, the original device manufacturer integrates them into a system but sometimes the devices are also being offered to device integrators that assembles the system on their own with added functionalities based on their consumer expectations.
The assembled product is now distributed to the end-user directly such as high-end industries including aviation and Defense while MEMS-based assembled products are distributed to the end-user industry through a set of global electronic components distributors.
Excerpts on Market Growth Factors Mentioned in the Full Report:
The recent economic boost driven by offshore oil exploration and aerospace product development has created a secured market for inertial sensing systems.
The competitive edge over rest of the world in delivering the finest inertial sensing systems along with the presence of leading manufacturers in North America region is the major driving factor for this market in this region.
The underground operations for surveying mineral resources have been up surging hence, the inertial navigation systems demand boosted by these operations that will witness steady growth.
Increase in adoption of unmanned systems or vehicles to access the environment, especially in defense is driving healthy growth for the market.
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