Market Size of Inertial Systems Industry in Land-based Applications
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.68 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Land-based Applications Inertial Systems Market Analysis
The inertial systems market in land-based applications is expected to register a CAGR of 10.68% during the forecast period 2022-2027. The fast improvement of global living has necessitated the development of more user-friendly equipment. Motion-sensing technology, which heavily relies on inertial sensors, can aid this. Inertial sensor technology has emerged as a major market driver. After the turn of the century, manufacturing procedures for inertial systems underwent a paradigm shift.
The emergence of Micro Electro Mechanical Systems (MEMS) technology resulted in the miniaturization of mechanical and electro-mechanical elements in the field of sensors and semiconductors through the use of micro-fabrication and micro-machining techniques. Hence, MEMS has become an indisputable part of future navigation systems and is expected to propel the inertial systems market's growth.
Additionally, high-end inertial systems are comprised of IMU with high-performance sensors (gyroscopes, magnetometers, accelerometers), which provide high accuracy information about the surrounding environment through relative movement. Hence, the need for higher accuracy in navigation systems is increasing, thus, increasing the demand for advanced inertial systems.
Moreover, these inertial systems are increasingly used in deep-water drilling units for advanced operations. Sonardyne International came up with a new DP-INS (inertial navigation system) that combined the complementary characteristics of its long and ultra-short baseline (LUSBL) positioning technology with high-integrity inertial measurements from its Lodestar AHRS/INS platform. Further, a gyroscope is a kind of inertial sensor used to detect the altitude angle and angular rate. Characteristics such as small size, low power consumption, lightweight, low cost, and the possibility of batch fabrication drive their adoption over conventional gyroscopes.
Further, due to the COVID-19 pandemic, China has stopped all major production activities, including its semiconductor industry. This is expected to significantly influence the global industrial inertial systems market supply chain in 2020, and the market is expected to pick up afterward. Disruption in China may significantly impact companies worldwide and up and down the electronics value chain, directly impacting the sensor market.
