Market Size of NA Inertial Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.90 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Inertial Systems Market Analysis
The North American inertial system market is expected to register at a CAGR of 5.9% over the forecast period.
- Inertial system equipment includes gyroscopes, accelerometers, inertial measurement units, inertial navigation systems, and multi-axis sensors. The report segments the market by area of application with an in-depth analysis of every segment in each area. Aerospace, land-based, marine, and sub-sea applications are explained with a comprehensive market analysis of each segment.
- The United States has one of the highest numbers of submarines and warships. It has around 68 submarines and more than 490 ships with the US Navy. It is also home to big shipping yards that make ships. Inertial systems are key to these ships and submarines. Thus, with the growing production of submarines and warships for the defense sector and ships for increasing trade, the inertial sensors market is estimated to grow in the coming years.
- The changes in lifestyles worldwide have resulted in the need for equipment with greater ease of use, enabled by the use of motion-sensing technology, which uses inertial sensors extensively. It is a key driving factor in the market and will play an important role in defining the market for the next few years.
- The North American inertial navigation market is now mature. However, the advanced technology and demand for low-cost micro-electro-mechanical systems (MEMS) are boosting the market's growth. The Fiber Optic Gyro (FOG), Ring Laser Gyro (RLG), and MEMS are the major technologies adopted in the region for technological advancements in aviation, military, and marine applications.
- Commercial operations have been temporarily halted due to the pandemic. Due to the disturbance in the process, system components are in short supply, and demand for unmanned vehicles for commercial operations such as oil tank testing, pipeline inspection, windmill inspection, and field mapping is down. Vital industrial units worldwide were shut down during the lockdown, which had an impact on the development of inertial navigation system components and the market's growth.
