Inertial Sensing Systems and Its Components Market Is Expected To Grow At a CAGR Of 9.5% FROM 2018-2027.
According to Stratistics MRC, the “Global Inertial Sensing Systems and Its Components Market” is accounted for $7.34 billion in 2018 and is expected to reach $16.60 billion by 2027 growing at a CAGR of 9.5% during the forecast period. Some of the key factors influencing the market growth include increasing adoption of micro electro mechanical system (MEMS), increasing demand for accuracy in navigation and rising growth from aerospace, commercial and military sectors of emerging nations. However, flicker noise calibration errors and temperature fluctuations are restricting the market growth.
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Inertial Sensing Systems are the measurement systems which measures velocity, gravitational force and orientation of a moving object. These include drones, planes, ships and others. These systems are used in Artificial Intelligence (AI) to attain the destination devoid of any digital intervention. The inertial sensing systems have been classified as follows inertial measurement systems, inertial navigation systems, vertical reference unit, Aided navigation systems, and others. It is used in various applications like bore, Stabilization payloads, ground robotics, and pedestrian navigation. It is used in various end-user industries like Aviation, Automobiles, Consumer electronics, defense, transportation and others.
Opportunity: Development of commercial driverless vehicles is the opportunity for the market.
Driverless vehicles are robotic vehicles capable of traveling to destinations without human intervention. Advancements in sensor technology coupled with breakthroughs in machine learning are driving the demand for commercial driverless vehicles. Companies such as Ford, Tesla, Google, and BMW are energetically involved in the expansion of driverless technology for commercial vehicles. For instance, Alphabet, the parent company of Google, produced a new driverless car company recognized as Waymo LLC. Ford and BMW forecast that fully autonomous commercial vehicles are projected to be launched in the market in the coming years. Several key players in the automotive industry are investing in the production of driverless vehicles.
Driver: Increased demand for accuracy in navigation.
The need for exact location details with elevation and orientation of military equipment is of paramount significance in the modern warfare scenario. These details are required for the effective planning and execution of targets. Inertial navigation systems encompass a cluster of sensors that comprise gyroscopes and accelerometers, which offer details with esteem to the orientation, position, and speed of a moving body. The capability of inertial navigation systems to give accurate location details have led to the augmented applicability of these systems in the defense sector. Hence, the growing firepower of militaries worldwide and the increasing demand for accuracy in navigation have contributed to the growth of the inertial sensing systems and its components market.
On the basis of system, Inertial Measurement Units (IMUs) segment is anticipated to grow at the significant rate during the forecast period, due to growing demand for accuracy in navigation, high volume production of smartphones, and availability of miniaturized components at affordable prices. Inertial measurement units are a self-reliant system that measures linear and angular motion, usually with a triad of gyroscopes and triad of accelerometers. These are basically used to maneuver aircraft and spacecraft. IMU is being segregated by gyroscopes, accelerometers, and magnetometers as components. The MEMS technology played a main role in expanding the application base for inertial measurement systems, by scaling down the size and power utilization of these devices, without compromising on their recital metrics.
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By geography, North America is expected to have considerable market growth during the forecast period, owing to the growing passenger air traffic and technological enhancement by various regional research and development companies. The primary demand for inertial systems in the region comes from the maritime sector, owing to the renewed emphasis on oil exploration activities. Moreover, the rising number of unmanned aerial vehicles along with rising defense spending is the key reasons for the high adoption of these systems in the United States.
Some of the key players in global inertial sensing systems and its components market are Kearfott Corporation, Invensense Inc., Colibrys (Switzerland) Ltd., Meggitt Plc, Analog Devices, Inc., Northrop Grumman Corporation, Ixblue Sas, Honeywell Aerospace, Bosch, Sensortec Gmbh, Kvh Industries, Inc., STMicroelectronics N.V., Utc Aerospace Systems, Safran Group, and Silicon Sensing Systems Ltd.
Meggitt Plc: July, 2019: Meggitt PLC has signed a distribution agreement with Sojitz Aerospace Corporation for the supply of aftermarket flow control aviation components to the Japanese market. Sojitz already represents Meggitt for aerospace/defence based fire detection & safety solutions, Braking Systems and Fuel Systems & Composites. This agreement consolidates these activities providing Japanese customers with a more effective route to aftermarket and maintenance services. Working with Sojitz, will enhance the global reach and ensure that Meggitt original equipment solutions are available to operators worldwide, with the guaranteed service levels.
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Northrop Grumman Corporation: Feb, 2020: Northrop Grumman Corporation has launched the company’s AntaresTM rocket carrying its CygnusTM spacecraft to the International Space Station for NASA. This mission, known as NG-13, marks the company’s 13th cargo mission for NASA and the second mission under NASA’s Commercial Resupply Services-2 contract. The mission will use the Antares 230+ configuration and will conduct a 24-hour late load operation. For the NG-13 mission, Cygnus will carry approximately 7,500 pounds (3,400 kilograms) of cargo for the crew aboard the station. These marks the second time two Cygnus spacecraft will be in flight at the same time as the NG-12 vehicle, which remains in orbit after departing from the station on Jan.
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