Industrial Inertial Systems Market Size, Share, Industry Trends and Forecast to 2030

Industrial Inertial Systems Market Size & CAGR (2021)

The global industrial inertial systems market is expected to reach a market size of USD 5.4 billion by the end of 2021. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period from 2021 to 2026. This growth is attributed to the increasing demand for precise navigation systems in various industries such as aerospace, automotive, and defense.

COVID-19 Impact on the Industrial Inertial Systems Market

The COVID-19 pandemic has had a significant impact on the global industrial inertial systems market. The lockdowns and restrictions imposed in various countries led to disruptions in the supply chain and manufacturing processes. This, in turn, affected the production and deployment of industrial inertial systems across different industries.

However, the pandemic also highlighted the importance of automation and autonomous systems in ensuring business continuity. As a result, there has been a growing adoption of industrial inertial systems to enhance operational efficiency and ensure seamless functioning of critical processes in the wake of the pandemic.

Industrial Inertial Systems Dynamics

The industrial inertial systems market is driven by factors such as increasing demand for unmanned vehicles, rising investments in defense and aerospace sectors, and technological advancements in MEMS (Micro-Electro-Mechanical Systems) sensors. MEMS sensors are increasingly being integrated into industrial inertial systems due to their small size, low power consumption, and high accuracy.

Moreover, the growing trend of Industry 4.0 and the implementation of IoT (Internet of Things) technologies are further fueling the demand for industrial inertial systems. These systems play a crucial role in ensuring precise positioning, navigation, and control in smart manufacturing processes.

Segments and Related Analysis

By Product Type:

• Inertial Measurement Units (IMUs)
• Inertial Navigation Systems (INS)
• Inertial Measurement Systems (IMS)

By Technology:

• Mechanical Gyroscopes
• Ring Laser Gyroscopes
• Fiber Optic Gyroscopes

By Application:

• Aerospace & Defense
• Automotive
• Marine
• Industrial Robotics

By Region Analysis

North America

North America is expected to dominate the industrial inertial systems market due to the presence of key market players, technological advancements, and increasing investments in defense and aerospace sectors.

Europe

Europe is projected to witness significant growth in the industrial inertial systems market owing to the adoption of advanced manufacturing technologies and increasing demand for precise navigation systems in automotive and aerospace industries.

Asia Pacific

Asia Pacific is anticipated to register high growth in the industrial inertial systems market driven by rapid industrialization, rising investments in robotics and automation, and the growing demand for unmanned vehicles in defense and surveillance applications.

Key Market Players and Competitive Landscape

The key market players in the industrial inertial systems market include Honeywell International Inc., Northrop Grumman Corporation, Thales Group, Safran S.A., and Trimble Inc. These companies are focusing on product innovations, strategic partnerships, and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Industrial Inertial Systems Market

1. In June 2021, Honeywell International Inc. announced the launch of a new range of MEMS-based inertial measurement units for industrial applications to enhance navigation accuracy and system stability.

2. In August 2021, Northrop Grumman Corporation acquired a leading provider of navigation systems to expand its portfolio of inertial navigation solutions for defense and commercial applications.

3. In October 2021, Thales Group introduced a new generation of ring laser gyroscopes for aerospace and defense applications to offer improved reliability and performance in harsh operating environments.

4. In December 2021, Safran S.A. signed a strategic partnership agreement with a major automotive manufacturer to develop advanced inertial measurement systems for autonomous vehicles and driver assistance systems.

5. In February 2022, Trimble Inc. launched a comprehensive range of inertial navigation systems for marine applications to provide accurate positioning and navigation solutions for offshore operations.