Global Inertial Systems Market In Industrial OEM Applications - Segmented By Component (Gyroscopes, Accelerometers, Magnetometers), Type (Attitude Heading Reference System, Inertial Positioning and Orientation Systems, Inertial Measurement Units), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global inertial systems market in industrial OEM applications is expected to register a CAGR of 15.60% over the forecast period (2018 – 2023). The scope of the market covers various holistic solutions for industrial applications offered by the leading vendors of the market.
The integration of GPS technology with inertial navigation systems has a widespread usage in industries. This integration of technologies has fulfilled the requirements of industrial and agricultural applications. Latest technologies, such as the global positioning systems, are allowing industrial robots to move around the world. GPS coupled with inertial navigation systems applications are booming in the field of MEMS and are impacting the robotics, from the simple automated applications to complex airplane control systems. Robotics will remain acentric in the coming decades owing to an increase in the scientific research and the snowballing demand for more affordable and convenient methods of accomplishing common tasks.
Growing Adoption of Automation Across The Industries
With technologies like DCS, PLC, SCADA, and MES, automation equipment has become more sophisticated while allowing complex actions at low operating costs. This, coupled with the advances in sensor technology, has started the era of smart manufacturing. With an abundant potential for energy saving and an overall production cost reduction from the supply side, factory automation has witnessed an increased adoption across the globe. While markets in North America and Europe have witnessed a greater penetration, developing economies of Asia-Pacific and Latin America present huge opportunities for the adoption of automation. Further, the developing countries, like Brazil, India, and China, are focusing on manufacturing to increase their industrial output to support and drive their economy forward. All these factors are expected to augment the growth of the inertial systems market in industrial OEM applications.
Europe to Hold the Largest Market Share
European manufacturing & industrial sector are one of the most technically advanced and innovative industrial sectors in the world. Additionally, European manufacturing is a dominant element in international trade, leading the world in the areas of automotive, machinery, and agricultural engineering. The recovery of the European market from the economic crisis has enabled the increased adoption of automated technologies, which would enable the optimal use of resources and increase process efficiency. Specific integrated solutions, based on the adoption of new policy reforms with respect to safety and quality, are expected to ensure significant growth in industrial automation, thereby, driving the market for industrial inertial systems.