Global Global Positioning System/ Inertial Navigation System (GPS/INS) Market - Segmented by grade (defense, industrial, commercial), by End-user Industry (aerospace, automotive, marine and industrial), and Region - Growth, Trends and Forecasts (2018 - 2023)
The GPS/INS market was valued at USD 11.89 billion in 2017, and is expected to reach a value of USD 19.67 billion by 2023, at a CAGR of 8.76%, over the forecast period (2018 - 2023). The scope of the report includes segmentation by grade, namely defense, industrial, and commercial, and is limited to end users, like aerospace, industrial, automotive, and marine. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and Rest of the World.
Emergence of the MEMS Technology
The traditional range of inertial systems was burdened by high cost and sizes; however, MEMS techniques have been able to reduce the size, power consumption, and costs of these systems considerably, by increasing the surface volume density. For instance, the reduction of size in the inertial measurement units has expanded its range of applications in unmanned aerial vehicles, to provide reliable and accurate information. MEMS-driven IMUs have numerous applications, ranging from defense to new commercial and industrial applications. This will likely increase the demand for accurate inertial systems further, augmenting the growth of the market.
United States Registered as the Largest Market over the Forecast Period
Improved precision by usage of GPS/INS systems is leading to increasing reliance on GPS/INS systems. Moreover, rising number of unmanned aerial vehicles along with rising defense spending are the key reasons for the high adoption of these systems in the United States. With the country’s high dependence on GPS/INS enabled systems for its army’s combat systems, the country is actively increasing its defense spending. It allocated a base defense budget of USD 626 billion for the 2018 fiscal year. It also authorized about USD 66 billion for the Overseas Contingency Operations fund. The strong demand for the US commercial aerospace export (82.5% of total A&D exports) across the world is further driving the GPS enabled INS market.
Growing Number of Commercial UAVs Adoption in United States
In December 2015, the Federal Aviation Administration(FAA) issued a rule requiring all UAS weighing more than 250 grams and less than 250 kilograms to be registered using a new on-line system. By December 31, 2016, 626,245 owner-hobbyists had registered. For the entire online registration period up to the first week of February 2017, the cumulative registration trend has been one of growth, with the trend slowing over time. FAA predicts that the hobbyist fleet is likely to more than triple in size over the next five years, from 1.1 million units in 2016 to 3.5 million units by 2021.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook