The global inertial measurement unit market share size is projected to reach USD 24.91 billion by 2027, exhibiting a CAGR of 9.22% during the forecast period. Wide applicability of IMU sensors will be the key growth-driving factor for this market, according to the new Fortune Business Insights™ report, titled “Inertial Measurement Unit (IMU) Market Size, Share and Industry Analysis, by Component (Accelerometers, Gyroscopes, and Magnetometers), By Technology (Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, MEMS and Others), By Platform (Airborne, Ground, Marine/Naval, and Space), By End-use Industry (Aerospace & Defense, Consumer Electronics, Marine/Naval, Automotive and Others), and Regional Forecast, 2020 – 2027”.
Inertial measurement units (IMUs) are a form of sensor technology that have the capability of calculating different parameters, including magnetic fields, angular rate, acceleration, direction, and speed, using three tools – magnetometer, gyroscope, and accelerometer. Owing to their enhanced capabilities, these devices are extensively used in military surveillance applications. For example, manned and unmanned aerial vehicles (UAVs) are equipped with IMUs for accurate calculation of altitude and relative position of the vehicle. This technology is also utilized as a supplement to GPS devices on account of their navigational abilities. Thus, these advantages of IMUs in various applications bode well for the progress of this market.
The report states that the market value stood at USD 17.34 billion in 2019. The other highlights of the report include:
- Exhaustive evaluation of the various market drivers and trends;
- In-depth analysis of the challenges facing the market;
- Precise computation of market values and figures;
- Careful segmentation of the market; and
- Comprehensive study of the competitive milieu and regional prospects of the market.
Availability of Advanced IMUs to Favor Market Growth
The utility of IMUs in military operations, especially in UAVs, has prompted companies in this domain to engineer advanced solutions pertaining to this technology. As a result, today, there is wide availability of next-gen IMUs in the market. For example, EMCORE’s Systron Donner Inertial provides solid-state micro-electromechanical systems (MEMS) IMUs for drones to operate in the harshest weather conditions.
Similarly, France-based SBG Systems designs and supplies MEMS-driven inertial sensors for unmanned vehicles. The company’s Ellipse 2 Micro Series is its lightest and smallest IMU offering, designed to provide accurate positioning data for unmanned systems. Such advancements in inertial sensor technologies is expanding the scope and accelerating the IMU market growth in the process.
up their R&D investment to enhance their innovation capabilities. This is also enabling them to strengthen their position in this market, diversify their portfolio, and expand globally.
Browse Detailed Research Insights with Table of Content: https://www.fortunebusinessinsights.com/industry-reports/inertial-measurement-unit-market-101827
List of key Players Covered in the Inertial Measurement Unit Market Report are:
- Analog Devices Inc. (The U.S.)
- General Electric Company (The U.S.)
- Gladiator Technologies (The U.S.)
- Honeywell International Inc. (The U.S.)
- Parker-Hannifin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- Robert Bosch GmbH (Germany)
- Safran (France)
- Sensonor AS (Norway)
- STMicroelectronics International N.V. (Switzerland)
- TDK Corporation (Japan)
- Thales Group (France)
- Trimble Navigation (The U.S.)
- VectorNav Technologies. LLC (The U.S.)
North America to Lead the Charge; Asia-Pacific to Register Steady Growth
North America, with a market size of USD 6.70 billion in 2019, is poised to dominate the inertial measurement unit market share during the forecast period owing to the strong presence of IMU manufacturers in the region. Moreover, the US is the highest defense spender in the world and is known to use some of the most advanced weaponry and surveillance technologies. These factors provide the necessary fodder for the growth of this market in the region.
On the other hand, the market size in Asia-Pacific is anticipated to expand steadily on account of rising military spending in India and China. Other than this, the region is also experiencing surging usage of smartphones and other consumer electronics, which are the critical factors favoring market growth in the region.
Growing Investment in R&D by Companies to Intensify Competition
Development of IMUs requires innovation in engineering techniques and therefore, most players in this market are ramping