Global Inertial Measurement Unit Market - WishTree Insight

Global Inertial Measurement Unit Market by Technology (Micro-Electromechanical System, Ring Laser Gyro, Mechanical Gyro, Fiber Optics Gyro), Platform (Space, maritime, Ground, and Airborne), Component (Gyroscope, Magnetometers, and Accelerometers), End-User (Military & Defense, Aerospace, Marine, Consumer Electronics, Automotive, and Others) and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global inertial measurement unit market size was valued at USD 18.1 billion in 2021 and is expected to surpass USD 24.61 billion by 2031, expanding at a CAGR of 8.3 % during the forecast period, 2021–2031. The growth of the market is attributed to the increasing geopolitical tension, accuracy in navigation, high production of smartphones, emergence of MEMES system, and uptake of advanced missiles

INTRODUCTION

An inertial measurement unit (IMU) is an electronic device used to measure the orientation and movement of objects. The unit provides three-dimensional space to the target location. The device contains various types of sensors used for different purposes. The accelerometer sensors measure the velocity and acceleration of the object. The magnetometer measures the magnetic field strength. The gyroscope measures the rotations and rotational rate of the object or device. These sensors also measure the heading, acceleration, current speed, inclination, and turn rate of the inertial measurement unit integrated platform. The inertial measurement unit also offers acceleration and orientation changes for an application as per its need for a short duration. Thus, it is used for commercial purposes and also for military applications such as missiles, military armored vehicles, military aircraft, civil aircraft, commercial aircraft, helicopters, unmanned aerial vehicles, unmanned ground vehicles, unmanned marine vehicles, automated vehicles, survey equipment, space launch vehicles, tablets, smartphones, and others. Furthermore, the usage of micro-electromechanical systems (MEMS), the demand for equipment with good ergonomics, and the usage of unmanned vehicles for commercial and military applications are some factors that are driving the market growth.

Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for accelerometers in the consumer electronics industry is expected to boost the market.
• The increased adoption of miniatured devices across industries is anticipated to propel market growth. .
• The rise in the deployment of UAVs for surveillance is expected to spur the market. .
• The high expenditure ratio of the military in major economies is also a key factor driving the market.
• The errors associated with inertial measurement unit in navigation application is expected to hamper the market.
• The high sensitivity and the device's cost are some restraining factors.
• The covid-19 outbreak has also affected the market growth.
• Inclusion of artificial intelligence (AI) to design automated robots, the rise in augmented reality & virtual reality technologies, and the advanced development in driverless cars are expected to create several opportunities in inertial measurement unit systems.

Scope of the Report

Market Segment Insights

The micro-electromechanical system segment is expected to expand at a rapid pace

Based on technology, the global inertial measurement unit market is divided into micro-electromechanical systems, ring laser gyros, mechanical gyros, and fiber optics gyros. The micro-electromechanical system (MEMS) segment is expected to expand at a rapid pace during the forecast period owing to increased adoption of this sensor in different industrial applications such as military & defense, consumer electronics, and aerospace. Thus, MEMS technology is upscaling as the demand for MEMS gyroscopes, MEMS accelerometers, and MEMS magnetometers have increased.

The ground segment is projected to register a considerable CAGR

Based on the platform, the global inertial measurement unit market is segregated into space, maritime, ground, and airborne. The ground segment is projected to register a considerable CAGR during the forecast period. The usage of inertial measurement units in military & defense, commercial electronics, the automotive industry, and aerospace is attributed to spur the market. As this system provides accurate measurement of speed, direction, angular rate, vital force, and acceleration, it is also used for automotive navigation systems and GPS-based vehicle tracking systems.

The accelerometer segment is expected to expand at a rapid pace

Based on components, the global inertial measurement unit market is divided into gyroscopes, magnetometers, and accelerometers. The accelerometer segment is expected to expand at a rapid pace during the forecast period, owing to its use in consumer electronic devices. The accelerometer measures the acceleration of a device. It is widely used in tablets, earthquake detection, medical dynamics, tilt sensing, smartphone orientation detection, and in medical devices. However, the gyroscope segment is anticipated to hold a key share of the market in the coming years. The rising rate of aircraft delivery and the growing demand & development of UAVs for ISR applications is expected to increase the demand for gyroscope sensors.

The commercial segment is projected to register a considerable CAGR

Based on end-user, the global inertial measurement unit market is segregated into military & defense, aerospace, marine, consumer electronics, automotive, and others. The commercial segment is projected to register a considerable CAGR during the forecast period. The rising adoption of electronic devices such as GPS-enabled devices, smartphones, wearable devices, and others is attributed to the rise in the CAGR of the commercial segment in consumer electronics. On the other hand, the military & defense and aerospace segment is anticipated to account for a major market share during the forecast period. The rise in share is attributed to the rising defense expenditure by emerging economies.

North America is expected to constitute a key market share in the forecast period

In terms of regions, the global inertial measurement unit market is classified as the Asia Pacific, Middle East Africa, Europe, North America, and Latin America. The market of North America is expected to constitute a key share of the market during the projected period. The key share is attributed to a large number of inertial measurement unit manufacturers. Also, the U.S. consist the highest military spender in the world as per the global study report. However, Europe holds the second large market share in the inertial measurement unit market due to the rise in technological advancements in the region. The development of advanced IMU components and the growing demand for UAVs to strengthen safety & security are expected to drive the market in the region. Asia Pacific region is considered the fastest-growing region with key players adopting an expansion strategy in this region to gain maximum market share in the coming years. Countries like China and India are offering ample opportunities for the growth of the inertial measurement unit market with their high population base. Key factors such as the increase in defense budgets, increasing air passenger traffic in the region, and significant demand for smartphones and automobiles are driving the inertial measurement unit market in the Asia Pacific region.

Competitive Landscape

Key players competing in the global inertial measurement unit market are Northrop Grumman Corporation (U.S.); Robert Bosch GmbH (Germany); Thales Group (France); Honeywell International Inc. (U.S.); Teledyne Technologies (US); Safran Electronics & Defense (France); Moog Inc. (U.S.); General Electric Company (The U.S.); Trimble Navigation (U.S.); Gladiator Technologies (U.S.); TDK Corporation (Japan)

FAQs

Mention the market size of the global inertial measurement unit

The global inertial measurement unit market size was valued at USD 18.1 billion in 2021 and is expected to surpass USD 24.61 billion by 2031

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 8.3%.

What are the key drivers of the market?

The key drivers in the market are:

• Rising demand for accelerometers in the consumer electronics industry is expected to boost the market.
• The increased adoption of miniatured devices across industries is anticipated to propel market growth.
• The rise in the deployment of UAVs for surveillance is expected to spur the market.
• The high expenditure ratio of the military in major economies is also a key factor driving the market.

What segments are covered in the Global inertial measurement unit report?

The segments covered in the report are, technology (micro-electromechanical system, ring laser gyro, mechanical gyro, fiber optics gyro), platform (space, maritime, ground, and airborne), component (gyroscope, magnetometers, and accelerometers), end-user (military & defense, aerospace, marine, consumer electronics, automotive, and others)

Mention the region is expected to hold the highest share in the global inertial measurement unit.

The North American region is expected to hold the highest share of the global inertial measurement unit market.

Mention the key players in the market.

The global inertial measurement unit market has a presence of some of the key major players across the globe which include: Northrop Grumman Corporation (U.S.); Robert Bosch GmbH (Germany); Thales Group (France); Honeywell International Inc. (U.S.); Teledyne Technologies (US); Safran Electronics & Defense (France); Moog Inc. (U.S.); General Electric Company (The U.S.); Trimble Navigation (U.S.); Gladiator Technologies (U.S.); TDK Corporation (Japan)