ID: MRFR/A&D/7253-HCR | 178 Pages | Published By Swapnil Palwe on March 2023
The inertial measurement unit market is estimated to hold a market share of USD 44,209.49 Billion during the forecast period of 2030, global market is registered to account for a CAGR of 8.22% during the review period of 2020-2030.
The inertial measurement unit market is estimated to hold a market share of USD 44,209.49 Billion during the forecast period of 2030. Further, the global market is registered to account for a CAGR of 8.22% during the review period of 2020-2030. An inertial measurement unit is widely used to measure the system's rotation, velocity, and acceleration. Generally, the inertial measurement unit (IMU) is carried out using a magnetometer, gyroscope, and accelerometer. Inertial measurement units are consolidated into INS (inertial navigation systems), which requires the inertial measurement units to determine the angular rates, attitude, position, and linear velocity associated with a wide reference frame.
Mechanical gyroscope technology includes a spinning mass that helps the technology rotate around its axis. Hence, it is generating higher market growth in the assessment period. Moreover, the ring laser gyro technological segment is expected to generate steady Inertial Measurement Unit Market Growth in the forecast period. This gyro technology is helpful to detect the rotation as it is completely based on the ring laser. It uses two independent counter-propagating resonant modes and the Sagnac effect, changing the frequencies to detect the rotation. In 2018, the fiber optics gyro technology dominated the Inertial Measurement Unit Market by using the Sagnac effect and senses differentiation in orientation.
Furthermore, the microelectro mechanical systems gyro technology is projected to account for the highest CAGR in the review timeframe due to the high MEMS usages in unmanned systems. Generally, MEMS gyroscopes technology is used to detect the angular velocity using the sensing vibrating mechanical element. As it is small in size, it does not consist of rotating parts.
In the last few years, growth has been seen in air passenger traffic in developing countries like Brazil, India, and China. Later, the passenger traffic growth results in rising in the new aircraft demand, fueling the inertial measurement unit market growth. Moreover, the vital part of aircraft navigation that is INS is projected to boost the market growth in the review period.
COVID-19 Impact Analysis
As per the Market Forecast report, the coronavirus outbreak has hampered the market growth in the forecast period. During the lockdown period, the lack of transportations, productivity, and investments has negatively affected the market growth. As a result, the global market has been impacted due to the disruption in the supply chain and the manufacturing chain.
Along with this, the key players are adopting safety measures and inorganic and organic growth strategies like new component launches, mergers, acquisitions, and long-term contracts with the defense and military department of the specific country to grow the Market Revenue in the forecast period.
The inertial measurement unit market is driving the market growth due to the increasing preferences for accurate navigation systems, growing demand for new aircraft, and changing nature of warfare across various parts of the world.
According to the Office of Management and Budget, the United States has spent approximately $725 billion on developing national defense in the fiscal year of 2020. This is considered as the 11 percent of federal spending. Hence, this initiative is fueling the growth of the market.
The market is expected to bring major opportunities for the manufacturers and key players because of its technological advancements in IMU. In addition, the growing development of autonomous vehicles is projected to bring lucrative opportunities for the global market outlook.
Hence, the inertial measurement unit market involves more key players in the industry to enhance its market growth across various parts of the world.
The operational complexity of INS is projected to be the major market restraint that can hamper market growth on a large scale.
Moreover, the market might get hampered due to the accumulated errors associated with the Inertial Measurement Unit.
The inertial measurement unit market might experience challenges due to the lack of technical skills and high cost.
According to the Market Forecast report, the coronavirus outbreak is one of the major market challenges.
Cumulative growth Analysis
The global market has projected to grow on a large scale, generating significant Inertial Measurement Unit Market Size in the upcoming years.
Moreover, the European regional market is fueling the growth of the Market in the research period due to the growing demands of military forces for strategic missions where the adoption of UGVs, UMVs, and UAVs are increasing among them.
Market Segment Overview
As per the Inertial Measurement Unit Market Analysis, the global market is segmented into technology, End-users, and components.
Depending on the technology segment, the market has been classified into ring laser gyro, mechanical gyro, microelectromechanical systems (MEMS) gyro, and fiber optics gyro.
The mechanical gyro segment is registered to acquire the high Inertial Measurement Unit Market Growth in the research period.
The component segment has categorized the market into accelerometers, magnetometers, and gyroscopes.
A gyroscope is broadly used to measure the angular motion of the UMVs, aircraft, UGVs, and UAVs by using the earth's gravity and determining the orientation. An accelerometer component is considered the substantial component of aircraft as it measures the non-gravitational acceleration and velocity. Magnetometers are generally used with gyroscopes and accelerometers to improve the performance of attitude estimation.
In terms of the End-users segment, the inertial measurement unit market has been classified into automotive, aerospace, defense, industrial, and others.
Among these, the aerospace and defense segment holds the dominant position by generating the higher Market Share in the forecast period.
According to Inertial Measurement Unit Market Analysis, the global market is segregated into various geographical locations such as North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
The North American regional market is accounted to dominate the global market by holding the largest Market Share in the forecast period due to the presence of prominent key players like Northrop Grumman Corporation, General Electric Company, United Technologies Corporation, and Honeywell International Inc. in the region and their high investments in the IMU development. Moreover, the Asia-Pacific market is projected to register a high CAGR in the research timeframe. This region is driving its market growth due to the increasing demand for new aircraft and rising defense expenditure in developing countries like India and China. Additionally, the Middle East & Africa's Inertial Measurement Unit Market is fueling its growth due to the growing defense expenditure in the countries like Israel, UAE, and Saudi Arabia. Further, the regional market of Latin America is thriving the market growth due to t the high use of UAVs for monitoring control of illegal migration, drug trafficking, and deforestation.
Competitive Landscape Analysis
In the market Trends, the important role is acted by the market leaders such as:
As per the Inertial Measurement Unit Market Outlook report, the key market players are adopting prominent strategies like advanced technologies to improve the advanced product and rising investment in research and developments.
According to Market Trends, the global market report has covered the regional analysis and competitive analysis to measure the current competition in the global market.
Further, the Market Outlook report explains that this report involved the market segments, dynamics, recent developments, market overview, and Covid-19 analysis in measuring the current performance of the inertial measurement unit market.
|Market Size||USD 44,209.49 Billion (2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Electric Company (US), Gladiator Technologies Inc. (US), Honeywell International Inc. (US), Lord Microstrain (US), Northrop Grumman Corporation (US), Safran Electronics & Defense (France), Robert Bosch GmbH (Germany), Teledyne Technologies Inc. (US), Thales Group (France), Trimble Navigation Ltd (US), United Technologies Corporation (US), Vectornav Technologies LLC (US)|
|Key Market Opportunities||Deployment of the inertial navigation system in unmanned systems|
|Key Market Drivers||
Inertial Measurement Unit Market is anticipated to attain a CAGR of 8.22% in the coming years.
By 2030, the Inertial Measurement Unit Market value can be USD 44,209.49 Billion, across the globe.
The rising integration of UAVs with INS for strategic missions and the escalating demand for new aircraft as well as cutting edge navigation systems are the key factors boosting the market growth.
Fiber optics gyro is the technology-based segment that is expected to take the lead in the global Inertial Measurement Unit Market.
The strong presence of highly renowned vendors like Northrop Grumman Corporation, General Electric Company, United Technologies Corporation and Honeywell International Inc., coupled with the massive spending on the development of IMU by these vendors boost the growth of the North American market.