Inertial Measurement Unit Market Future Demand, Top Players, Size, Share, Opportunities, Revenue and Growth Rate till 2027
The global Inertial Measurement Unit (IMU) Market 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 emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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.
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 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.
- January 2020: The Japanese electronics company, TDK Corporation, launched a family of inertial measurement units called InvenSense, featuring high performance and fault-tolerance capacities. Conceived for industrial applications, the novel offerings can measure three dimensions of rotation rate and three dimensions of linear acceleration.
- September 2019: Honeywell International, the US-based conglomerate, released HGuide, the company’s new world-class, lightweight, and low-cost IMU. The product is designed to withstand any environmental condition and caters to several application areas, including transportation, UAVs, surveying and mapping, robotics, and agriculture.