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IMU sector is quickly increasing, thanks to a number of major variables shaping its future. This expansion is being driven primarily by the increasing need for precise and trustworthy navigation and positioning solutions throughout a wide range of sectors. The IMU, a critical component in GPS systems, offers accurate information on an object's speed, acceleration, and introductions, making it important in industries ranging from defense and aerospace to automobile and robotics. As these sectors strive for higher performance and independence, the demand for improved IMUs grows.
Economic factors play an important influence in defining the IMU market, notably in areas such as automotive and electronics for consumers. The growing usage of IMUs in products such as self-driving cars, smartphones, and wearable gadgets is motivated by the desire for greater functionality and user experiences. As the global economy recovers from numerous obstacles, consumption of consumer electronics and highly technological automobiles is increasing, driving the development of the IMU market.
Technological advances are critical in propelling the IMU industry forward. Continuous advancements within micro-electromechanical systems (also called MEMS) technology, fusion of sensors algorithms, and manufacturing techniques help to miniaturize, reduce costs, and improve the performance of IMUs. These technological advancements make IMUs readily available to a wider range of sectors, accelerating adoption in areas where size, expenses, and performance are crucial.
Regulatory restrictions and industry standards have a significant impact on the IMU market. Navigation systems' performance and dependability are subject to severe requirements in industries such as aerospace and defense. Compliance with these criteria is required for IMU producers to compete in certain markets. Furthermore, as IMUs find uses in safety-critical systems, compliance to industry-specific laws becomes increasingly important, altering the market landscape and affecting the strategies of key competitors.
Competition from rivals is a dynamic force in the IMU market, encouraging innovation and driving advances in performance and cost effectiveness. Companies compete for share of the market by producing IMUs that are more accurate, reliable, and competitively priced. Collaborations and collaborations between IMU producers and end-user industries help to shape the market, resulting in synergies that are advantageous to both parties and expedite the widespread use of IMU technology.
Worldwide occurrences and geopolitical issues might have an impact on the IMU industry, especially for defense and aerospace uses. Defense budget shifts, geopolitical tensions, and military technology breakthroughs can all have an impact on the demand for outstanding performance IMUs for navigating, guidance, and stabilization. Furthermore, the increased usage of unmanned aircraft (also referred to as UAVs) in many worldwide conflicts emphasizes the increasing significance of IMUs within military use.
To summarize, the inertial measurement unit marketplace is rapidly evolving, driven by a variety of factors including rising demand for precise navigating, economic considerations in the electronics for consumers and automotive sectors, technological advancements, laws and regulations, market competition, and worldwide occurrences. As industries across the board strive to improve the precision and dependability associated with their systems, IMUs serve an important role in allowing improved navigation capabilities. The market dynamics driven by these variables underscore the crucial role that IMUs play in a variety of applications and industries, establishing them as critical components within the landscape of contemporary navigation and position systems
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 27.5 billion |
| Growth Rate | 8.22% (2023-2030) |
Inertial Measurement Unit Market Highlights:
Global Inertial Measurement Unit (IMU) Market Overview
Inertial Measurement Unit (IMU) Market Size was valued at USD 25.5 billion in 2022. The inertial measurement unit (IMU) market industry is projected to grow from USD 27.5 Billion in 2023 to USD 44.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.22% during the forecast period (2023 - 2030). Demand for New Planes is growing, as Is the Need for Precise Navigation Systems are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Inertial Measurement Unit (IMU) Market Trends
- Rapid modernisation of military equipment and defense systems drives the market growth.
The continuous upgrade of military hardware is one of the main drivers driving the market's CAGR for inertial measurement units, along with defense systems. Using autonomous navigation systems, fiber optic IMUs are frequently utilized in unmanned aerial vehicles (UAVs) that can fly in hostile weather. They are used for ISR (intelligence, surveillance, and reconnaissance) tasks as well as firefighting and bomb detection. Also, the widespread use of virtual and augmented reality (V/AR) systems, the creation of artificial worlds, and the measurement of changes in speed, orientation, and acceleration are boosting market expansion. Also, they serve as an orientation sensor for upcoming smartphones, tablets, and gaming consoles.
Other growth-inducing elements include technological breakthroughs such as the development of microelectromechanical (MEMS)-based IMUs that can be integrated with the Internet of Things (IoT). These novel nano-IMUs are extremely small and are widely employed in lightweight and tiny electronics. Additional factors, such as strong growth in the robotics industry and extensive research and development (R&D), are expected to boost the market even more.
According to the Office of Management and Budget, the United States spent $725 billion on national defense development in fiscal year 2020. This is equivalent to 11% of federal spending. As a result, this initiative is supporting market expansion. As a result, the inertial measurement unit (IMU) market revenue is increasing.
Inertial Measurement Unit (IMU) Market Segment Insights
Inertial Measurement Unit (IMU) Component Insights
The Inertial Measurement Unit (IMU) Market segmentation, based on component includes accelerometer, gyroscope and magnetometer. The gyroscope segment is expected to lead the market during the forecast period, accounting for 57% of the market in 2021. Gyroscopes are used in a variety of devices to calculate their actual velocity until these devices stabilise and provide an angular velocity measurement proportional to the applied external torque. They are used in a variety of aircraft. Gyroscopes are used in the defence industry. They're also used in a variety of industrial settings. Gyroscopes are widely used in consumer electronics and automotive applications.
Figure1: Inertial Measurement Unit (IMU) Market, by Component, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Inertial Measurement Unit (IMU) Technology Insights
The Inertial Measurement Unit (IMU) Market segmentation, based on technology includes Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, Microelectromechanical Systems (MEMs) And Others. During the forecast period, the microelectromechanical systems (MEMs)segment is expected to have the highest CAGR in the inertial measurement unit market. Because of their low weight and comparatively higher accuracy in a small package, these small, lightweight systems have an advantage over other types of IMUs. In the coming years, MEMS-based IMUs are expected to replace FOG IMUs in tactical grade performance applications.
Inertial Measurement Unit (IMU) Grade Insights
The Inertial Measurement Unit (IMU) Market segmentation, based on grades include Marine Grade, Navigation Grade, Tactical Grade, Space Grade, and Commercial Grade. The commercial grade category is predicted to develop at the quickest CAGR in the inertial measurement unit market during the forecast period. Commercial grade IMUs includes consumer and enterprise-grade IMUs. Consumer-grade IMUs are found in low-end applications such cell phones, tablets, and automobile airbag systems, whereas enterprise-grade IMUS are found in small unmanned aerial aircraft (UAVS).
Inertial Measurement Unit (IMU) Application Insights
Aircraft, Space Launch Vehicles, Missiles, Marine, Military Armored Vehicles, Unmanned Aerial Vehicles (UAVs), Unmanned Ground Vehicles (UGVs), Unmanned Marine Vehicles (UMVs)are the application segments of the Inertial Measurement Unit (IMU) Market data. Satellites/space vehicles are predicted to grow at the fastest Growth rate in the inertial measurement unit market during the forecast period. They are outfitted with advanced satellite telescopes for space research and are utilized for television broadcasts, phone calls, satellite navigation, and weather forecasting. They are also used for search and rescue efforts, as well as monitoring the ocean, wind currents, forest fires, oil spills, and airborne pollutants.
Inertial Measurement Unit (IMU) Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America accounted for the greatest revenue share. IMUs now have a large potential market due to increased production of helicopters and commercial jets. More than 60% of total US aerospace manufacturing is exported. As a result, foreign enterprises are drawn to the world's largest aerospace market in the United States, which employs a trained and welcoming workforce and provides a varied range of products and services via extensive distribution networks.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: INERTIAL MEASUREMENT UNIT (IMU) MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s inertial measurement unit (IMU) market accounts for the second-largest market share due to the Increase production speed and efficiency by adding more machines to manufacturing lines. Further, the German inertial measurement unit (IMU) market held the largest market share, and the UK inertial measurement unit (IMU) market was the fastest-growing market in the European region
The Asia-Pacific Inertial Measurement Unit (IMU) Market is expected to grow at the fastest CAGR from 2023 to 2030. This is due of rising demand for new aircraft and rising defense spending in developing countries such as India and China. Moreover, China’s inertial measurement unit (IMU) market held the largest market share, and the Indian inertial measurement unit (IMU) market was the fastest-growing market in the Asia-Pacific region.
Inertial Measurement Unit (IMU) Key Market Players & Competitive Insights
Leading market players are extensively spending in R&D to extend their product lines, which will help the inertial measurement unit (IMU) market grow even more. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other firms. To grow and survive in a more competitive and increasing market environment, the inertial measurement unit (IMU )industry must provide cost-effective products.
Producing locally to reduce operational costs is a fundamental business strategy utilized by manufacturers in the worldwide inertial measurement unit (IMU) industry to benefit customers and expand the market sector. The inertial measurement unit (IMU) industry has provided some of the most significant benefits to medicine in recent years. Major players in the inertial measurement unit (IMU) market include General Electric Company (US), Gladiator Technologies Inc. (US), Honeywell International Inc. (US), Lord Microstrain (US), Northrop Grumman Corporation (US), Safran Electronics & Defense (France), and others.
Honeywell International Inc. is a publicly listed American multinational firm headquartered in Charlotte, North Carolina. It principally does business in four areas: aircraft, building technologies, performance materials and technologies (PMT), and safety and productivity solutions (SPS). In January 2019, Honeywell announced the introduction of its online buying and selling platform for new and used aviation parts, which is now open for online transactions. Honeywell can conduct some of its transactions online thanks to blockchain technology, and it is the first corporation to use blockchain technology to build confidence between buyer and seller.
STMicroelectronics N.V., sometimes known as ST or STMicro, is a Dutch multinational corporation and technological company of Franco-Italian ancestry located in Plan-les-Ouates, Switzerland, and listed on the French stock exchange. ST is Europe's largest semiconductor contract manufacturing and design firm. In 1987, two government-owned semiconductor companies, Thomson Semiconducteurs of France and SGS Microelettronica of Italy, merged to form the company. In September 2022, The first automobile IMU with inbuilt machine learning was released by STMicroelectronics. With its machine-learning (ML) core, the ASM330LHHX Inertial Measurement Unit (IMU) enabled another step toward high-level autonomous smart driving. The ML core enabled speedy real-time reaction and advanced functions while consuming little system power.
Key Companies in the inertial measurement unit (IMU)market include
- Gladiator Technologies Inc. (US)
- General Electric Company (US)
- Lord Microstrain (US)
- Honeywell International Inc. (US)
- Safran Electronics & Defense (France)
- Northrop Grumman Corporation (US)
- Teledyne Technologies Inc. (US)
- Robert Bosch GmbH (Germany)
- Trimble Navigation Ltd (US)
- Thales Group (France)
- Vectornav Technologies LLC (US)
- United Technologies Corporation (US)
Inertial Measurement Unit (IMU)Industry Developments
In April 2019 In order to support the international markets as well as the specific law enforcement and defense industries in India, Thales and Kalyani Group announced their partnership for the development, production, and designing of the next-generation weapons systems.
In January 2019 In a statement, Honeywell discussed the use of blockchain technology that has been developed to increase trust between sellers and buyers.
In April 2019 In order to design, develop, and produce next-generation weapons systems for the Indian defense and law enforcement industries as well as for export, Kalyani Group and Thales have created a new partnership.
Inertial Measurement Unit (IMU) Market Segmentation
Inertial Measurement Unit (IMU) Market by Component Outlook
- Accelerometer
- Gyroscope
- Magnetometer
Inertial Measurement Unit (IMU) Market by Technology Outlook
- Mechanical Gyro
- Ring Laser Gyro
- Fiber Optics Gyro
- Microelectromechanical Systems (MEMs)
- Others
Inertial Measurement Unit (IMU) Market by Grade Outlook
- Marine Grade
- Navigation Grade
- Tactical Grade
- Space Grade
- Commercial Grade
Inertial Measurement Unit (IMU) Market by ApplicationOutlook
- Aircraft
- Space Launch Vehicles
- Missiles
- Marine
- Military Armored Vehicles
- Unmanned Aerial Vehicles (UAVs)
- Unmanned Ground Vehicles (UGVs)
- Unmanned Marine Vehicles (UMVs)
Inertial Measurement Unit (IMU) Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
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