Inertial Measurement Unit (IMU) Market
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).
The Rising Inertial Measurement Unit (IMU) market accounted for us$ 15.14 billion in 2020 and is predicted to grow at a CAGR of 6% to USD 22.72 billion by 2026. (2021-2026). High-end IMUs have served as the main element in inertial navigation systems, which are used to gauge the movement of objects in areas where other types of GPS devices are unreliable.
One of the major factors influencing Inertial Measurement Unit (IMU) Market Share demand is the reduction in the size and energy consumption of IMU devices, as well as the expansive application base of MEMS technology for high-end inertial processes without compromising performance metrics. This miniaturization trend is expected to continue throughout the forecast period.
The significant reduction in the size of high-end IMUs, combined with the emergence of wireless connectivity technology, has accelerated adoption in a wide range of applications, from heavy industry to biomechanical and virtual reality.
Technological advancements in MEMS manufacturing, as well as technologies in fabrication and micro-machining processes, have accelerated the commercial viability of high-end inertial processes. They are widely used in land, defense, industrial, and aerospace apps to obtain high-accuracy and precision-based measurements of vector-based factors that are typically classified based on performance by bias stability, degree of freedom, device variety, and scope for error.
The COVID-19 pandemic has had two effects on the market studied, especially in the industrial segment. Production has slowed as a result of social distancing measures implemented by manufacturing industries worldwide. On the other hand, the outbreak of COVID-19 has forced a few companies to re-evaluate their traditional production processes, mainly driving technological change and smart manufacturing practices across assembly lines.
The satellites/space vehicles platform segment is expected to grow at the fastest CAGR for the inertial measurement unit market throughout the forecast period. They are used for broadcasting, cell phones, satellite tracking, and weather prediction, and they are outfitted with advanced satellite telescopes for space research. They are also used to conduct search and rescue missions, as well as to monitor the ocean, prevailing winds, wildfires, oil spills, and aerial pollution.
Competitive Analysis
The diversity in the contenders who are functioning in the Inertial Measurement Unit (IMU) market is foreseen to create a promising scenario for the revitalization of the market in the future. The backing provided by government bodies is estimated to enhance the global market in the foreseeable future. The ideal products in the market will be those that can accurately incorporate the consumer's needs and wants perfectly. In addition, the building of market synergies is estimated to enable companies to gain more of a competitive edge in the global market.
The requirement for sustainability in the market is estimated to be leveraged with the revitalization of the free cash flows. The reduction of supply chain bottlenecks is estimated to become a principal goal that contenders in the market are estimated to address on a priority basis in the forecast period. The change in the market is estimated to herald in an unprecedented change in the worldwide market through the forecast period. The rivalry in the market is appraised to be strengthened significantly in the coming months.
The crucial companies in the inertial measurement market are Lord Microstrain (US), Northrop Grumman Corporation (US), Robert Bosch GmbH (Germany), Gladiator Technologies Inc. (US), Teledyne Technologies Inc. (US), General Electric Company (US), Honeywell International Inc. (US), Thales Group (France), Trimble Navigation Ltd (US), Safran Electronics & Defense (France), United Technologies Corporation (US) and Vectornav Technologies LLC (US).Market Segmentation
Segmental Analysis
The segmental evaluation of the Inertial Measurement Unit (IMU) Market Trends is carried out on the basis of technology, component, and regions.
By Component
- Accelerometers
- Gyroscopes
- Magnetometers
- Other sensors
By Technology
- Mechanical Gyro
- Ring Laser Gyro
- Fiber Optic Gyro
- MEMs
- Others
By Grade
- Marine Grade
- Navigation Grade
- Tactical Grade
- Space Grade
- Commercial Grade
By Platform
- Aircraft
- Missiles
- Satellites/Space Vehicles
- Marine Vessels
- Military Vehicles
- Unmanned Aerial Vehicles (UAVs)
- Unmanned Ground Vehicles (UGVs)
- Unmanned Marine Vehicles (UMVs)
- Consumer Electronics
- Automotive
- Survey Equipment
- Advanced Air Mobility
By End User
- Aerospace and Defense
- Commercial
By Region
- North America
- Asia Pacific
- Europe
- Rest of the World
Regional Classification
North America is expected to have the highest share of the market, owing to high defence budgets. The United States devotes the greatest amount of its budget to defence spending. Defense spending in the United States is expected to exceed USD 681 billion in 2019.
Industry News
Northrop Grumman Corporation supplied critical navigation and other components to NASA's Jet Propulsion Laboratory's Perseverance Rover. Northrop Grumman's LN-200S inertial measurement unit (IMU) is used in the Perseverance Rover to provide attitude and velocity details for guidance, and also pressurant tanks for the Rover's Gas Dust Removal Tool (GDRT) and propellant armored vehicles for the Rover's managed descent component.
Inertial Measurement Unit Market Report: By Component (Accelerometer, Gyroscope, and Magnetometer), Technology (Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, Microelectromechanical Systems (MEMs) Gyro and others), Grade (Marine Grade, Navigation Grade, Tactical Grade, Space Grade, and Commercial Grade), Application (Aircraft, Space Launch Vehicles, Missiles, Marine, Military Armored Vehicles, Unmanned Aerial Vehicles (UAVs), Unmanned Ground Vehicles (UGVs) and Unmanned Marine Vehicles (UMVs)) - Forecast till 2030
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