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High Performance Inertial Measurement Unit Market 2018 To Rise at 5.31% CAGR Through 2023 | Global Industry Analysis By HONEYWELL CORPORATION, NORTHROP GRUMMAN CORPORATION, BOSCH SENSORTEC GMBH, and ANALOG DEVICES

10-11-2018 02:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The high performance inertial measurement unit was valued at USD 3.18 billion in 2017, and is expected to reach a value of USD 4.33 billion by 2023, at a CAGR of 5.31% over the forecast period (2018 - 2023). The scope of the report is limited to end users, like aerospace & defense, industrial, automotive, and marine. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and the Rest of the World.

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Demand in the Commercial Aerospace Sector is Driving the Demand for High-end IMUs
Boeing’s recent aerospace study revealed that over the next two decades there would be a demand for more than 40,000 new aircraft across the world; the net market value is estimated to be more than USD 6 trillion. The growing demand for aircraft fleet is the direct trigger for high performance IMUs as well during the forecast period and beyond.

Key Developments in the Market
• January 2018: At the Consumer electronics show in the United States, Bosch Sensortec launched the MEMS sensor BMI088, a high performance IMU with outstanding vibration robustness which is highly demanded for drone and robotic applications.
• December 2017: Honeywell announced its new offering; the HG4930 IMU applies the principles of reliability, dependability, and performance from aerospace & defense applications has expanded its span to industrial applications. These applications include autonomous vehicles, surveying and mapping, ground and underwater robotics, unmanned aerial vehicles (UAV) a gimbal stabilization.
• May 2017: VectorNav technologies announced at AUVSI's Xponential that it would supply its VN-100 inertial measurement unit to Neya Systems for a custom version of that company's UxAB module. Neya Systems will, in turn, deliver its custom version of UxAB platform to Northrop Grumman for that company's Advance Explosive Ordnance Disposal Robotic System (AEODRS), an autonomous disposable robot to the US military.

Major players:
HONEYWELL CORPORATION, NORTHROP GRUMMAN CORPORATION, BOSCH SENSORTEC GMBH, and ANALOG DEVICES, INC. amongst others.

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North America to be the Largest Market over the Forecast Period
In North America, the United States contributes the largest market share for high performance IMU as the country’s spending on aerospace and defense is humongous compared to the world. US military spending is larger than the next nine countries combined.

Growing Number of Commercial UAVs adoption in the United States
In December 2015, the Federal Aviation Administration (FAA) issued a rule requiring all UAV weighing more than 250 gram and less than 250 kilogram to be registered using a new on-line system. By December 31, 2016, 626,245 owner-hobbyists had registered. For the entire online registration period up to the first week of February 2017, the cumulative registration trend has been one of growth, with the trend slowing down over time. FAA predicts that the hobbyist fleet is likely to more than triple in size over the next five years, from 1.1 million units in 2016 to 3.5 million units by 2021.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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