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Global Inertial Measurement Unit Market 2024 Industry Analysis, Business Growth, Segmentation And Forecast To 2033| Major Players Are Bosch Sensortec GmbH, Thales Group, Sensonor AS, Analog Devices Inc., Gladiator Technologies
Inertial Measurement Unit Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the inertial measurement unit industry. This report on inertial measurement market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The inertial measurement unit market size has grown strongly in recent years. It will grow from $22.08 billion in 2023 to $23.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rise in aerospace and defense applications, rise in integration of consumer electronics, adoption of automotive safety, rise in demand for geospatial and mapping applications, rise in demand in industrial machinery.
The inertial measurement unit market size is expected to see strong growth in the next few years. It will grow to $32.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing demand in healthcare and medical devices, rising use of drones and UAVs, increasing growth of autonomous vehicles, rising satellite navigation and GNSS augmentation, increasing demand for smart agriculture. Major trends in the forecast period include MEMS IMUs, sensor fusion technology, miniaturization trend, use of kalman filtering, inertial sensing in healthcare.
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Key Market Players:
Bosch Sensortec GmbH, Thales Group, Sensonor AS, Analog Devices Inc., Gladiator Technologies, Honeywell Aerospace Inc., Northrop Grumman Corporation, Safran SA, General Electric Company, Kearfott Corporation, KVH Industries Inc., Collins Aerospace Systems, Systron Donner Inertial Inc.
Market Drivers:
According to the Template Market Report 2024 by The Business Research Company, the increase in new smartphone sales and shipment growth propels the inertial measurement unit market. IMUs are a vital component of smartphones, allowing for a wide range of applications such as navigation, gaming, fitness, and others. The features such as step counting, gesture recognition, and image stabilization are a few applications of IMU, which are growing increasingly popular among consumers. According to IBEF, in 2021, year on year, smartphone shipments in India rose by 11%, from 150 million in 2020 to 168 million in 2021. Smartphone shipments are expected to stay at 187-190 million in 2022, with 5G device shipments rising by 129% year on year from 28 million in 2021 to approximately 64 million in 2022. Therefore, the rapid growth in new smartphone sales and shipment is expected to boost the inertial measurement unit market.
More information about the Global Inertial Measurement Unit Market Report -
https://www.thebusinessresearchcompany.com/report/inertial-measurement-unit-global-market-report
Market segments for template include:
1) By Component: Accelerometers, Gyroscopes, Magnetometers, Other Components
2) By Grade: Marine Grade, Navigation Grade, Tactical Grade, Space Grade, Commercial Grade
3) By End Use Industry: Aerospace & Defense, Consumer Electronics, Marine/Naval, Automotive, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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