Press release
Inertial Measurement Unit Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033 | Bosch Sensortec GmbH, Thales Group, Sensonor AS, Analog Devices Inc., Gladiator Technologies, Honeywell Aerospace
Inertial Measurement Unit Market Size
The Business Research Company offers in-depth market insights through Inertial Measurement Unit Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main types of inertial measurement units are accelerometers, gyroscopes, magnetometers, and other components. An accelerometer is a device that detects a structure's vibration or acceleration of motion. The mass squeezes the piezoelectric material due to vibration or a change in motion (acceleration), which produces an electrical charge proportionate to the force put on it. The different grades in inertial measurement units include marine grade, navigation grade, tactical grade, space grade, and commercial grade. The end-users of inertial measurement units include aerospace & defense, consumer electronics, marine/naval, automotive, and other end-users.
Major Driver - Rising Smartphone Sales And Shipments Bolster Growth In The Inertial Measurement Unit Market
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.
Competitive Landscape:
Major companies operating in the inertial measurement unit market include 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., Israel Aircraft Industries Ltd., L3Harris Technologies Inc., VectorNav Technologies Corp., SBG Systems, Beijing Navgnss Integration Co. Ltd., BeiJing StarNeto Technology Co. Ltd., MEMSIC Inc., Epson Europe Electronics GmbH, MicroStrain Inc., Xsens Technologies B.V., Memsense LLC, STMicroelectronics NV, ACEINNA Inc., NXP Semiconductors N.V., TDK Corporation
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Top Trend - Technological Breakthroughs Drive Growth In The Inertial Measurement Unit Market
Technological advancements are a key trend gaining popularity in the inertial measurement unit market. There has been a recent development in the next generation of micro-electromechanical systems (MEMS) inertial sensor technology. These new, better-performance MEMS sensors will employ alternative sensor designs and circuit designs to improve performance in autonomous UAV (unmanned aerial vehicle) and UGV (unmanned ground vehicle) platforms, including future urban air mobility aircraft. For instance, in January 2021, Honeywell International, a technology and manufacturing firm that provides solutions and technologies for energy, safety, and security received financing from the US Defense Advanced Research Projects Agency (DARPA) to work on the next generation of MEMS inertial sensor technology for commercial and defense navigation applications.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Inertial Measurement Unit Market Characteristics
3. Inertial Measurement Unit Market Trends And Strategies
4. Inertial Measurement Unit Market - Macro Economic Scenario
5. Inertial Measurement Unit Market Size And Growth
…..
27. Inertial Measurement Unit Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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