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Inertial Measurement Unit Market Outlook And Industry Analysis Report 2024-2033
Inertial Measurement Unit Market Outlook
As per the report, 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 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%.
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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.
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 inertial measurement unit market covered in this report is segmented -
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
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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
Contents of the report:
1. Executive Summary
2. Inertial Measurement Unit Market Report Structure
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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