Inertial Measurement Unit Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Inertial Measurement Unit Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Inertial Measurement Unit Market

The inertial measurement unit market size was valued at USD 15.71 billion in 2021, and the market is now projected to grow from USD 16.41 billion in 2022 to USD 28.37 billion by 2029, exhibiting a CAGR of 8.13% during the forecast period of 2022-2029.

Due to the lockdown, many manufacturing units were halted and caused scarcity of raw materials. Companies have felt the impacts of the pandemic in the resulting political and economic uncertainty in global conditions. The stability of credit and financial markets, decrease in end user confidence, and turn down in buyer spending hindered the market. Due to supply chain disruptions at different locations, major corporations canceled and modified their programs. Thus, the COVID-19 pandemic has hindered the inertial measurement unit market growth.

The inertial measurement unit market share globally has been supported by the rising demand for micro electro mechanical systems. MEMS is one of the most capable technologies with the potential to transform engineering and consumer products. It is a combination of silicon-based microelectronics with micromachining technology. The growing use of MEMS devices in various sectors is anticipated to enlarge the use of the IMU sensor in MEMS devices. The growth of autonomous vehicles and EV, the starting of the adoption of hydrogen power plants, and increased environmental monitoring are facilitating the growth of the MEMS market.

The trend of increasing demand for unmanned systems boosted the demand for the product. Growing implementation of unmanned aerial vehicles for a variety of commercial and military applications are propelling the market growth. Such as aerial photography, situation awareness, law & order enforcement, disaster management, relief & rescue operations, and research & development have caused an increase in the market growth. Smart robotics which operated remotely and usage sensor technology is impelling the amplified the demand for devices.

Comprehensive Analysis of Inertial Measurement Unit Market

The inertial measurement unit market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a thorough regional assessment considering the dominant supply and demand forces that impact the aerospace & defence industry. These segmentations are methodically segregated by types of component, technology, platform, and end-user. The component includes accelerometer, gyroscope, and magnetometer. The technology involves mechanical gyro, ring laser gyro, fiber optics gyro, MEMS, and others. The platforms are airborne, ground, and maritime. The end-users are aerospace and defense, consumer electronics, marine/naval, automotive, and others.

The North American region is conducive to the global inertial measurement unit market, leading to a recall of 6.08 billion due to high defense spending from the U.S. Department of Defense.

The top players in the market play a vital role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These players include Analog Devices. (U.S.), Gladiator Technologies (U.S.), General Electric Company (U.S.), Israel Aerospace Industries Ltd. (IAI) (Israel), Parker Hannifin Corp (U.S.),Thales Group (France), Northrop Grumman Corporation (U.S.), Honeywell International Inc. (U.S.), Robert Bosch GmbH(Germany), Trimble Inc. (U.S.), Safran S.A(France), TDK Corporation(Japan), these market players provide a level-playing competitive landscape.

In July 2022, Honeywell technologies Inc. and Civitanavi Systems announced their collaboration for developing a new IMU for aerospace clients. The new device HG2800 inertial measurement units are low-power solutions for precision pointing, low-cost, and have device stabilization.

Segmentation Table

Global Inertial Measurement Unit Market Scope

ATTRIBUTE DETAILS

Study Period 2018-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2018-2020

Unit Value (USD Billion)

Segmentation By Component, Technology, Platform, End-user, and Geography

By Component

Accelerometer

Gyroscope

Magnetometer

By Technology

Mechanical Gyro

Ring Laser Gyro

Fiber Optics Gyro

MEMS

Others

By Platform

Airborne

Ground

Maritime

Space

By End-user

Aerospace and Defense

Consumer Electronics

Marine/Naval

Automotive

Others

By Geography

North America (By Component; By Technology; By Platform, By End-user; By Country)

U.S. (By Platform)

Canada (By Platform)

Europe (By Component; By Technology; By Platform, By End-user; By Country)

U.K. (By Platform)

Germany (By Platform)

France (By Platform)

Rest of Europe (By Platform)

Asia Pacific (By Component; By Technology; By Platform, By End-user; By Country)

Japan (By Platform)

China (By Platform)

India (By Platform)

Rest of Asia Pacific (By Platform)

Rest of the World (By Component; By Technology; By Platform, By End-user; By sub-region)

Latin America (By Platform)

Middle East and Africa (By Platform)

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