Global Inertial Measurement Unit Market - Segmented by Type of Technology (MEMS, Fibre Optic Gyro, Ring Laser Gyro), Grade (Navigational, Tactical and Marine), End-user (Automotive, Aerospace and Defence, Industrial), and Region - Growth, Trends, and Fore

Global Inertial Measurement Unit Market - Segmented by Type of Technology (MEMS, Fibre Optic Gyro, Ring Laser Gyro), Grade (Navigational, Tactical and Marine), End-user (Automotive, Aerospace and Defence, Industrial), and Region - Growth, Trends, and Forecast (2018 - 2023)

The inertial measurement unit market is expected to register a CAGR of 6.49%, during the forecast period 2018 - 2023. The scope of the market is limited to the mapping solutions use photographic, radar, laser, LiDAR or any number of remote sensing systems.

The growth of this market is largely fuelled by various increasing applications, technological advancements, and the growing demand in emerging countries of the Asia-Pacific region. Further, the growth can be attributed to the increasing demand for accuracy in navigation aids and emergence of MEMS systems.

North America held the highest share of the market in 2017. The primary demand for navigational inertial Systems is observed in the maritime sector and the aircraft industry, for both commercial and defence purposes. The United States allocates the maximum budget for defence spending. In 2016, the United States defence spending was more than USD 611 billion, which represented 36% of the total world military expenditure (USD 1686 billion). Over the last three years, however, as a result of global political situation and conflicts in Afghanistan and Iraq, the United States Department of Defence cut down their defence budget. Nonetheless, the decrease in military spending is expected to be offset by the steady growth in aerospace and land-based applications in the United States. The increase in the production of helicopters and commercial aircrafts drives the market for inertial systems. This huge aerospace industry of the United States exports more than 60% of the total aerospace production. Various foreign firms are attracted to the United States aerospace market, as it is the largest in the world, employing a skilled and hospitable workforce, with diverse offerings and extensive distribution systems. According to the United States Department of Commerce, the United States aerospace industry has contributed to about USD 147 billion to the United States economy in the form of export sales. It is estimated that for the next 20 years, the number of large commercial planes will grow at a rate of 3.5% per year, to reach a total of 34,000 units valued at USD 4.5 trillion. Further, the increasing penetration of automated guided vehicles coupled with the growing number of connected cars in the region is expected to bolster the demand for inertial measurement units during the forecast period.

Aerospace And Defence to Hold a Lion’s Share of the Market

Inertial measurement units form an integral part of inertial navigational systems that are used in a wide range of applications, including the navigation of aircraft, tactical and strategic missiles, spacecraft, submarines, and ships. As INS systems in aircrafts is mandate for efficient navigation, the growth is directly affected by the growth of the aircrafts globally. However, factors such as increasing demand for accuracy in navigation and high availability of small and robust components are expected to have a significant impact the global market, resulting in its exponential growth in the future. The increased use of satellite navigation for commercial application the growth of the global market. Some of the factors that might hinder the growth of the market are system initialization and error propagation. North America and Europe are expected to have the largest market share for inertial measurement unit in terms of commercial aviation and defence aviation. However, increase in number of programs launched in Asia-Pacific and Middle East for INS development is expected to drive the market in the respective regions. The growth in Asia - Pacific is further supported by the increase in defence budget in countries, like China, India and South Korea. Several countries are investing heavily in order to strengthen their naval defence. The increasing demand for unmanned aerial vehicle (UAV also offers tremendous growth opportunities for the inertial measurement unit market and thus, aids the market growth during the forecast period.

Key Developments

  • November 2017 - UTC Aerospace Systems announced a definitive agreement to acquire Rockwell Collins for USD140.00 per share. This acquisition is aimed at catering the demand of a rapidly evolving aerospace industry for the production of intelligent and connected aircrafts
  • September 2017 - Northrop Grumman announced to acquire Orbital ATK for approximately USD 7.8 billion. This acquisition is aimed at strategically combining Northop and Orbital’s to enhance and complement the company’s capabilities in the aerospace and defence sector

Reasons to Purchase this Report
  • Current and future inertial measurement unit market outlook in the developed and emerging economies
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segments that are expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identifying the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in Excel)rigid bulk packaging market is expected to register a CAGR of 4.9%, during the forecast period (2018 - 2023). The scope of the market covers only the rigid packaging forms for bulk materials across the food, beverage, industrial, chemicals, and pharmaceutical sectors.

    Trends driving the Rigid Bulk Packaging Market

    Over the last few decades, global bulk packaging has received very scant attention compared to consumer packaging. However, recently, governments and organizations across the world have come to realize the importance of safe and sustainable industrial packaging. The growing trend of sustainability buoyed by legislations across various countries has driven the demand for recycling and reusability in industrial packaging. Some of the major drivers contributing to the growth of this market include the emergence of sustainable and recycling packaging materials, steady growth in construction activity and increased demand for food and packaging transport materials across the globe. Further, the greater need to improve logistics costs, bill of materials, and enhance overall efficiency across the supply chain, is expected to drive investments in innovation among the industrial packaging manufacturers over the forecast period. These factors have been buoyed by companies and governments focused on claiming the necessary measures to reduce packaging wastage. These trends are expected to drive the rigid bulk packaging market during the forecast period.

    Robust Trade Relations to Drive the Market in United States

    The rigid bulk packaging market in the United States is bolstered by the presence of major market players and strong manufacturing industries, such as chemicals, pharmaceutical, food & beverages, and automotive. The country is also the third largest exporter, after China and the European Union, as well as the second largest importer of goods in the world. These good mainly constitute of industrial machinery, medical equipment, petroleum products, and automotive parts and supplies. According to the World Bank, the exports of goods in 2014 accounted for 13.5% of the GDP and reduced to 12.56% in 2015. Though there is a dip in this export growth, the country’s focus on strengthening their trade relations during the forecast period are expected to aid the market growth. The country is known to be the largest producer of nuclear energy accounting for almost 33% of the world’s nuclear power and is focused to continue to sustain its position. This trend has been buoyed by construction of two new reactors with a gross electrical capacity of 2,500 MW. Further, US shale gas production additions accounted for 10 million metric ton (MMT) increase in bulk liquid chemicals in 2016, which have been driven by the continued low natural gas prices in the U.S., which resulted in a significant expansion of methane-based projects. Also, the aim to replace imports from South America, the Black Sea, and the Middle East has driven domestic fertilizer production in the country. All the said factors are expected to strengthen the rigid bulk packaging market in the country.

    Industrial Bulk Containers to Witness Fastest Growth

    IBC’s are mainly used for the storage and handling of materials in the oil & gas, chemical, and petrochemical sectors. These containers are available in three forms these include flexible, rigid and foldable IBC’s. Further, IBCs ensure product safety and cost effective packaging solutions, as well as helps in down gauging the overall packaging cost owing to its features, like multiple usage, large storage capacity, usability with different industrial products. The need for corrosion resistant and a suitable container for the storage and handling of both hazardous and non-hazardous liquid applications has driven the usage of intermediate bulk containers in the chemicals, pharmaceutical, food & beverage, and oil and lubricants sectors. The IBC market has witnessed a significant growth during the forecast period, owing to the ease in transportation and storage employing these solutions, coupled with the increased import and export of chemicals and oil & gas across various regions. Further, the increased demand for reusability and sustainable packaging has driven the adoption of returnable bulk containers, particularly for exports.

    Key Developments in the Market
    • December 2017 - Schütz signed an agreement to acquire Envases y Laminados, S.A. de C.V. (ELSA), a leading supplier of rigid industrial packaging in Mexico. The acquisition is aimed at leveraging ELSA’s establishment in Mexico and also capturing the growth perspectives of the packaging industry with Mexico being an integral part of the NAFTA region
    • February 2017 - Nefab Packaging Sweden AB acquired Foldy Pac Nordic AB, a manufacturer of packaging for demanding transport by road, sea and air. The acquisition is aimed at expanding the company’s geographical footprint and complement their bulk packaging portfolio

    Reasons to Purchase this Report
    • Factors such as growing stringency in regulations act as a driver to the global market scenario have been analyzed
    • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
    • The type of packaging and end-user industry that are expected to dominate the market is estimated and analyzed in detail
    • The regions that are expected to witness fastest growth during the forecast period have been analyzed in detail
    • Identifying the latest developments, market shares and strategies employed by the major market players
    • 3-month analyst support, along with the Market Estimate sheet (in Excel).
    Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.

1. Introduction
1.1 Scope of the Study
1.2 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Methodology
2.4 Research Phases
3. Market Analysis
3.1 Market Overview
3.2 Industry Attractiveness - Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Buyers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products
3.2.5 Competitive Rivalry
3.3 Value Chain Analysis
4. Market Dynamics
4.1 Market Drivers
4.1.1 Growing Demand For Accuracy In Navigation
4.2 Market Restraints
4.2.1 Operational Complexity Coupled With High Maintenance Costs
5. Technology Snapshot
6. Global Inertial Measurement Unit Market Segmentation
6.1 By Component
6.1.1 Gyroscopes
6.1.2 Accelerometers
6.1.3 Magnetometers
6.1.4 Others
6.2 By Grade
6.2.1 Marine Grade
6.2.2 Navigation Grade
6.2.3 Tactical Grade
6.2.4 Space Grade
6.2.5 Commercial Grade
6.3 By End-User
6.3.1 Industrial
6.3.2 Aerospace and Defense
6.3.3 Automotive
6.3.4 Others
6.4 By Region
6.4.1 North America United States Canada
6.4.2 Europe United Kingdom Germany France Rest of Europe
6.4.3 Asia-Pacific China India Japan Rest of Asia Pacific
6.4.4 Rest of the World Latin America Middle East & Africa
6.4.5 Middle East & Africa
7. Competitive Intelligence - Key Vendor Profiles
7.1 Analog Devices Inc.
7.2 Northrop Grumman Corporation
7.3 Safran Group (Colibrys Switzerland) Ltd.
7.4 Rockwell Collins, Inc.
7.5 Honeywell International Inc.
7.6 Invensense Inc.
7.7 Ixbluesas
7.8 Kearfott Corporation
7.9 KVH Industries, Inc.
7.10 Thales Group
7.11 Xsens Technologies B.V.
7.12 Sparton Corporation
7.13 Epson Europe Electronic
7.14 Vector NAV
*List is not Exhaustive
8. Investment Analysis
9. Future of Inertial Measurement Unit Market

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