CHICAGO, Feb. 15, 2022 /PRNewswire/ — According to the new research report, the “Inertial Measurement Unit Market by Component (Accelerometer, Gyroscope, Magnetometer, Others), Grade (Marine, Navigation, Tactical, Space, Commercial), Technology (MO, RLG, FOG, MEMS), Platform, End User and Region – Forecast to 2026”, published by MarketsandMarkets™, the market is estimated to be USD 21.3 billion in 2021 and is projected to reach USD 40.7 billion by 2026, at a CAGR of 13.8% during the forecast period. The growth of this market is mainly driven by the high–volume production of smartphones, increase in demand for missiles and rise in aircraft deliveries.
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The inertial measurement unit market includes major players General Electric (US), Honeywell (US), Bosch (Germany), Safran (France), and Northrop Grumman (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, and Rest of the World. COVID-19 has impacted their businesses as well.
Increasing need to measure angular velocity in three dimensions is expected to fuel the growth of the gyroscope segment in the inertial measurement unit market during the forecast period.
The gyroscope segment is estimated to lead the market during the forecast period, with a share of 57% in 2021. Gyroscopes are used in various devices to calculate their actual velocity until these devices stabilize and provide the measurement of the angular velocity proportional to the external torque applied. They are used in different types of aircraft. Gyroscopes find application in the defense sector. They are also used in various industrial applications. Gyroscopes are extensively used in the consumer electronics and automotive industries. They are widely used in smartphones, owing to their orientation and rotation measurement capabilities.
The MEMS segment is projected to witness the highest CAGR during the forecast period.
Based on technology, the MEMS segment is projected to be the highest CAGR rate for the inertial measurement unit market during the forecast period. These small, lightweight systems have an advantage over other types of IMUs due to their less weight and comparatively higher accuracy with a compact size. MEMS-based IMUs are expected to replace FOG IMUs in tactical grade performance applications in the coming years.
The commercial grade segment is projected to witness the highest CAGR during the forecast period.
Based on the grade, the commercial grade segment is projected to grow at the highest CAGR rate for the inertial measurement unit market during the forecast period. Commercial grade IMUs include consumer grade IMUs and enterprise-grade IMUs. Consumer grade IMUs are used for low-end applications such as phones, tablets, automobile airbag systems, etc., while enterprise-grade IMUs are used in small UAVs.
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The satellites/space vehicles segment is projected to witness the highest CAGR during the forecast period
Based on platform, the satellites/space vehicles segment is projected to grow at the highest CAGR rate for the inertial measurement unit market during the forecast period. They are used for television broadcasting, telephones, satellite-based navigation, and weather forecasting and are equipped with sophisticated satellite telescopes for space research. They are also used for search and rescue missions as well as monitoring ocean, wind currents, forest fires, oil spills, airborne pollution.
The commercial segment is projected to witness the highest CAGR during the forecast period.
Based on the end user, the commercial segment is projected to grow at the highest CAGR rate for the inertial measurement unit market during the forecast period. IMUs serve as orientation sensors in many consumer products. Low-cost IMUs have enabled the proliferation of the consumer drone industry. They are also frequently used in the sports industry, like in technique training, and animation applications.
The Asia Pacific market is projected to contribute the largest share from 2021 to 2026
The majority of the Asia Pacific IMU market is accounted for by consumer electronic products. In addition, according to the Shipbuilders Association of Japan, Asia Pacific accounts for a 96% share of the global merchant shipbuilding industry. As per OICA, car manufacturers in China and Japan alone constituted 42.8% of the global car production in 2020. Asia Pacific has a monopoly in industries such as consumer electronics, marine, and automobiles.
Related Reports:
Autonomous Navigation Market by Solution (Sensing System, Software, Processing Unit), Platform (Airborne, Land, Space, Marine, Weapon), Application (Commercial, Military & Government), and Region – Global Forecast to 2030
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