Companies Covered in Inertial Measurement Unit Market are Analog Devices Inc. (U.S.), Gladiator Technologies (U.S.), Honeywell International Inc.(U.S.), Parker Hannifin Corp (U.S.), General Electric Company (U.S.), Israel Aerospace Industries Ltd. (IAI) (Israel), Thales Group (France), Northrop Grumman Corporation (U.S.), Trimble Inc. (U.S.), Safran S.A(France), TDK Corporation(Japan) and Other key players
Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global inertial measurement unit market size was valued at USD 15.71 billion in 2021. The market is expected 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. Strong demand for unmanned UAVs and Micro-Electro-Mechanical Systems (MEMS) is expected to foster the market’s growth. Fortune Business Insights™ presents this information in its report titled “Inertial Measurement Unit (IMU) Market, 2022-2029.”
COVID-19 Impact
Supply Chain Disruptions Hindered Industry’s Growth During the Pandemic
This market was negatively affected during the COVID-19 pandemic due to disruptions in the supply chain. The alarming spike in COVID-19 infections led to the imposition of stringent lockdown norms, thereby disrupting the supply chain. Furthermore, transport and travel restrictions created a huge raw material shortage. However, lockdown relaxations allowed manufacturers to enhance their production activities, balance costs, and satisfy demand. This factor facilitated the inertial measurement unit industry’s progress during the pandemic.
Accelerometer Segment Dominated Market Share Owing to Increasing IMU Applications
By component, the market is segmented into accelerometer, gyroscope, and magnetometer. The accelerometer segment is expected to dominate due to rising IMU applications.
Ring Laser Gyro Segment to Dominate Owing to Strong Demand for Space-based Navigation Devices
Based on technology, the market is classified into mechanical gyro, ring laser gyro, fiber optics gyro, MEMS, and others. The ring laser gyro segment is expected to grow due to the strong demand for space-based navigation devices.
Space Segment to Lead Owing to Increasing Defense Budgets and Military Modernization
As per platform, the market is categorized into airborne, ground, maritime, and space. The space segment is expected to lead due to rising defense budgets and military modernization.
Aerospace and Defense Segment Accounted for the Largest Share due to High Demand for UAV and Aircraft Fleets
By end-user, the aerospace and defense segment accounted for the largest share in the market in 2021. The increase in demand for UAV and rising aircraft fleets have led to the increasing demand for the product in the aerospace sector.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Robust Demand for Micro Electro Mechanical Systems (MEMS) to Foster Industry Growth
An inertial measurement unit is an electronic device that measures objects’ orientation and movement using magnetometers, gyroscopes, and accelerometers to function smoothly. Robust demand for Micro-Electro-Mechanical Systems (MEMS) is expected to fuel IMS sales. Furthermore, its increasing adoption in medical, defense, communication, electronics, and automotive applications is expected to foster this industry’s progress. Moreover, the rising demand for robotic systems may fuel inertial measurement unit adoption. These factors may drive the Inertial Measurement Unit (IMU) market growth.
However, rising concerns regarding heat dissipation and navigation hiccups are likely to hinder the industry’s growth.
Regional Insights
Strong Defense Spending by Governments to Propel Market Growth in North America
North America is expected to dominate the Inertial Measurement Unit (IMU) market share due to strong defense spending by governments. The market in North America stood at USD 6.08 billion in 2021, and is expected to gain a huge portion of the global market share in the coming years. These factors may facilitate this industry’s growth.
In Europe, the presence of several major players is expected to foster the demand for inertial measurement units. Furthermore, robust investments in the latest warfare technologies are expected to foster this industry’s progress.
In Asia Pacific, rising expenditures in the space industry by Australia, India, Japan, and China are expected to foster IMU demand. Moreover, the Indian Defense Ministry entered into a contract to offer advanced fighter aircraft to Bharat Electronics Limited (BEL). This factor may propel market progress.
Competitive Landscape
Major Players Undertake Acquisitions to Elevate Production Capacities
The prominent companies operating in the market undertake acquisitions to elevate their production capacities. For example, Inertial Labs undertook the acquisition of Memsense in February 2021. This acquisition was aimed to enhance the company’s production capacities and elevate their brand image. Furthermore, major players operating in the market deploy research and development, mergers, novel product launches, and expansions to boost their market position.
Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
Latest technological Advancements
Porters Five Forces Analysis
Supply Chain Analysis
Quantitative Insights-Impact of COVID-19 Pandemic on Global Inertial Measurement Unit (IMU) Market
Impact of COVID-19 Pandemic on Global Inertial Measurement Unit (IMU) Market
Steps Taken by Industry/Companies/Government to Overcome the Impact
Key Development in the industry in Response to COVID-19 Pandemic
Potential Opportunities due to COVID-19 Outbreak
TOC Continued…!
Key Industry Development
February 2022- Honeywell International Inc. won an agreement for a space technology advanced research contract, including research and development for a strategic grade compact IMU.
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