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Increased demand for accurate and reliable navigation is one of the significant factors driving the inertial measurement unit market.
The inertial measurement unit market is projected to grow from an estimated USD 16.46 billion in 2017 to USD 21.74 billion by 2022, at a CAGR of 5.72% during the forecast period. This growth can be attributed to factors, such as high volume of production of consumer electronics, increased demand and production of aircraft and missiles, availability of components at affordable prices, and the need for accurate navigation systems providing high reliability. However, operational complexity associated with IMU based navigation systems and decline in defense budgets in some of the major countries are expected to restrain the growth of this market.
Based on application, the consumer electronics segment is estimated to account for the largest share of the inertial measurement unit market during the forecast period.
Based on application, the consumer electronics segment is estimated to account for the largest share in the inertial measurement unit market in 2017. Smartphones have become the biggest volume and value sales driver within consumer electronics. All smartphones and VR/AR devices use IMUs. High volume sales of smartphones and the booming VR/AR market are fueling the IMU market for consumer electronic products. The need for inertial measurement units in smartphones, smartwatches, and VR/AR headsets, among others, is contributing to the growth of the IMU market in consumer electronics.
Asia Pacific is estimated to account for the largest share of the inertial measurement unit market in 2017 and is also projected to grow at the highest CAGR during the forecast period.
Asia Pacific is estimated to account for the largest share of the IMU market during the forecast period. This can be attributed to the presence of major smartphone manufacturers such as (South Korea), Huawei (China), Vivo (China), OPPO (China), etc., and the rise in missile production capacities of countries such as China and India. The market in Asia Pacific is projected to grow at the highest CAGR from 2017 to 2022, as the demand for smartphones is gradually increasing in the emerging markets and emerging aircraft manufacturers in countries such as China, Japan, and India. China and India emphasize on indigenous technologies to manufacture aircraft, missiles, and armored vehicles, etc. All these factors collectively are expected to drive the IMU market in the region.
Break-up of profile of primary participants in the inertial measurement unit market:
- By Company Type: Tier 1 – 30%, Tier 2 – 35%, and Tier 3 – 35%
- By Designation: C Level – 32%, Director Level – 38%, and Others – 30%
- By Region: North America – 46%, Europe – 18%, Asia Pacific – 27%, and RoW – 9%
Major companies profiled in the report include Honeywell (US), Northrop Grumman (US), Safran Electronics & Defense (France), Thales (France), STMicroelectronics (Switzerland), Bosch (Germany), GE (US), Teledyne Technologies (US), VectorNav Technologies (US), LORD MicroStrain (US), Trimble Navigation (US), and Gladiator Technologies (US), among others.
This research report categorizes the inertial measurement unit market on the basis of application (aircraft, missiles, space launch vehicles, marine, military armored vehicles, UAV, UGV, UMV, consumer electronics, automotive, survey equipment), technology (mechanical gyro, ring laser gyro, fiber optics gyro, MEMS, others), grade (marine grade, navigation grade, tactical grade, space grade, commercial grade), and component (accelerometers, gyroscopes, magnetometers). These segments and subsegments have been mapped across major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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From an insight perspective, this research report has focused on various levels of analyses ?industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments in the inertial measurement unit market, high-growth regions, and market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on inertial measurement units offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the inertial measurement unit market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the inertial measurement unit market across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the inertial measurement unit market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the inertial measurement unit market