The global inertial measurement unit market size is projected to witness exponential growth on account of increasing demand for aircraft for various commercial and cargo transport purposes. A comprehensive overview on the market is provided by a Fortune Business Insights™ report titled, “Inertial Measurement Unit Market Size, Share & Industry Analysis, By Grade (Marine, Navigation, Tactical, Space, Commercial), By Technology (Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, MEMS, Others), By Application (Aircraft, Missiles, Space Launch Vehicles, Marine, Military Armored Vehicles), By Component (Accelerometers, Gyroscopes, Magnetometers) and Regional Forecast, 2019-2026.”
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List of the key inertial measurement unit market manufacturers include:
- Safran Electronics & Defense
- Lord Microstrain
- Trimble Navigation
- General Electric
- Teledyne Technologies
- Vectornav Technologies
- Gladiator Technologies
The report presents a detailed analysis of the market, primarily focusing on the growth trajectories such as drivers, restraints, challenges, and opportunities. It also throws light on the market segmentation with the base figure, forecast figure, and CAGR. The report lists the names of significant players in the inertial measurement unit market and the key strategies adopted by them for maintaining healthy competition in the market. The report can be bought from the company website.
Rising Demand for Navigation Accuracy Will Promote Market Growth
The most significant factor promoting the market growth is the rising demand for aircraft. Thus, the rising number of smartphone production with high volume frequency is also anticipated to help increase the overall market size during the forecast period.
Additionally, the rising demand for navigation accuracy is likely to bode well for the market in the long run. Furthermore, the rising penetration of augmented and virtual reality technologies in various industries is expected to increase the inertial measurement unit market share during the forecast period.
On the flip side, the complexities related to high-end inertial measurement units may pose a challenge to the overall inertial measurement unit market size. Nevertheless, the rise in capital investments is likely to create lucrative market growth opportunities in the long run.
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Presence of Well-established Consumer Electronic Business to Help Asia Pacific Dominate Market
Geographically, Asia Pacific will enjoy the dominant market share during the forecast period. This is attributable to the presence of firmly established electronics industry in nations such as South Korea, China, and others, since IMUs are the crucial components in consumer electronic products.
Additionally, the presence of smartphone manufacturing companies such as Samsung, Oppo, and Vivo in South Korea and China have helped these nations emerge as the leading consumers of electronic products. This, coupled with the fact that this region also stands base to major aircraft manufacturing companies such as Mitsubishi Aircraft Corporation and COMAC, is also helping this region continue its dominance in the forecast period as well.
Strategies to Introduce Driverless Vehicles Will Further Intensify Market Competition
market manufacturers are emphasizing on advanced technology IMUs since sensor manufacturer ACEINNA launched their new open-source Inertial Measurement Unit Sensor used for autonomous offroad, construction, and agricultural vehicle applications. Additionally, the company Honeywell developed HG1700 installed on an extensive range of UAVs, weaponry, and stabilized platform. Other players operating in this market are trying to adopt other strategies such as developing driverless vehicles, increasing investments, introducing advanced technologies such as augmented and virtual reality, and others.
Some of the key industry developments in the market are:
2016 – A contract was signed between Systron Donner Inertial (SDI) and Rockwell Collins for an inertial measurement unit (IMU) on the new Boeing 777X IFCE (Integrated Flight Control Electronics) fly-by-wire system.
2018 – A major U.S. prime contractor in the defense sector and EMCORE signed an agreement for designing an innovative inertial measurement unit for airborne navigation applications and line-of-sight stabilization.
2019 – An open-source IMU sensor called OpenIMU300RI was launched by a sensor manufacturer ACEINNA. This sensor will help in agricultural vehicle applications, autonomous off-road, and construction.
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