The global inertial measurement unit (IMU) market size is projected to reach USD 24.91 billion by 2027, exhibiting a CAGR of 9.22% during the forecast period. Wide applicability of IMU sensors will be the key growth-driving factor for this market, according to the new Fortune Business Insights™ report. Inertial measurement units (IMUs) are a form of sensor technology that have the capability of calculating different parameters, including magnetic fields, angular rate, acceleration, direction, and speed, using three tools – magnetometer, gyroscope, and accelerometer. Owing to their enhanced capabilities, these devices are extensively used in military surveillance applications. For example, manned and unmanned aerial vehicles (UAVs) are equipped with IMUs for accurate calculation of altitude and relative position of the vehicle. This technology is also utilized as a supplement to GPS devices on account of their navigational abilities. Thus, these advantages of IMUs in various applications bode well for the progress of this market.
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Availability of Advanced IMUs to Favor Market Growth
The utility of IMUs in military operations, especially in UAVs, has prompted companies in this domain to engineer advanced solutions pertaining to this technology. As a result, today, there is wide availability of next-gen IMUs in the market. For example, EMCORE’s Systron Donner Inertial provides solid-state micro-electromechanical systems (MEMS) IMUs for drones to operate in the harshest weather conditions. Similarly, France-based SBG Systems designs and supplies MEMS-driven inertial sensors for unmanned vehicles. The company’s Ellipse 2 Micro Series is its lightest and smallest IMU offering, designed to provide accurate positioning data for unmanned systems. Such advancements in inertial sensor technologies is expanding the scope and accelerating the IMU market growth in the process.
North America to Lead the Charge; Asia-Pacific to Register Steady Growth
North America, with a market size of USD 6.70 billion in 2019, is poised to dominate the inertial measurement unit market share during the forecast period owing to the strong presence of IMU manufacturers in the region. Moreover, the US is the highest defense spender in the world and is known to use some of the most advanced weaponry and surveillance technologies. These factors provide the necessary fodder for the growth of this market in the region.
On the other hand, the market size in Asia-Pacific is anticipated to expand steadily on account of rising military spending in India and China. Other than this, the region is also experiencing surging usage of smartphones and other consumer electronics, which are the critical factors favoring market growth in the region.
Growing Investment in R&D by Companies to Intensify Competition
Development of IMUs requires innovation in engineering techniques and therefore, most players in this market are ramping up their R&D investment to enhance their innovation capabilities. This is also enabling them to strengthen their position in this market, diversify their portfolio, and expand globally.
January 2020: The Japanese electronics company, TDK Corporation, launched a family of inertial measurement units called InvenSense, featuring high performance and fault-tolerance capacities. Conceived for industrial applications, the novel offerings can measure three dimensions of rotation rate and three dimensions of linear acceleration.
September 2019: Honeywell International, the US-based conglomerate, released HGuide, the company’s new world-class, lightweight, and low-cost IMU. The product is designed to withstand any environmental condition and caters to several application areas, including transportation, UAVs, surveying and mapping, robotics, and agriculture.