Inertial Measurement Unit Market Size By Forecast 2027

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.

The inertial measurement unit (IMU) market refers to the industry that produces and sells IMUs, which are electronic devices that measure and report a body's specific force, angular rate, and sometimes the magnetic field surrounding the body, using a combination of accelerometers, gyroscopes, and magnetometers. IMUs are used in a wide range of applications, including aerospace, navigation, robotics, automotive, and consumer electronics.

The global IMU market has been growing steadily over the past few years and is expected to continue to grow in the coming years. Factors driving the growth of the IMU market include the increasing demand for IMUs in the aerospace and defense sectors, the rising adoption of automation and robotics in various industries, and the growing demand for consumer electronics such as smartphones and wearables.

Information Source:

https://www.fortunebusinessinsights.com/industry-reports/inertial-measurement-unit-market-101827

Market Driver

There are several drivers contributing to the growth of the inertial measurement unit (IMU) market. Some of the key drivers include:

• Increasing demand from the aerospace and defense sector: IMUs are extensively used in aerospace and defense applications, such as aircraft, missiles, and unmanned aerial vehicles (UAVs). With the increasing demand for advanced defense systems and commercial aircraft, the demand for IMUs is also growing.
• Adoption of automation and robotics: The adoption of automation and robotics is increasing in various industries, such as automotive, manufacturing, and healthcare. IMUs are used in these industries to provide accurate information about the position and motion of objects, which is essential for the functioning of these systems.
• Growing demand for consumer electronics: IMUs are a critical component in consumer electronics such as smartphones, wearables, and gaming devices. The increasing demand for these devices is driving the demand for IMUs.
• Advancements in MEMS technology: The advancements in micro-electromechanical systems (MEMS) technology have led to the development of smaller, lighter, and more accurate IMUs. These advancements are making IMUs more accessible and affordable, which is driving the growth of the market.
• Increasing demand for autonomous vehicles: IMUs are used in autonomous vehicles to provide information about the vehicle's motion and orientation. With the increasing demand for autonomous vehicles, the demand for IMUs is also growing.

Regional Insights

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.

Competitive Landscape

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.

Industry Developments:

• 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.