Product Code: 53135
The High-performance Inertial Measurement Unit (IMU) market was valued at USD 15.14 billion in 2020 and is expected to reach USD 22.72 billion by 2026 and work at a CAGR of 6% over the forecast period (2021-2026). Over the last few years, high-end IMU's have emerged as the main component in inertial navigation systems that are used for gauging the movement of objects in areas where other forms of navigation systems are not reliable.
- One of the major factors that have impacted the demand in the market is the scaling down in the size and power consumption of IMU devices and the expanding application base of MEMS technology for high-end inertial systems, without compromising on their performance metrics. This trend of miniaturization is expected to continue during the forecast period.
- Marked reduction in the size of high-end IMUs, coupled with the emergence of wireless transmission technology have improved the rate of adoption in a wide range of applications, ranging from industrial to biomechanical and virtual reality sectors.
- Technological advancements in the field of MEMS manufacturing along with the innovations in fabrication and micro-machining process have led to the paced commercialization of high-end inertial systems. They are being widely used in land, defence, industrial and aerospace applications for obtaining high-accuracy, and precision-based measurement of vector-based variables that usually categorized, based on performance, using bias stability, degree of freedom, device range and scope for error.
- The automotive sector is the newly emerging market for high-performance IMUs following advancements in applications, such as stability control, safety measures, and crash detection systems. As premium automakers are approaching toward L5 autonomous driving in next 10 years, the market will open a huge opportunity for IMU-powered MEMS sensors related to acceleration, LiDAR (Light Detection And Ranging), and motion detection systems.
- The COVID-19 pandemic has been effecting the market studied in two ways, especially in the industrial sector. Owing to the social distancing measures being followed by the manufacturing industries globally, there has been a production slowdown. While on the other side, a few companies, the outbreak of COVID-19 has forced the manufacturing industries to re-evaluate their traditional production processes, primarily driving the digital transformation and smart manufacturing practices across the production lines.
Key Market Trends
Industrial Sector is Expected to Witness Significant Growth Rate
- In an increasingly competitive industrial market, new features are required to produce more smart machines. With the extensive R&D activities in the fields of sensors, the high-performance IMU market's growth is expected to fuel up over the forecast period.
- Owing to the growing significance of the industrial hubs across the world, there is an increasing need for high-performing operational products. This is increasing the demand for high-performance IMUs, as they are an integral part of defining the product's efficiency.
- The automation of industrial machinery, whether it be in manufacturing, agriculture, logistics, energy, automotive, or unmanned aerial vehicles, promises great gains in resource efficiency, equipment accuracy, and safety. A key enabler of these gains is the identification of the appropriate sensing technologies to enhance the contextual knowledge of the equipment's condition. To the extent that the location or position of the equipment is also a valuable input to the equation, then precision inertial sensors hold the promise of essentially pinpointing location or maintaining accurate positioning.
- The major players are adopting the technology at a fast pace for example in April 2020, Aceinna announced high volume availability of the new ACEINNA IMU383ZA, which integrates triple-redundant, 3-axis MEMS accelerometer and gyroscope sensors. This miniature module is factory-calibrated over the -40C to +85C industrial temperature range, to provide consistent performance through extreme operating environments for a wide variety of applications including autonomous systems, drones, robotics, agricultural, construction, and other industrial machines.
North America is Register to have the Largest Market Share
- The primary demand for high-performance inertial systems is primarily obtained from the maritime and the aircraft industry, across both commercial and defence purposes. The increase in the production of helicopters and commercial aircrafts is expected to drive the market during the forecast period.
- Various foreign firms are attracted to the United States marketplace, as it is having diverse offerings and extensive distribution systems thereby employing a skilled and hospitable workforce.
- According to the Federal Aviation Administration, it is estimated that for the next 20 years, the number of US carrier passenger plane will grow at a rate of 1.9% per year, due to which the application of IMU is expected to grow at a steady rate, thereby fueling the growth of the high-performance IMU market.
The high-performance inertial measurement unit market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the MEMS sensor technology, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
- June 2019 - Bosch Sensortec announced the BMI270, an ultra-low power smart Inertial Measurement Unit (IMU) specifically targeted for wearable applications. It offers the strongly improved accelerometer offset and sensitivity performance, by the help of latest Bosch MEMS process technology.
- June 2020 -Analog Devices Inc. announced its high-precision inertial measurement unit (IMU) has been selected by CHC Navigation to enable its next generation, real-time kinematic (RTK) rover receiver, which can achieve high-precision and high-efficiency positioning and measurement at any position through the combination of satellite and inertial positioning.
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- The market estimate (ME) sheet in Excel format
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Stakeholders Analysis
- 4.3 Industry Attractiveness - Porter's Five Force Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
- 4.4 Impact of COVID-19 on the Market
- 4.5 Market Drivers
- 4.5.1 Growing Demand of IMU in Aerospace and Defense Sector
- 4.5.2 Technological Improvement in Core Component Products
- 4.6 Market Restraints
- 4.6.1 Complex Manufacturing Processes
- 4.7 Market Opportunities
- 4.8 Technology Landscape Analysis
5 MARKET SEGMENTATION
- 5.1 End-user Application
- 5.1.1 Industrial
- 5.1.2 Aerospace and Defense
- 5.1.3 Automotive
- 5.1.4 Marine (Civil, Naval and Offshore)
- 5.1.5 Other End-user Industry
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia Pacific
- 5.2.4 Latin America
- 5.2.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles*
- 6.1.1 Honeywell International Inc.
- 6.1.2 Collins Aerospace
- 6.1.3 Analog Devices Inc.
- 6.1.4 Bosch Sensortec GmbH
- 6.1.5 TDK Corporation
- 6.1.6 Moog Inc.
- 6.1.7 Northrop Grumman Corporation
- 6.1.8 Safran SA
- 6.1.9 STMicroelectronics N.V.
- 6.1.10 Thales S.A.
- 6.1.11 VectorNav Technologies LLC
- 6.1.12 NovAtel Inc. (Hexagon AB)
- 6.1.13 Seiko Epson Corporation
- 6.1.14 Sensonor Technologies AS
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET