Inertial Measurement Unit (IMU) Market to Reach USD 28.37 Billion by 2029; Increasing Demand for Unmanned UAVs to Propel Market Progress

The global Inertial Measurement Unit (IMU) market size is expected to exhibit strong growth by reaching USD 28.37 billion by 2029. Fortune Business Insights™ provides this information in its report titled “Inertial Measurement Unit (IMU) Market Size, Share, Growth & COVID-19 Impact Analysis, By Component (Accelerometer, Gyroscope, Magnetometer), By Technology (Mechanical Gyro, Ring Laser Gyro, Fiber Optics GYRO, MEMS, Others), By Platform (Airborne, Ground, Maritime), By End-user (Aerospace and Defense, Consumer Electronics, Marine/Naval, Automotive, Others), and Regional Forecasts, 2022-2029” observes that the market size in 2021 was valued at USD 15.71 billion and touched USD 16.41 billion in 2022. The market exhibited a CAGR of 8.13% during 2022-2029. Rising demand for unmanned aerial vehicles (UAVs) and Micro-Electro-Mechanical Systems (MEMS) may boost the market’s growth.

Honeywell Technologies Inc. and Civitanavi Systems Entered into a Collaboration to Develop Attractive Products

Honeywell Technologies Inc. and Civitanavi Systems entered into a collaboration in July 2022. This collaboration was undertaken to develop IMU aerospace for consumers. This strategy may enable Honeywell Technologies Inc. to enhance its brand image. 

Disruptions in Supply Chain Hampered this Industry’s Progress During the Pandemic

This industry was negatively affected during the COVID-19 pandemic due to supply chain disruptions. The alarming spike in COVID-19 infections led to the imposition of strict lockdown norms, disrupting the supply chain. Further, transport and travel restrictions led to a huge shortage of raw materials. However, lockdown relaxations empowered manufacturers to balance costs, satisfy demand, and elevate their production activities. This factor facilitated the inertial measurement unit industry’s progress during the pandemic.

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Strong Demand for Micro Electro Mechanical Systems (MEMS) to Boost Industry Growth

An inertial measurement unit is an electronic device that measures objects’ orientation and movement by utilizing magnetometers, gyroscopes, and accelerometers to function smoothly. Strong demand for Micro-Electro-Mechanical Systems (MEMS) may fuel IMS sales. Moreover, rising demand for the product from medical, communication, electronics, defense, and automotive applications may foster this industry’s progress. Also, robust demand for robotic systems may foster inertial measurement unit adoption. These factors may drive the Inertial Measurement Unit (IMU) market growth.

Major Players Deploy Acquisitions to Boost their Production Capacities

The prominent companies operating in the market deploy acquisitions to bolster their production capacities. For example, Inertial Labs acquired Memsense in February 2021. This acquisition was undertaken to enhance the companies’ production capacities and enhance their brand image. Moreover, major players operating in the market deploy research and development, mergers, novel product launches, and expansions to boost their market position.

Notable Industry Development

• February 2022- Honeywell International Inc. won an agreement for a space technology advanced research contract, including research and development for a strategic grade compact IMU.

List of Key Players Profiled in the Report

• Analog Devices Inc. (U.S.)
• Gladiator Technologies (U.S.)
• Honeywell International Inc.(U.S.)
• Parker Hannifin Corp (U.S.)
• General Electric Company (U.S.)
• Israel Aerospace Industries Ltd. (IAI) (Israel)
• Thales Group (France)
• Northrop Grumman Corporation (U.S.)
• Robert Bosch GmbH(Germany)
• Trimble Inc. (U.S.)
• Safran S.A(France)
• TDK Corporation(Japan)

Further Report Findings

• The market in North America stood at USD 6.08 billion in 2021, and is expected to gain a huge portion of the global Inertial Measurement Unit (IMU) market share in the coming years.
• Robust defense spending by governments may elevate this industry’s growth prospects.
• In Europe, the presence of crucial players is expected to foster the inertial measurement unit industry’s growth. Furthermore, strong investment in modern warfare technologies is likely to foster the industry’s progress.

Table of Segmentation