The global inertial measurement unit (IMU) market demand 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, titled “Inertial Measurement Unit (IMU) Market Size, Share and Industry Analysis by Component (Accelerometers, Gyroscopes, and Magnetometers), By Technology (Mechanical Gyro, Ring Laser Gyro, Fiber Optics Gyro, MEMS and Others), By Platform (Airborne, Ground, Marine/Naval, and Space), By End-use Industry (Aerospace & Defense, Consumer Electronics, Marine/Naval, Automotive and Others), and Regional Forecast, 2020 – 2027”.
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.
List of Players Covered in the Inertial Measurement Unit Market Report:
- Analog Devices Inc. (The U.S.)
- General Electric Company (The U.S.)
- Gladiator Technologies (The U.S.)
- Honeywell International Inc. (The U.S.)
- Parker-Hannifin Corporation (The U.S.)
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.
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/inertial-measurement-unit-market-101827
