The global inertial measurement unit market is expected to be bolstered by the rising manufacture of aircrafts on a world platform triggering the rise of the need of better navigation techniques. The requirement of equipment with greater usage ease on account of the advancement of worldwide lifestyle enabled the engagement of motion sensing technology extensively using inertial sensors. This could play a critical part in defining the market and driving its growth in the near future. Complex navigation systems equipped with inertial sensors could find an increasing demand because of the unparalleled rise in the use of unmanned automobiles across defense and civilian applications.
The global inertial measurement unit market is predicted by Transparency Market Research (TMR) to reach a valuation of US$3.6 bn by 2022 end from a US$2.6 bn achieved in 2017. During the forecast timeframe 2017–2022, a CAGR of 6.0% could be posted by the market.
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Global Inertial Measurement Unit Market: Major Insights
Developed regions such as North America are anticipated to set the tone for a constructive growth in the world inertial measurement unit market. This could be due to three main factors such as the massive inflow of federal investments, aggressive advancement in the microelectromechanical systems (MEMS) technology, and towering demand for commercial aircraft. Besides this, the U.S. government support for the military prioritization on inertial measurement unit could improve the growth of North America. Developing regions such as Asia Pacific, on the other hand, could amplify the demand in the global market on the back of new entrants dealing with MEMS that increasingly focus on the manufacture of advanced technology.
The world inertial measurement unit market is prognosticated to be classified as per four categories, i.e. product, platform, end use, and sales channel. According to product type segmentation, there could be opportunities in markets such as gyroscope, accelerometer, magnetometer, and attitude sensor. The report authors foresee the market to be dominated by gyroscopes in the product category, which is envisaged to expand at a 6.4% CAGR.
In view of platform, there could be prospects birthing in the world inertial measurement unit market from segments such as land, airborne, and naval. By end use, the market is projected to see a classification into aerospace and defense, automotive, sports, and other industries. With respect to sales channel, important markets such as direct sales, online retail, electronic component stores, and others could create opportunities for industry players.
Geographically, the world inertial measurement unit market is envisioned to be divided into Latin America, North America, Europe, Asia Pacific except Japan (APEJ), the Middle East and Africa (MEA), and Japan. Out of these regions, the market could testify the control taken over by North America as a larger segment while rising at a 6.4% CAGR.
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Global Inertial Measurement Unit Market: Vendor Landscape
As per the analysis of the publication, Honeywell International, Inc., Thales Group, Northrop Grumman Corporation, Safran Electronics & Defense SAS, Rockwell Collins, Systron Donner Inertial, KVH Industries, Inc., Moog, Inc., Fairchild Semiconductor International, Inc., and Kearfott Corporation could be key companies operating in the worldwide inertial measurement unit market.