Inertial Measurement Unit Market Size to Surpass USD 48.20 Bn by 2033

Prathamesh

1 month ago

The global inertial measurement unit market size surpassed USD 23.70 billion in 2023 and is anticipated to exceed around USD 48.20 billion by 2033, growing at a CAGR of 7.35% from 2024 to 2033.

Key Points

The North America inertial measurement unit market size reached USD 9.43 billion in 2023 and is expected to be worth around USD 19.18 billion by 2033
North America dominated the global inertial measurement unit market with a revenue share of 39.80% in 2023.
Asia Pacific is expected to experience the highest growth in the global market.
By component, the accelerometer segment has contributed highest revenue share of 46% in 2023.
By technology, the ring laser gyro segment held the largest market share in 2023.
By platform, the space segment held the largest market share in 2023.
By end use, the aerospace and defense segment dominated the market in 2023.

Inertial Measurement Unit Market Size 2024 to 2033

The Inertial Measurement Unit (IMU) market consists of advanced electronic devices that measure and report specific gravity-based measurements, including acceleration and angular velocity, in three-dimensional space. These units are used across a variety of industries such as aerospace, defense, automotive, and consumer electronics. The market is poised for substantial growth due to the increasing adoption of automation and advanced technologies across different sectors.

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Growth Factors

Key growth factors for the IMU market include the rising demand for unmanned vehicles in both military and commercial applications, the growing adoption of automation in industries such as aerospace and automotive, and the need for accurate navigation systems in modern technologies. Additionally, the expansion of IoT and connected devices has further propelled the demand for IMUs in consumer electronics.

Regional Insights:

North America leads the global IMU market due to its strong presence in aerospace and defense industries, as well as high investment in R&D activities. Europe follows closely, with its well-established automotive and aerospace industries driving growth. Asia-Pacific is expected to witness significant growth owing to the increasing adoption of IMUs in consumer electronics, particularly in countries like China, Japan, and South Korea.

Inertial Measurement Unit Market Scope

Report Coverage	Details
Growth Rate from 2024 to 2033	CAGR of 7.35%
Global Market Size in 2023	USD 23.70 Billion
Global Market Size in 2024	USD 25.44 Billion
Global Market Size by 2033	USD 48.20 Billion
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Component, By Technology, By Platform, and By End-user
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Inertial Measurement Unit Market Dynamics

Drivers:

The primary drivers of the IMU market include technological advancements in MEMS (Micro-Electro-Mechanical Systems) technology, which have led to smaller, more efficient IMUs. The increased use of IMUs in drones and unmanned vehicles for commercial and military applications is also a major driving force. Additionally, the proliferation of smartphones and wearable devices, which often include IMUs, contributes to the market’s growth.

Opportunities:

Opportunities in the IMU market include the growing need for precise navigation systems in autonomous vehicles and the expansion of smart cities, which require advanced positioning and motion-sensing technologies. Moreover, the development of space exploration projects and the increasing demand for advanced aircraft technologies present new avenues for growth.

Challenges:

Despite its potential, the IMU market faces challenges such as the high cost of precision IMU devices and the complexity of integrating them into various systems. Moreover, the market is subject to stringent regulations, particularly in the defense and aerospace sectors, which can slow down the adoption process. Furthermore, the rapid pace of technological advancements necessitates continuous innovation to maintain competitiveness in the market.

Recent Developments

In January 2022, EMCORE Corporation received a continuing development award from a U.S. contractor for finalizing the design and creating a method for manufacturing high-end inertial measurement units for tactical grade pods.
In May 2022, Emcore Corporation awarded new contracts for multistage space launch vehicle navigation grade and flight stabilization. The corporation finalized its purchase of L3 Harris Space and Navigation. The contract is part of the space launch vehicle Tri-Axial Inertial Measurement Unit (TAIMU) program.
In July 2022, Honeywell Technologies Inc. and Civitanavi Systems announced a collaboration to develop a new IMU for aerospace customers. The new HG2800 inertial measurement units are low-cost, low-power precision pointing solutions with device stabilization.
In November 2022, Collins Aerospace and China’s Hainan Airlines signed a FlightSense contract to deliver Hainan Airlines’ fleet of Boeing 787s with customizable support solutions to lessen repair time and costs. The contract with Hainan Airlines, which builds on a 30-year relationship between the two organizations, includes 185 aircraft on multi-platforms through 2025. Collins will assist in ensuring the availability of Hainan Airlines’ maintenance, repair, and overhaul (MRO) supply chain management.