Inertial Measurement Unit (IMU) Market to Reach USD 31.49 Billion By 2028: CAGR of 5.50% | Reports and Data
- Increasing advancement in the MEMs is a significant factor for the growth of the Inertial Measurement Unit industry. Another major factor for the surge in the demand of the IMU market is the rising smartphone market, which is the major consumer of IMU. However, the issue of accumulated error over time in Navigation application will affect the growth of the market negatively
- Market Size - USD 20.38 Billion in 2020, Market Growth - CAGR of 5.50%, Market Trends - Rising smartphone market, a major consumer of the Inertial Measurement Unit, is the primary factor driving the growth of the IMU market over the forecast period
NEW YORK, Aug. 12, 2021 /PRNewswire/ -- According to the current analysis by Reports and Data, the global Inertial Measurement Unit market size was valued at USD 20.38 Billion in 2020 and is projected to grow at a CAGR of 5.50% during the forecast period. Factors affecting the increasing demand for the Inertial Measurement Unit market is the growing rate of applications in the Micro-Electromechanical Systems (MEMs). The rising demand from the consumers for equipment with better ergonomics will also be a significant factor for the growth of the market. IMU is also used in smartphones for various purposes. With the accelerated growth of the smartphone industry, the demand for Inertial Measurement Unit will also increase over the forecast period.
Some of the common applications of Inertial Measurement Unit include determining the direction in GPS systems, tracking the motion in the consumer electronics in cell phones or video game remotes. IMU is increasingly being used in the Augmented Reality (AR) and Virtual Reality (VR) systems. Industrial applications of IMU include alignment and measurement of the equipment like antennas. In the aerospace industry, Inertial Measurement Unit is used to maneuver the aircraft; both manned as well as unmanned. Future applications of Inertial Measurement Units (IMU) include coupling up the device with technologies like GPS, RF, and LiDAR, which will further enable accurate localization of people, vehicles and equipment, both indoor as well as outdoor.
Increasing smartphone industry is the primary factor attributing to the growth of the demand for Inertial Measurement Unit over the forecast period of 2019-2026.
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The valuation for the Global Inertial Measurement Unit market was USD 20.38 Billion in 2020 and is forecasted to reach USD 31.49 Billion by 2028
Increasing advancements in the MEMs is the primary reason for the growth of the Inertial Measurement Unit industry.
The accumulated error of IMU equipment is the main factor that can restrain the growth of the market.
Gyroscope, Magnetometer, and Accelerometer segments are projected to grow with similar rates over the forecasted period due to the three being an integral part of the IMU device.
The equipment is increasingly being used in the land, defense, industrial, and aerospace applications in a bid to obtain a precise measurement of vector-based variables.
The Inertial Measurement Unit industry is fairly competitive and consists of several dominant players. Some of the players currently dominate the market; however, the advancements in the MEMs type of sensor technology are allowing new entrants in the market to increase their market share.
High growth of applications in the Micro-Electromechanical Systems (MEMS) will be the major factor for the increase in demand of IMU market over the forecasted period.
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