DUBLIN--(BUSINESS WIRE)--The "High-performance Inertial Measurement Unit (IMU) Market - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
High-performance Inertial Measurement Unit (IMU) Market is expected to register a CAGR of approximately 6% during the forecast period (2019 - 2024)
Over the last few years, high-end IMU's have emerged as the main component in inertial navigation systems that are used for gauging the movement of objects in areas where other forms of navigation systems are not reliable.
- One of the major factors that have impacted the demand in the market is the scaling down in the size and power consumption of IMU devices and the expanding application base of MEMS technology for high-end inertial systems, without compromising on their performance metrics. This trend of miniaturization is expected to continue during the forecast period.
- Marked reduction in the size of high-end IMUs, coupled with the emergence of wireless transmission technology have improved the rate of adoption in a wide range of applications, ranging from industrial to biomechanical and virtual reality sectors.
- Technological advancements in the field of MEMS manufacturing along with the innovations in fabrication and micro-machining process have led to the paced commercialization of high-end inertial systems. They are being widely used in land, defense, industrial and aerospace applications for obtaining high-accuracy, and precision-based measurement of vector-based variables that usually categorized, based on performance, using bias stability, degree of freedom, device range and scope for error.
Scope of the Report
High-end IMUs are the integrated sensor packages that work within an inertial frame of reference using the combination of accelerometers, gyroscopes and magnetometers. They are primarily used for the detection of inertial movements using angular rate and accelerator sensors. The scope of the report includes insights into the solutions offered by the players, including providers of hardware, professional services, and integration solutions along with its application in aerospace & defense, industrial, automotive, and marine.
Key Market Trends
Aerospace and Defense Sector is Expected to Grow at the Highest Rate
- The application of high-performance IMUs in aerospace includes commercial aircraft, helicopters, UAV's, satellites, commercial jets and other forms of autonomous aerospace vehicles. These applications require a high level of performance stability over a period of time under fairly hostile conditions, as aerospace applications rely on attaining vector-based real-time information.
- High-performance IMU accounts for high sensitivity to marginal changes in weight and volume. In recent past some of the UAV vendors have chosen to forego incremental versions of inertial systems, owing to these limitations. However, the new range of high-performance IMUs are designed with minimal weight and size, and they are equipped with GPS and innovative filtering estimation techniques to offer precise control and stabilization.
- Moreover, according to Boeing's recent aerospace study over the next two decades, there would be a demand for more than 40,000 new aircraft across the region which is expected to drive the net market value to be more than USD 6 trillion.
North America is Register to have the Largest Market Share
- The primary demand for high-performance inertial systems is primarily obtained from the maritime and the aircraft industry, across both commercial and defense purposes. The increase in the production of helicopters and commercial aircrafts is expected to drive the market during the forecast period.
- Various foreign firms are attracted to the United States marketplace, as it is having diverse offerings and extensive distribution systems thereby employing a skilled and hospitable workforce.
- According to the Federal Aviation Administration, it is estimated that for the next 20 years, the number of US carrier passenger plane will grow at a rate of 1.9% per year, due to which the application of IMU is expected to grow at a steady rate, thereby fueling the growth of the high-performance IMU market.
The high-performance inertial measurement unit market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the MEMS sensor technology, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
- June 2019 - Bosch Sensortec announced the BMI270, an ultra-low power smart Inertial Measurement Unit (IMU) specifically targeted for wearable applications. It offers the strongly improved accelerometer offset and sensitivity performance, by the help of latest Bosch MEMS process technology.
- April 2019 - Moog Aircraft Group has registered a contract by The Boeing Company to supply the Wing Flight Control actuation and Wingfold actuation systems for the MQ-25 unmanned refueling program. The Wing Flight Control actuators will control the unmanned vehicle during all flight regimes while the Wingfold actuators allow the vehicle to be more easily moved aboard the carrier.
- Growing Demand of IMU in Aerospace & Defense Sector
- Technological Improvement in Core Component Products
- High Maintenance Cost
- Operational Complexity
Industry Value Chain Analysis
Industry Attractiveness - Porter's Five Force Analysis
- Honeywell International Inc.
- Collins Aerospace
- Analog Devices Inc.
- Bosch Sensortec GmbH
- Fairchild Semiconductor International Inc.
- Moog Inc.
- Northrop Grumman Corporation
- Safran SA
- STMicroelectronics N.V.
- Thales S.A.
- VectorNav Technologies LLC
For more information about this report visit https://www.researchandmarkets.com/r/fzoqrl