Global Inertial Measurement Unit Market - Segmented by Type of Technology (MEMS, Fibre Optic Gyro, Ring Laser Gyro), Grade, End-user, and Region - Growth, Trends, and Forecast (2022 - 2030)
The inertial measurement unit market is expected to register a CAGR of 6.49%, during the forecast period 2018 - 2023. The scope of the market is limited to the mapping solutions use photographic, radar, laser, LiDAR or any number of remote sensing systems.
The growth of this market is largely fuelled by various increasing applications, technological advancements, and the growing demand in emerging countries of the Asia-Pacific region. Further, the growth can be attributed to the increasing demand for accuracy in navigation aids and emergence of MEMS systems.
North America held the highest share of the market in 2017. The primary demand for navigational inertial Systems is observed in the maritime sector and the aircraft industry, for both commercial and defence purposes. The United States allocates the maximum budget for defence spending. In 2016, the United States defence spending was more than USD 611 billion, which represented 36% of the total world military expenditure (USD 1686 billion). Over the last three years, however, as a result of global political situation and conflicts in Afghanistan and Iraq, the United States Department of Defence cut down their defence budget. Nonetheless, the decrease in military spending is expected to be offset by the steady growth in aerospace and land-based applications in the United States. The increase in the production of helicopters and commercial aircrafts drives the market for inertial systems. This huge aerospace industry of the United States exports more than 60% of the total aerospace production. Various foreign firms are attracted to the United States aerospace market, as it is the largest in the world, employing a skilled and hospitable workforce, with diverse offerings and extensive distribution systems. According to the United States Department of Commerce, the United States aerospace industry has contributed to about USD 147 billion to the United States economy in the form of export sales. It is estimated that for the next 20 years, the number of large commercial planes will grow at a rate of 3.5% per year, to reach a total of 34,000 units valued at USD 4.5 trillion. Further, the increasing penetration of automated guided vehicles coupled with the growing number of connected cars in the region is expected to bolster the demand for inertial measurement units during the forecast period.
Aerospace And Defence to Hold a Lion’s Share of the Market
Inertial measurement units form an integral part of inertial navigational systems that are used in a wide range of applications, including the navigation of aircraft, tactical and strategic missiles, spacecraft, submarines, and ships. As INS systems in aircrafts is mandate for efficient navigation, the growth is directly affected by the growth of the aircrafts globally. However, factors such as increasing demand for accuracy in navigation and high availability of small and robust components are expected to have a significant impact the global market, resulting in its exponential growth in the future. The increased use of satellite navigation for commercial application the growth of the global market. Some of the factors that might hinder the growth of the market are system initialization and error propagation. North America and Europe are expected to have the largest market share for inertial measurement unit in terms of commercial aviation and defence aviation. However, increase in number of programs launched in Asia-Pacific and Middle East for INS development is expected to drive the market in the respective regions. The growth in Asia - Pacific is further supported by the increase in defence budget in countries, like China, India and South Korea. Several countries are investing heavily in order to strengthen their naval defence. The increasing demand for unmanned aerial vehicle (UAV also offers tremendous growth opportunities for the inertial measurement unit market and thus, aids the market growth during the forecast period.
Key Developments
• November 2017 - UTC Aerospace Systems announced a definitive agreement to acquire Rockwell Collins for USD140.00 per share. This acquisition is aimed at catering the demand of a rapidly evolving aerospace industry for the production of intelligent and connected aircrafts
• September 2017 - Northrop Grumman announced to acquire Orbital ATK for approximately USD 7.8 billion. This acquisition is aimed at strategically combining Northop and Orbital’s to enhance and complement the company’s capabilities in the aerospace and defence sector
The major players include - ANALOG DEVICES INC. , NORTHROP GRUMMAN CORPORATION, SAFRAN GROUP (COLIBRYS SWITZERLAND) LTD., ROCKWELL COLLINS, INC., HONEYWELL INTERNATIONAL INC., INVENSENSE INC., IXBLUESAS, KEARFOTT CORPORATION, KVH INDUSTRIES, INC., THALES GROUP, XSENS TECHNOLOGIES B.V., SPARTON CORPORATION, EPSON EUROPE ELECTRONIC and VECTOR NAV., amongst others.
Reasons to Purchase this Report
• Current and future inertial measurement unit market outlook in the developed and emerging economies
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segments that are expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identifying the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
The growth of this market is largely fuelled by various increasing applications, technological advancements, and the growing demand in emerging countries of the Asia-Pacific region. Further, the growth can be attributed to the increasing demand for accuracy in navigation aids and emergence of MEMS systems.
North America held the highest share of the market in 2017. The primary demand for navigational inertial Systems is observed in the maritime sector and the aircraft industry, for both commercial and defence purposes. The United States allocates the maximum budget for defence spending. In 2016, the United States defence spending was more than USD 611 billion, which represented 36% of the total world military expenditure (USD 1686 billion). Over the last three years, however, as a result of global political situation and conflicts in Afghanistan and Iraq, the United States Department of Defence cut down their defence budget. Nonetheless, the decrease in military spending is expected to be offset by the steady growth in aerospace and land-based applications in the United States. The increase in the production of helicopters and commercial aircrafts drives the market for inertial systems. This huge aerospace industry of the United States exports more than 60% of the total aerospace production. Various foreign firms are attracted to the United States aerospace market, as it is the largest in the world, employing a skilled and hospitable workforce, with diverse offerings and extensive distribution systems. According to the United States Department of Commerce, the United States aerospace industry has contributed to about USD 147 billion to the United States economy in the form of export sales. It is estimated that for the next 20 years, the number of large commercial planes will grow at a rate of 3.5% per year, to reach a total of 34,000 units valued at USD 4.5 trillion. Further, the increasing penetration of automated guided vehicles coupled with the growing number of connected cars in the region is expected to bolster the demand for inertial measurement units during the forecast period.
Aerospace And Defence to Hold a Lion’s Share of the Market
Inertial measurement units form an integral part of inertial navigational systems that are used in a wide range of applications, including the navigation of aircraft, tactical and strategic missiles, spacecraft, submarines, and ships. As INS systems in aircrafts is mandate for efficient navigation, the growth is directly affected by the growth of the aircrafts globally. However, factors such as increasing demand for accuracy in navigation and high availability of small and robust components are expected to have a significant impact the global market, resulting in its exponential growth in the future. The increased use of satellite navigation for commercial application the growth of the global market. Some of the factors that might hinder the growth of the market are system initialization and error propagation. North America and Europe are expected to have the largest market share for inertial measurement unit in terms of commercial aviation and defence aviation. However, increase in number of programs launched in Asia-Pacific and Middle East for INS development is expected to drive the market in the respective regions. The growth in Asia - Pacific is further supported by the increase in defence budget in countries, like China, India and South Korea. Several countries are investing heavily in order to strengthen their naval defence. The increasing demand for unmanned aerial vehicle (UAV also offers tremendous growth opportunities for the inertial measurement unit market and thus, aids the market growth during the forecast period.
Key Developments
• November 2017 - UTC Aerospace Systems announced a definitive agreement to acquire Rockwell Collins for USD140.00 per share. This acquisition is aimed at catering the demand of a rapidly evolving aerospace industry for the production of intelligent and connected aircrafts
• September 2017 - Northrop Grumman announced to acquire Orbital ATK for approximately USD 7.8 billion. This acquisition is aimed at strategically combining Northop and Orbital’s to enhance and complement the company’s capabilities in the aerospace and defence sector
The major players include - ANALOG DEVICES INC. , NORTHROP GRUMMAN CORPORATION, SAFRAN GROUP (COLIBRYS SWITZERLAND) LTD., ROCKWELL COLLINS, INC., HONEYWELL INTERNATIONAL INC., INVENSENSE INC., IXBLUESAS, KEARFOTT CORPORATION, KVH INDUSTRIES, INC., THALES GROUP, XSENS TECHNOLOGIES B.V., SPARTON CORPORATION, EPSON EUROPE ELECTRONIC and VECTOR NAV., amongst others.
Reasons to Purchase this Report
• Current and future inertial measurement unit market outlook in the developed and emerging economies
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segments that are expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identifying the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
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