MarketStudyReport.com adds “Global Inertial Measurement Units Market – By Grade, Application, Industry and Geography Forecasts, Shares and Trends (2015 – 2020)”new report to its research database.
The global inertial measurement unit market is estimated to be at $2.54 billion in 2015 and is anticipated to reach $3.92 billion by the end of 2020, growing at a CAGR of 9.06% over the forecast period. Inertial system equipment includes gyroscopes, accelerometers, inertial measurement units, inertial navigation systems and multi axis sensors. It is an independent system used to measure the angular and linear motion with a troika of accelerometers and troika of gyroscopes.
The progression of worldwide lifestyle has resulted in need for equipment with greater ease of use. This is enabled by the use of motion sensing technology which uses inertial sensors extensively. This is a key driving factor to this market and will play an important role in defining the market for the next few years. The report delves on the impact of rise of unmanned vehicles; Aerial, land and Water based, on the use of inertial sensors. The unprecedented rise in unmanned vehicles across various applications in both civilian and defense applications has increased the need for complex navigational systems which includes inertial sensors. The rapid advancement in technology has made sensors both accessible and affordable which has made their use abundant in day to day devices.
Increasing applications based on motion sensing and technological advancement enabling more effective components at a smaller and lighter size are some of the factors fuelling the growth of the market. Further availability of low cost MEMS gyros have make it cheaper, compact and affordable along with integration of GPS with INS has become more common in aviation has further propelled the market growth. Whereas, substantial increase in computing complexity, integration drift error is a major concern in navigation systems and complex nature of integration in existing systems and need for ancillary components are some of the challenges hindering the growth of the market.
The global inertial measurement unit market has been broadly segmented into different components (gyroscope, accelerometer, magnetometer and others) and applications (commercial, defense, marine, industrial and others).
Defense industry takes the major share of the market with applications like missile guidance, control and targeting, precision guided munitions, tank turret stabilization and torpedo guidance. The other primary industries where these systems are highly in demand are Industrial manufacturing, energy and infrastructure, transportation and aviation.
The market has also been geographically segmented into North America (United States, Canada and other), Europe (Germany, United Kingdom, France and Rest of Europe), Asia Pacific (China, Japan, India and others) and Rest of the World.
In 2015, North America held the largest market share of 41.26% in the overall revenue of the global market, followed by Europe and Asia Pacific. Rising demand for commercial aircraft, rapid advancement in the MEMs technology and huge inflow of investments in the region by the federal government has fuelled the growth of the market in the region.
However, North America and Europe held the major share in the global inertial measurement unit market, Asia Pacific is estimated to witness the highest growth rate over the forecast period. New entrants from the emerging economies like India and China in the MEMs segment along with increasing concentration towards the manufacturing of advanced technology has fuelled the growth of the market.
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Some of the vendors mentioned in the report are Robert Bosch GmbH, Trimble Navigation, L3 Communications, Rockwell Collins Inc., Northrop Grumman Corp. and Thales Group.
Key Deliverables in the Study
- Market analysis for the global inertial measurement unit market with region specific assessments and competition analysis on global and regional scales
- Market definition along with the identification of key drivers and restraints
- Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
- Extensively researched competitive landscape section with profiles of major companies along with their market shares
- Identification and analysis of the macro and micro factors that affect the inertial measurement unit market on both global and regional scales
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
- A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
- Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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