The global inertial measurement unit market is foreseen to rest its hopes on the developments in digital signal processing and microelectromechanical systems (MEMS) technologies. The latest developments in quartz MEMS-based inertial measurement unit could replace aged technologies such as fiber optic gyroscope (FOG) and ring laser gyroscope (RLG) in the coming years since they were not designed for longer use.
The new MEMS inertial measurement unit, on the other hand, could effectively operate for longer periods, withstand high vibration and temperature conditions, and prove to function efficiently in underwater applications. Some of the significant factors responsible for the growth of the market could include the growing requirement of more precise navigation, advancement in the MEMS technology, and surging demand for aircraft.
The global inertial measurement unit market is foretold to rise at a 6.0% CAGR between 2017 and 2024 to rake in a US$3.6 bn by the final forecast year. In 2017, the market garnered a US$2.6 bn.
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Gyroscope Inertial Measurement Unit to Grab Higher Revenue
The international inertial measurement unit market is anticipated to be segmented as per product, where key segments could be gyroscope, accelerometer, magnetometer, and attitude sensor. Amongst these segments, gyroscope could showcase a larger revenue of US$1.8 bn by the end of 2024. Over the course of the forecast period, this segment is expected to exhibit its prominence while growing at an approximate US$0.09 bn annually. This growth could surpass that of any other segment in the category.
In terms of platform, the international inertial measurement unit market is predicted to be classified into land, airborne, and naval.
According to end use, aerospace and defense, automotive, sports, and other industries could be among the top markets for inertial measurement unit.
By sales channel, the international inertial measurement unit market is projected to see a segmentation into direct sales, online retail, electronic component stores, and others.
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North America to Set Benchmark for Revenue Growth in Market
In view of regional segmentation, the world inertial measurement unit market is envisioned to be segregated into Latin America, North America, Europe, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA). Japan could be another segment of the market but with a nominal absolute revenue opportunity between 2017 and 2024. However, North America is forecasted to be a greater market for inertial measurement unit, considering its US$1.2 bn revenue prognosticated to be earned by the concluding forecast year. This region could continue to be one of the most attractive ones for the market until the end of 2024.
APEJ could be another lucrative region for the world inertial measurement unit market with a 6.7% CAGR prophesied to be registered during the forecast period. Europe could create an opportunity of US$0.2 bn by 2024 over 2017. The MEA could demonstrate a sluggish growth in the next few years.
Some of the leading players in the worldwide inertial measurement unit market could be Honeywell International, Inc., Thales Group, Northrop Grumman Corporation, Safran Electronics & Defense SAS, and Rockwell Collins.
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