Market Trends of Industrial Inertial Systems Industry
This section covers the major market trends shaping the Industrial Inertial Systems Market according to our research experts:
Inertial Measurement Units are Expected to Hold Significant Share
- High-performance IMUs offers a prominent upgrade in terms of performance, accuracy, and efficiency over the traditional forms of inertial navigation systems (INS). They engage in tracking the study object’s position, using a method called ‘dead reckoning,’ which calculates the present location of the object, using previously available data. The emergence of MEMS-based IMUs enables a wider adoption in defense-based applications; they are usually combined with other forms of navigational systems, to account for bias errors. Defense-based applications are known to deploy two inertial navigational systems to tackle redundancy and to offer better fault tolerance.
- The automotive sector is the emerging market for IMUs, following advancements in various applications, such as stability control, safety measures, and crash detection systems. As the premium automakers approach L5 autonomous driving in the next ten years, the market may open a massive opportunity for IMU-powered MEMS sensors, related to acceleration, LiDAR, and motion detection systems. In May 2019, Innoviz Technologies Ltd, a significant developer of solid-state LiDAR sensors, raised around USD 170 million to back BMW’s LiDAR-equipped cars, which are expected to be rolled out in 2021.
- An increase in the number of applications and technological advancements across the regions provides lucrative opportunities for high-end inertial measurement units. For instance, in June 2019, the sensor manufacturer, ACEINNA, launched its new, open-source IMU sensor, which is meant for autonomous off-road, construction, and agricultural vehicle applications. OpenIMU300RI will engage in determining the direction in a GPS and track the motion on consumer electronics.
- According to the Federal Aviation Administration, it is expected that the number of United States carrier passenger planes is expected to grow at a rate of 1.9% per year, due to which the application of IMU is expected to grow at a steady pace, thereby fueling the growth of IMUs. In 2019, Bosch Sensortec, a MEMS technology specialist, announced the BMI270, an ultra-low-power smart Inertial Measurement Unit (IMU) targeted explicitly for wearable applications. It offers the sharply improved accelerometer offset and sensitivity performance, with the help of the latest Bosch MEMS process technology.
Understand The Key Trends Shaping This Market
Download Sample
North America to Hold the Largest Market Share
- The housing of prominent vendors offering MEMS in the region is expected to emerge as a source for innovation, and it is estimated to hold a significant market share. North America is one of the largest markets for offshore oil and gas communication globally. New-found shale resources in the United States and an increasing number of oil and gas projects in Canada are expected to drive the demand for communication equipment in the region. The United States Department of the Interior (DoI) plans to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage. Under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the region's oil and gas sector is expected to open up new opportunities.
- The housing of prominent vendors offering MEMS in the region is likely to emerge as a source for innovation, and it is estimated to hold a significant market share. North America is one of the largest markets for offshore oil and gas communication globally. New-found shale resources in the United States and an increasing number of oil and gas projects in Canada are expected to drive the demand for communication equipment in the region. The United States Department of the Interior (DoI) plans to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage. Under theNational OCS Program for 2019-2024, the oil & gas sector in the region is expected to open up new opportunities to the market.
- The United States Army Armament Research, Development and Engineering Centre has also implemented silicon-based MEMS technology for inertial measurement units for guided projectiles like Excalibur. The country's army replaced larger devices based on ring-laser gyroscopes and air-bearing gyroscopes for the inertial guidance reference in precision munitions with silicon MEMS inertial measurement units. Further, the space market is still evolving at a steady pace, with the increasingly crucial robotic approach coming from players, like SpaceX and Blue Origin, enabling the reusable rocket launchers and the increasing number of space projects and launches have been lined up for the coming years. Moreover, key MEMS sensor vendors in the region are also adopting product innovation strategies and contract deals to cater to advanced offerings across the industries.
- In September 2019, US-based Honeywell International introduced its two latest Inertial Measuring Systems (IMU) to provide navigation in a small, lightweight system without compromising on cost. It can withstand any environments land, air, or underwater for the application in agriculture, robotics, survey/mapping, uncrewed vehicles, and transportation. Further, in February 2020, the US Air Force awarded Honeywell USD 3.52 billion for Embedded GPS Inertial Navigation System Modernization (EGI/EGIM) follow-on production and sustainment. This contract provides manufacture, sustainment, and technical engineering services in support of the EGI/EGI-M system. The work is anticipated to be finished by December 31, 2035.
Get Analysis on Important Geographic Markets
Download Sample
