The progression of worldwide lifestyle has resulted in the need for equipment with greater ease of use. This has enabled 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.
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 global inertial measurement unit market is estimated to be at USD 2.54 billion in 2016 and is anticipated to reach USD 3.92 billion by the end of 2021, growing at a CAGR of 9.06% over the forecast period.
The report delves into the impact of the rise of unmanned vehicles: aerial, land and water based, and 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 that 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.
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 (the United States, Canada and other), Europe (Germany, the 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.
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