Market Size of High-performance IMU Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High-Performance IMU Market Analysis
The High-performance Inertial Measurement Unit (IMU) market was valued at USD 15.14 billion in 2020 and is expected to reach USD 22.72 billion by 2026 and work at a CAGR of 6% over the forecast period (2021-2026). Over the last few years, high-end IMU's have emerged as the main component in inertial navigation systems that are used for gauging the movement of objects in areas where other forms of navigation systems are not reliable.
- One of the major factors that have impacted the demand in the market is the scaling down in the size and power consumption of IMU devices and the expanding application base of MEMS technology for high-end inertial systems, without compromising on their performance metrics. This trend of miniaturization is expected to continue during the forecast period.
- Marked reduction in the size of high-end IMUs, coupled with the emergence of wireless transmission technology have improved the rate of adoption in a wide range of applications, ranging from industrial to biomechanical and virtual reality sectors.
- Technological advancements in the field of MEMS manufacturing along with the innovations in fabrication and micro-machining process have led to the paced commercialization of high-end inertial systems. They are being widely used in land, defence, industrial and aerospace applications for obtaining high-accuracy, and precision-based measurement of vector-based variables that usually categorized, based on performance, using bias stability, degree of freedom, device range and scope for error.
- The automotive sector is the newly emerging market for high-performance IMUs following advancements in applications, such as stability control, safety measures, and crash detection systems. As premium automakers are approaching toward L5 autonomous driving in next 10 years, the market will open a huge opportunity for IMU-powered MEMS sensors related to acceleration, LiDAR (Light Detection And Ranging), and motion detection systems.
- The COVID-19 pandemic has been effecting the market studied in two ways, especially in the industrial sector. Owing to the social distancing measures being followed by the manufacturing industries globally, there has been a production slowdown. While on the other side, a few companies, the outbreak of COVID-19 has forced the manufacturing industries to re-evaluate their traditional production processes, primarily driving the digital transformation and smart manufacturing practices across the production lines.
