March 14, 2023 13:55 ET | Source: ReportLinker ReportLinker
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Inertial Measurement Unit Global Market Report 2023" - https://www.reportlinker.com/p06310847/?utm_source=GNW , Safran Group, Murata Manufacturing, Systron Donner Inertial, Kearfott Corporation, Lord Microstrain, MEMSIC Inc., Moog Inc., and Parker-Hannifin Corporation. The global inertial measurement unit market grew from $20.3 billion in 2022 to $22.1 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The inertial measurement unit market is expected to grow to $31.21 billion in 2027 at a CAGR of 9.0%. The inertial measurement unit market consists of sales of FOG (Fiber Optic Gyroscope), the RLG IMUs (Ring Laser Gyroscope), and lastly, IMU based on MEMS technology (Micro Electro-Mechanical Systems).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The inertial measurement unit refers to a device that measures and reports the specific gravity and angular rate of an object when the object is attached to it.IMU comprises three components, gyroscopes to measure angular rate, accelerometers to measure specific force/acceleration, and magnetometers to measure the magnetic field surrounding the system. Control and stabilization, navigation and correction, measurement and testing, and mobile mapping are some of the common uses for IMUs. Inertial measurement units are used in various industries such as aerospace, defense, automotive, consumer electronics, and others. North America was the largest region in the inertial measurement unit market in 2022, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the inertial measurement unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The main types of inertial measurement units are accelerometers, gyroscopes, magnetometers, and other components.An accelerometer is a device that detects a structure’s vibration or acceleration of motion. The mass squeezes the piezoelectric material due to vibration or a change in motion (acceleration), which produces an electrical charge proportionate to the force put on it.The different grades in inertial measurement units include marine grade, navigation grade, tactical grade, space grade, and commercial grade. The end-user of inertial measurement units includes aerospace & defense, consumer electronics, marine/naval, automotive, and other end-users. The increase in new smartphone sales and shipment growth propels the inertial measurement unit market.IMUs are a vital component of smartphones, allowing for a wide range of applications such as navigation, gaming, fitness, and others. The features such as step counting, gesture recognition, and image stabilization are a few applications of IMU, which are growing increasingly popular among consumers.According to IBEF, in 2021, year on year, smartphone shipments in India rose by 11%, from 150 million in 2020 to 168 million in 2021. Smartphone shipments are expected to stay at 187-190 million in 2022, with 5G device shipments rising by 129% year on year from 28 million in 2021 to approximately 64 million in 2022. Therefore, the rapid growth in new smartphone sales and shipment is expected to boost the inertial measurement unit market. Technological advancements are a key trend gaining popularity in the inertial measurement unit market.There has been a recent development in the next generation of micro-electromechanical systems (MEMS) inertial sensor technology. These new, better-performance MEMS sensors will employ alternative sensor designs and circuit designs to improve performance in autonomous UAV (unmanned aerial vehicle) and UGV (unmanned ground vehicle) platforms, including future urban air mobility aircraft. For instance, in January 2021, Honeywell International, a technology and manufacturing firm that provides solutions and technologies for energy, safety, and security has received financing from the US Defense Advanced Research Projects Agency (DARPA) to work on the next generation of MEMS inertial sensor technology for commercial and defence navigation applications. In December 2021, Inertial Labs, a USA-based orientation and navigation sensor solutions manufacturer, acquired Memsense for an undisclosed amount.The acquisition is expected to increase the production capabilities of Inertial Labs to meet the demands from defense and larger aerospace contracts for navigation applications. This acquisition also helps to introduce new products in the areas of autonomy, GPS denied navigation and industrial machines. Memsense is a US-based developer of inertial measurement units designed for defense and aerospace platforms. The countries covered in the inertial measurement unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The inertial measurement unit market research report is one of a series of new reports that provides inertial measurement unit market statistics, including inertial measurement unit industry global market size, regional shares, competitors with a inertial measurement unit market share, detailed inertial measurement unit market segments, market trends and opportunities, and any further data you may need to thrive in the inertial measurement unit industry. This inertial measurement unit market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. Read the full report: https://www.reportlinker.com/p06310847/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Ring Laser Gyroscope Cost
