The market for inertial measurement unit is estimated to be USD 21.3 billion in 2021 and is projected to reach USD 40.7 billion by 2026, at a CAGR of 13.8% during the forecast period. The growth of this market is mainly driven by the high–volume production of smartphones, increase in demand for missiles and rise in aircraft deliveries.
Key players have adopted various organic and inorganic strategies to strengthen their position in the inertial measurement unit market. The major players include General Electric (US), Honeywell (US), Bosch (Germany), Safran (France), and Northrop Grumman (US). These players have adopted various strategies, such as acquisitions, contracts, new product launches, and partnerships & agreements, to expand their presence in the market further.
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ROBERT BOSCH GMBH is a leading global supplier of technology and services. It employs roughly 395,000 associates worldwide. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. As a leading IoT provider, Bosch offers innovative solutions for smart homes, Industry 4.0, and connected mobility. Bosch is pursuing a vision of mobility that is sustainable, safe, and exciting. It uses its expertise in sensor technology, software, and services, as well as its own IoT cloud, to offer its customers connected, cross-domain solutions from a single source.
NORTHROP GRUMMAN CORPORATION is an American global aerospace & defense technology company formed in 1994. The company operates through four business segments, namely, Aerospace Systems, Defense Systems, Mission Systems, and Space Systems. It provides electronic warfare products and solutions through its Mission Systems segment. The company is a prime contractor for high-priority defense and government service technology programs in the US. It also conducts business with local, state, and foreign governments, along with international customers in the commercial sector.
HONEYWELL INTERNATIONAL INC. is a technology and manufacturing company that operates through four segments: Aerospace, Home and Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. It is a trusted leader with decades of experience in engineering and manufacturing high-performance navigation and sensor products for commercial, defense, industrial, and space applications. These products include industry-leading, micro-electro-mechanical systems (MEMS) and ring laser gyro (RLG)-based inertial measurement units (IMUs).
Inertial Measurement Unit Market by Component (Accelerometer, Gyroscope, Magnetometer, Others), Grade (Marine, Navigation, Tactical, Space, Commercial), Technology (MO, RLG, FOG, MEMS), Platform, End User and Region - Forecast to 2026
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