The inertial measurement unit market is projected to grow from USD 15.71 Billion in 2016 to USD 21.74 Billion by 2022, at a CAGR of 5.72% during the forecast period. The base year considered for the study is 2016, and the forecast period is from 2017 to 2022.
Increasing demand for aircraft
The increase in new aircraft orders across the globe is one of the key factors driving the growth of the IMU market. According to Boeing 2016 Market Outlook, the demand for commercial aircraft is expected to grow considerably in the near future, due to the rise in global air passenger traffic. The global aircraft fleet size is anticipated to increase from 22,510 in 2015 to 45,240 by 2035. The number of aircraft deliveries is projected to reach 22,730 by 2035. Approximately 42% of the new aircraft are expected to replace older aircraft, while the remaining will contribute to the fleet growth of airlines to enable their geographic expansion in the emerging markets, as well as ensure the development of innovative business models for airlines.
The emerging markets in the Middle East, Asia Pacific, and Latin American regions are expected to witness increased demand for aircraft during the forecast period. According to Boeing 2016 Market Outlook, the Asia Pacific region is projected to account for a share of 40.0% of the total aircraft deliveries between 2015 and 2035. A rise in air passenger traffic worldwide as a result of increased disposable income of the middle-class population in the emerging economies is projected to fuel the demand for new aircraft. Thus, the rise in new aircraft deliveries will subsequently propel the demand for IMU-based navigation systems.
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What opportunities will the penetration of AR/VR in multiple industries present for the inertial measurement unit market?
Head Mounted Displays (HMD) have high penetration in the video gaming industry. Video game users prefer HMDs, which provide an enhanced immersive experience by mixing the real and virtual world. PlayStations (PS) have made VR applications popular as they enhance the gaming experience. HMDs provide 3D images during games, and inertial measurement units play a key role in integrating real world with the virtual world.
Defense is a crucial vertical which always requires its components to be reliable. Various security forces, such as air and defense forces, use VR-enabled devices in training and simulation. In order to provide state-of-the-art training to special combat forces, military forces are taking initiatives to train them on HMD-based simulators.
VR has tremendous scope for application in the medical vertical as well, as it can increase the chances of diagnosing the patient’s condition during surgery in less time and with fewer risks. The VR technology with 3D visualization helps physicians to conduct minimally invasive surgery, which is highly beneficial to patients. Such initiatives act as a driving force for the VR market and provide a growth opportunity for the inertial measurement unit market.
How will error propagation challenge the inertial measurement unit market?
Stable platform IMUs depend on various mechanical parts inter-connected to each other with different joints for their functioning. These joints need to be frictionless to avoid any measurement error. With continued usage and wear and tear, the errors caused due to friction increase, which in turn hampers the performance of these systems. Apart from friction, there are a few computational errors that are induced as a result of noise and drifts. For instance, MEMS inertial sensors encompass very tiny mechanical components weighing in micrograms. These parts are so light that they occasionally fail to react to small changes with respect to orientation. Thus, friction and drifts induce a measurement error, which gets propagated in the long run.
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