Inertial Measurement Unit Market
The global inertial measurement unit market is expected to witness a growth rate of 5.72% over the forecast period. The increasing volume of smartphones and the accessibility of miniaturized components at an economical price are driving the market growth.
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Inertial Measurement Unit Market Dynamics
The prime forces contributing to the growth of the global inertial measurement market include the ongoing technological modernisations in the MEMS- based inertial measurement units and its potency to improve the performance when incorporated with other systems. MEMS technology can expand the base for inertial measurement systems by reducing power usage and size of these devices. In addition to it, the inertial measurement unit market report projects that the increasing incorporation of Augmented Reality and Virtual Reality across several end-use industries, such as defence with the evolution of commercial driverless vehicles will strengthen the market size. The surging demand for aircraft and the increasing production of smartphones are other factors paving the way for market growth. As per the inertial measurement unit market analysis, the growing accessibility of condensed components at lower prices will further bolster the market growth. With the changing nature of warfare and geopolitical instabilities, the demand for missiles has substantially increased. However, operational difficulties concerned with the reduction in defense budgets and high-end IMU will restrain the inertial measurement unit market size.
Based on the regional analysis, the Asia-pacific region is expected to witness a faster compound annual growth rate in the global Inertial Measurement Unit market during the forecast period. This is attributed to the rising defence budgets in the developing nations including China and India and the accelerating passenger traffic. The surging demand for automobiles and smartphones guided by the expendable disposable income of middle-class population has strengthened the inertial measurement unit market share.
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