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The Inertial Measurement Unit Market will register a CAGR of close to 5% by 2022
LONDON, Dec. 10, 2018 /PRNewswire/ --
About this market
Autonomous cars are equipped with several sensors including IMUs which capture data for motion control and help in measuring their position and orientation. Several companies are investing heavily in autonomous cars. For instance, Kodiak Robotics, a self-driving truck program was released by Uber Technologies in partnership with Otto in 2018. Battery Ventures, Tusk ventures, and Lightspeed Venture Partners are some of the companies of a VC investment group that invested USD 40 million in Kodiak Robotics. Similarly, Ford launched Ford Autonomous Vehicles in 2018 and invested USD 4 billion for the development of autonomous vehicles. Thus, the increasing investments in autonomous cars will drive the growth of IMU market during the forecast period. Technavio's analysts have predicted that the inertial measurement unit market will register a CAGR of close to 5% by 2022.
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Market Overview
Declining ASP of MEMS sensors
The IMU market is fragmented with the presence of several companies. The growing demand for low cost sensors and high-volume applications have resulted in increased competition in the inertial measurement unit market. To maintain and improve their market share, key vendors have reduced the AP of MEMS sensors from USD 0.66 in 2010 to USD 0.34 in 2016. The demand for IMUs to improve accuracy and the growing need to integrate several sensors with electronic devices are contributing to the declining ASP of MEMS sensors. This will drive the demand for IMUs during the forecast period and hence boost market growth.
High cost of packaging MEMS IMU sensors
The internal components of MEMs IMU sensors needs to be protected from harsh environments such as heat, moisture, and corrosive chemicals. However, the high sensitivity to fabrication and environmental variations makes the packaging of IMU sensors such as micromachined gyroscopes a challenging task. A robust MEMS sensing element is needed to get the desired performance specification at low cost which increases the difficulty of packaging MEMS components. This increase the packaging cost and thereby hampers the growth of the inertial measurement unit market.
For the detailed list of factors that will drive and challenge the growth of the inertial measurement unit market during 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Honeywell International, and Northrop Grumman the competitive environment is quite intense. Factors such as the declining ASP of MEMS sensors, will provide considerable growth opportunities to inertial measurement unit manufacturers. Honeywell International, Northrop Grumman, Robert Bosch, STMicroelectronics, and Texas Instruments are some of the major companies covered in this report.
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