Market Size of Europe Inertial Systems Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.54 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Europe Inertial Systems Market Analysis
The Europe Inertial System Market is expected to grow at a CAGR of 5.54% over the forecast period.
- According to the ACEA, around 12.9 million motor vehicles are manufactured in the European Union annually. The automobile is one of the largest industries in Europe. A lot of technological innovations in the automobile industry occur in this area. Inertial sensors are an essential part of automobiles currently. They are used in various systems ranging from ABS to air-bag deployment and even in anti-theft features. The automotive industry growth in this region will help the inertial systems market to grow.
- The advancement of the global lifestyle has resulted in the need for equipment with greater ease of use. This has enabled motion-sensing technology, which uses inertial sensors extensively. This is a key driving factor in this market and will play an important role in defining the market for the next few years.
- Moreover, the unprecedented rise in unmanned vehicles in the region across various applications in both civilian and defense applications has also increased the need for complex navigational systems that include inertial sensors. The rapid advancement in technology has made sensors both accessible and affordable, making their use abundant in day-to-day devices.
- However, inertial navigation systems (INS) tend to have high failure rates and repair costs, resulting in high maintenance costs for these systems. Such factors might restrict the growth of the market.
- The Covid-19 pandemic significantly impacted the aerospace and defense industries in the region, with many companies in commercial aviation experiencing disruption in production and slowing demand owing to the lockdowns imposed during the initial months of the outbreak. However, the inclination of growth toward defense and aerospace post-pandemic, combined with the technological advancements in navigation systems, is expected to create a positive outlook for the market in the coming years.
Europe Inertial Systems Industry Segmentation
Inertial Navigation System (INS) is a navigational system capable of calculating position, either relative to some reference system/point or to absolute coordinates. In this system, measurements provided by accelerometers and gyroscopes are used for tracking the position and orientation of an object relative to a known starting point, orientation, and velocity.
Europe Inertial Systems Market is segmented by Application (Civil Aviation, Defense, Consumer Electronics, Automotive, Energy & Infrastructure, Medical) and component (Accelerometer , Gyroscope, IMU, Magnetometer, Attitude Heading and Navigation System). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Application | |
Civil Aviation | |
Defense | |
Consumer Electronics | |
Automotive | |
Energy & Infrastructure | |
Medical | |
Other Applications |
By Component | |
Accelerometer | |
Gyroscope | |
IMU | |
Magnetometer | |
Attitude Heading and Navigation System | |
Other Components |
Europe Inertial Systems Market Size Summary
The Europe Inertial Systems Market is poised for significant growth, driven by the expanding automotive and defense sectors. Inertial sensors have become integral to modern vehicles, playing crucial roles in systems such as ABS, airbag deployment, and anti-theft features. The automotive industry's robust growth in Europe is a key factor propelling the inertial systems market forward. Additionally, the increasing adoption of motion-sensing technology, which heavily relies on inertial sensors, is reshaping consumer expectations for ease of use in various devices. The rise of unmanned vehicles in both civilian and defense applications further amplifies the demand for advanced navigational systems, including inertial sensors. Despite challenges such as high failure rates and maintenance costs associated with inertial navigation systems, the market outlook remains positive, bolstered by technological advancements and a shift towards defense and aerospace post-pandemic.
The market is experiencing a transformation due to advancements in Micro Electro Mechanical Systems (MEMS) technology, which has facilitated the miniaturization of inertial systems, making them more accessible and cost-effective. This technological evolution is driving the integration of MEMS-based sensors in a wide range of applications, from portable devices to electric vehicles, where they are essential for measuring vibration acceleration and angle changes. The market is moderately fragmented, with key players like Honeywell, Northrop Grumman, and Bosch Sensortec focusing on product development and strategic partnerships to enhance their market presence. Recent collaborations and product launches, such as those by Honeywell and Analog Devices, highlight the ongoing innovation and expansion within the market, catering to both commercial and defense sectors.
Europe Inertial Systems Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Intensity of Competitive Rivalry
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1.3.5 Threat of Substitutes
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2. MARKET SEGMENTATION
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2.1 By Application
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2.1.1 Civil Aviation
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2.1.2 Defense
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2.1.3 Consumer Electronics
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2.1.4 Automotive
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2.1.5 Energy & Infrastructure
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2.1.6 Medical
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2.1.7 Other Applications
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2.2 By Component
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2.2.1 Accelerometer
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2.2.2 Gyroscope
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2.2.3 IMU
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2.2.4 Magnetometer
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2.2.5 Attitude Heading and Navigation System
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2.2.6 Other Components
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Europe Inertial Systems Market Size FAQs
What is the current Europe Inertial Systems Market size?
The Europe Inertial Systems Market is projected to register a CAGR of 5.54% during the forecast period (2024-2029)
Who are the key players in Europe Inertial Systems Market?
Honeywell Aerospace Inc., Northrop Grumman Corporation, Bosch Sensortec GmbH, Analog Devices Inc. and Thales Group are the major companies operating in the Europe Inertial Systems Market.