Latin America Inertial Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Inertial Systems Market Analysis
The Latin America Inertial Systems Market is expected to register a CAGR of 10.2% during the forecast period from 2021 to 2026. The Latin American inertial systems market is expected to grow significantly, owing to rising opportunities in defense and aerospace.
- The rise of low-cost airlines is expected to boost market opportunities. According to Boeing, the market demand for flight operations services in the aerospace industry in 2017 was USD 1,870 million and is expected to rise to USD 4,975 million by 2035.
- Increased decentralization in global affairs and increased defense budgets are expected to drive market growth. The defense sector has numerous inertial systems applications like Missile Guidance, Precision Guided Munitions, Control and Targeting, Tank Turret Stabilization, and Torpedo Guidance.
- Further, the addition of microelectromechanical systems, or MEMS technology, has broadened market opportunities. The technology is widely used in field sensors and semiconductors. Small-diameter missiles, underwater navigators, and unmanned underwater vehicles also increase demand for high-end MEMS sensors in the defense sector. The growing modernization of weaponry with the advent of smart weapons and advanced tanks is also an essential driver for the market.
- The rapid advancement in technology and compels the market players to innovate new products with advanced features. Strategic collaborations and partnerships which enable companies to leverage their synergies are also on the rise. For instance, in October 2021, Thales Group partnered with CS Group to develop a comprehensive cyber-secure navigation system for use on naval surface ships. The collaboration brings together Thales' expertise in inertial navigation systems and CS Group's experience in smart cyber-protected mission-critical systems.
- Moreover, Inertial sensors are used in biomedical instruments extensively for their multi-function characteristics. The inertial systems are increasingly being used in medical equipment, including MRI devices, intelligent patient beds, surgical robots, and angiography equipment. Government initiatives like the Plan Nacer in Argentina have been immensely successful and popular in the country. The tax-funded Unified Health System has changed the healthcare system in Brazil. With Columbia establishing the right to healthcare in its constitution, among many other plans, overhauled the healthcare system in the region. As the healthcare sector widens in Latin America, it would also propel the inertial systems market.
Latin America Inertial Systems Market Trends
This section covers the major market trends shaping the Latin America Inertial Systems Market according to our research experts:
The Growing Demand for Unmanned Vehicles is Expected to Drive the Market
- The booming demand for Unmanned Underwater Vehicles (UUV) is the primary factor driving the market's expansion. UUVs are being widely used in oil and gas exploration. The increasing gas and oil production and exploration activities in Latin America would aid the market's growth. For instance, according to the CIA (The World Factbook), in 2020, Brazil and Mexico amounted to 3% and 2.2%, respectively, of the total worldwide crude oil export value.
- The UUVs are used in the defense industry for deactivating underwater mines, counterattacking, port security, and hull inspection. Underwater drones aid in oceanographic studies for mapping the ocean floor in scientific research. They are also employed in scientific research and defense weaponry, where high precision is required.
- With the rising consumption of oil and gas globally, the UUVs are increasingly being used for oil rig constructions, pipeline inspections, and maintenance activities, thereby fueling the demand for the product. For instance, according to Baker Hughes, Latin America has a total of 152 oil and gas rigs as of October 2021, of which 33 rigs are offshore.
- Moreover, technological advancements such as the introduction of light-powered and compact-sized navigation systems that use ring laser gyros (RLG) and fiber optic gyros (FOG) contribute to the market's positive outlook.
- The global oil industry encountered a sudden drop in demand across various countries due to the severe impact of COVID-19. For instance, according to UNCTAD, global maritime transport plummeted by 4.1% in 2020 compared to the previous year due to unexpected disruption caused by the COVID-19 pandemic. The disorder has principally hampered the supply chain, shipping network, trade volumes, and port in the studied market, temporarily restraining the market growth.
Automotive Segment is Expected to hold a Significant Market Share
- The advancement of the global lifestyle has resulted in a greater demand for equipment that is easier to use, which has enabled the use of motion-sensing technology that heavily relies on inertial sensors. These sensors are widely used in the automotive industry to improve safety, performance, and cost-effectiveness.
- The emergence of MEMS technology increased automotive production, and high investments in defense, military, and sub-sea vehicles are just a few factors driving the automotive inertial systems market, while high cost and complexity are stifling the market growth.
- The rising demand for automobile safety is boosting the market's growth. Every year, approximately 1.35 million people are killed in road accidents worldwide, according to the World Health Organization.
- Furthermore, between 20 and 50 million more people suffer non-fatal injuries, with many becoming disabled as a result. MEMS accelerometers play a critical role in improving vehicle safety features.
- The current generation of automobiles is heavily reliant on data collected from various sensors installed in the vehicle. Gyroscopes and accelerometers provide critical measurements for improving vehicle control and stability. These sensors are prone to producing significant noise at low frequencies, resulting in low measurement accuracy, particularly under low-dynamic conditions, thereby accelerating market demand during the forecast period.
Latin America Inertial Systems Industry Overview
The Latin America Inertial Systems Market is moderately competitive and consists of several major players. In terms of market share, a few of the major players like Analog Devices Inc., Honeywell International Inc., ST Microelectronics, etc., currently dominate the market. These players are focusing on expanding their customer base globally.
- October 2021 - Honeywell introduced the Precision Boresight Alignment System (PBAS), which is intended to improve positioning and location accuracy in various aerospace and non-aerospace applications. The system is made up of two small electrical boxes. The first attaches to the item that needs to be aligned, such as the navigation system, and the second attaches to whatever it should be aligned to, the aircraft. Each box contains three gyroscopes that function similarly to other inertial navigators to determine positioning data. The boxes are linked to a central computer, which displays the data from which the technician notices discrepancies.
- October 2021 - STMicroelectronics introduced the Teseo-VIC3DA, the latest member of the Teseo module family. The Teseo-VIC3DA navigation module combines ST's high-performance Automotive Teseo III GNSS1 IC with the automotive 6-axis MEMS inertial measurement unit (IMU) and dead reckoning software to form a convenient, automotive-qualified navigation module. The Teseo-VIC3DA module enables applications such as in-car navigation, fleet management, and insurance monitoring.
Latin America Inertial Systems Market Leaders
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Honeywell International Inc.
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KVH Industries Inc.
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Northrop Grumman Corporation
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ST Microelectronics
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Analog Devices Inc.
*Disclaimer: Major Players sorted in no particular order
Latin America Inertial Systems Market News
- May 2021 - KVH Industries Inc. introduced the P-1750 and P-1725 inertial measurement units (IMUs) for unmanned aerial vehicles, unmanned underwater vehicles (UUVs), remotely operated vehicles (ROVs), and platform stabilization. The KVH P-series IMUs feature a compact IMU housing and offer dynamic sensor performance for navigation and environmental robustness in vibration and shock capability.
- August 2021 - The Embedded GPS/Inertial Navigation System (INS)-Modernization (EGI-M) program at Northrop Grumman developed airborne navigation capabilities using a government-owned open architecture. The fully modernized system includes new M-Code capable GPS receivers, interoperability with civil controlled airspace, and a new resilient time capability.
Latin America Inertial Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of the Impact of COVID-19 on the market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Emergence of MEMS Technology
5.1.2 Increasing Demand for Accuracy in Navigation
5.2 Market Restraints
5.2.1 Integration Drift Error in Navigational Systems
5.2.2 Increasing Costs and Complexity
6. MARKET SEGMENTATION
6.1 By Equipment
6.1.1 Gyroscopes
6.1.2 Accelerometers
6.1.3 Inertial Measurement Units
6.1.4 GPS/INS
6.1.5 Multi-Axis Sensors
6.2 By Technology
6.2.1 MEMS
6.2.2 Optic Fibre Gyro
6.2.3 Ring Laser Gyro
6.2.4 Vibrating Gyro
6.2.5 Hemispherical Resonator Gyro
6.2.6 Mechanical Inertial Navigational Systems
6.3 By End-user Industry
6.3.1 Automotive
6.3.2 Defense
6.3.3 Industrial
6.3.4 OEM
6.3.5 Energy and Infrastructure
6.3.6 Civil Aviation
6.4 By Country
6.4.1 Brazil
6.4.2 Mexico
6.4.3 Colombia
6.4.4 Argentina
6.4.5 Rest of Latin America
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Analog Devices Inc.
7.1.2 Bosch Sensortec GmbH
7.1.3 Safran Group
7.1.4 Honeywell International Inc.
7.1.5 Invensense Inc.
7.1.6 Ixbluesas
7.1.7 Kearfott Corporation
7.1.8 KVH Industries Inc.
7.1.9 Meggitt PLC
7.1.10 Northrop Grumman Corporation
7.1.11 ST Microelectronics
7.1.12 Silicon Sensing Systems Ltd.
7.1.13 Rockwell Collins
7.1.14 UTC Aerospace Systems
7.1.15 Vector NAV
- *List Not Exhaustive
8. FUTURE OUTLOOK
9. INVESTMENT ANALYSIS
Latin America Inertial Systems Industry Segmentation
The Latin America Inertial Systems Market is Segmented By Equipment (Gyroscopes, Accelerometers, Inertial Measurement Units, GPS/INS, Multi-Axis Sensors), By Technology (MEMS, Fiber Optic Gyro, Ring Laser Gyro, Vibrating Gyro, Hemispherical Resonator Gyro, Mechanical Inertial Navigational Systems), By End-user Industry (Automotive, Defense, Industrial OEM, energy & infrastructure, Civil Aviation).
An inertial system or an inertial navigation system (INS) is a navigation device that utilizes a computer, motion sensors (accelerometers), and rotation sensors (gyroscopes) to continuously calculate the position, orientation, and velocity (direction and speed of movement) of a moving object by dead reckoning. A barometric altimeter frequently supplements inertial sensors and, on occasion, magnetic sensors (magnetometers) and speed measuring devices.
| By Equipment | |
| Gyroscopes | |
| Accelerometers | |
| Inertial Measurement Units | |
| GPS/INS | |
| Multi-Axis Sensors |
| By Technology | |
| MEMS | |
| Optic Fibre Gyro | |
| Ring Laser Gyro | |
| Vibrating Gyro | |
| Hemispherical Resonator Gyro | |
| Mechanical Inertial Navigational Systems |
| By End-user Industry | |
| Automotive | |
| Defense | |
| Industrial | |
| OEM | |
| Energy and Infrastructure | |
| Civil Aviation |
| By Country | |
| Brazil | |
| Mexico | |
| Colombia | |
| Argentina | |
| Rest of Latin America |
Latin America Inertial Systems Market Research FAQs
What is the current Latin America Inertial Systems Market size?
The Latin America Inertial Systems Market is projected to register a CAGR of 10.20% during the forecast period (2024-2029)
Who are the key players in Latin America Inertial Systems Market?
Honeywell International Inc., KVH Industries Inc., Northrop Grumman Corporation, ST Microelectronics and Analog Devices Inc. are the major companies operating in the Latin America Inertial Systems Market.
What years does this Latin America Inertial Systems Market cover?
The report covers the Latin America Inertial Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Inertial Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Inertial Systems Industry Report
Statistics for the 2024 Latin America Inertial Systems market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Latin America Inertial Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
