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 |
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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.
