ID: MRFR/SEM/7064-HCR | February 2021 | Region: Global | 111 pages
Gyroscope Market was valued at USD 2.95 Billion in 2018; it is expected to reach USD 4.28 Billion by the end of the forecast period at a CAGR of 5.6%.
Gyroscope is an instrument or a sensor that maintains the orientation and angular velocity of an object it is placed in. Gyroscopes are gaining popularity due to the increasing demand for them in consumer electronic devices, UAVs, automation, smart cities applications, and in the commercial infrastructure market. Gyroscopes provide more accurate and automated collected data with fewer errors in the recorded information. Various end-users such as consumer electronics, aerospace & defense, industrial manufacturing, mining, marine, automotive, and others are rapidly deploying gyroscopes in their automation process to increase their production frequency without compromising on the quality. The automation process requires the use of several sensors to measure data pointers on every operational process. MEMS gyroscope proves to be one of the highly adopted sensors. These sensors help to achieve a higher level of motion sensing precision and accuracy. Gyroscope market is highly affected by trends such as increased global vehicle production, the emergence of unmanned ariel vehicles, growing demand for wearables and handheld devices, and increasing virtual reality and augmented reality applications.
The major factors that determine the growth of the gyroscope market include its increasing application in smartphones and handheld devices, and the growing adoption of UAVs for surveillance, mining, and military applications. However, the increased cost of manufacturing gyroscope-enabled products can hamper the market growth. Gyroscopes have critical applications in navigation system un-manned ariel aircraft, spacecraft, surface vehicles, and marine applications. Gyroscopes are also being integrated into smartphones, digital cameras, and camera accessories. The sensor helps in maintaining optical stabilization while capturing images and videos. It is also used in tripods and gimbals for DSLRs and action cameras.
The Global Gyroscope Market has been segmented based on type, application, and region.
By type, the gyroscope market has been segmented into MEMS gyroscopes, fiber optic gyroscope, ring laser gyroscope, dynamically tuned gyroscope, hemispherical resonating gyroscope, and others.
By application, the gyroscope market has been segmented into consumer electronics, aerospace & defense, industrial manufacturing, mining, marine, automotive, and others.
By region, the gyroscope market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Globally, the gyroscope market has been categorized into five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Among the countries mentioned above, Asia-Pacific is the leading region in terms of adoption and manufacturing. The demand for gyroscopes in China, India, South Korea, and Japan is increasing due to their use in military, aviation, and consumer electronics applications. North America closely follows Asia-Pacific in terms of market share. Some of the major manufacturers are in the US who provide the companies with additional leverage to meet customer demands and hence assist in the growth of the market. Moreover, the North American region is experiencing rapid developments in the defense and aviation sector. Gyroscopes have now become an essential component of the systems to maintain stability and achieve accurate results, which is a major requirement for self-driving cars and autonomous vehicles. On the other hand, Europe is expected to show the fastest growth rate during the forecast period due to increased development in avionics and automotive industry.
Global Gyroscope Market, USD Billion
Source: MRFR Analysis
The global gyroscope market is characterized by the presence of several global vendors. The competition among the existing players for shares in the market is moderately intense. The cost, quality, accuracy, and reliability of products are some of the factors that help vendors to sustain in an intensely competitive market. Furthermore, technological advancements for the adoption of gyroscope across different markets are expected to fuel the growth of the gyroscope market during the forecast period.
The key players in the gyroscope market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are Honeywell International Inc, Robert Bosch GmbH, Analog Devices Inc., Trimble Inc., Murata Manufacturing Co Ltd, Silicon Sensing Systems Limited, STMicroelectronics, TDK Corporation, NXP Semiconductor, Epson America Inc, and InnaLabs. These players significantly contribute to market growth. Apart from the top key players, the other players contribute nearly 25–30% in the gyroscope market.
Frequently Asked Questions (FAQ) :
The gyroscope market is poised to register 5.6% CAGR.
The market size is expected to touch USD 4.28 Bn mark by 2025 end.
Increasing adoption of smartphones, coupled with rising adoption of UAVs, is expected to drive market growth.
By application, the segments of the gyroscope market are consumer electronics, industrial manufacturing, aerospace & defense, mining, automotive, marine, and others.
By type, the segments of the gyroscope market are MEMS gyroscopes, hemispherical resonating gyroscope, ring laser gyroscope, fiber optic gyroscope, dynamically tuned gyroscope, and others.