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The Gyroscope Market has undergone significant growth, driven by the increasing demand for precise orientation and motion sensing across a wide range of applications. The market dynamics are shaped by factors such as the proliferation of consumer electronics, the rise of autonomous vehicles, and the continuous advancements in navigation and motion control technologies. One of the primary drivers fueling the Gyroscope Market is the widespread adoption of gyroscopes in smartphones, wearables, and other consumer electronic devices. Gyroscopes play a crucial role in enabling features like image stabilization, motion tracking, and augmented reality applications, enhancing the overall user experience. The growing consumer demand for advanced functionalities in portable devices has led to an increased integration of gyroscopes, contributing significantly to the market's expansion.
Additionally, the automotive industry has emerged as a key contributor to the market dynamics of gyroscopes. With the rise of autonomous vehicles and advanced driver-assistance systems (ADAS), gyroscopes are essential components for ensuring accurate motion sensing and navigation. Gyroscopes contribute to the precision of navigation systems, stability control, and overall vehicle safety. As the automotive sector continues its transformation toward autonomous driving, the demand for reliable and high-performance gyroscopes is expected to grow, further influencing the market dynamics.
Moreover, the aerospace and defense sector is a critical market for gyroscopes, where precision and reliability are paramount. Gyroscopes are utilized in navigation systems for aircraft, missiles, and spacecraft, providing accurate orientation data in challenging environments. The need for advanced gyroscopic technologies in aerospace and defense applications drives continuous innovation and investment in gyroscopic solutions, impacting the overall market dynamics.
Furthermore, advancements in inertial navigation systems and the Internet of Things (IoT) are playing a pivotal role in shaping the market dynamics of gyroscopes. Inertial navigation systems, which heavily rely on gyroscopes for accurate motion sensing, find applications in drones, robotics, and industrial automation. The integration of gyroscopes with IoT technologies enables real-time data collection and remote monitoring, contributing to the evolution of smart and connected systems. The demand for precise motion sensing in diverse applications across industries is driving the adoption of gyroscopes in the rapidly expanding IoT ecosystem.
However, challenges such as the need for miniaturization, cost considerations, and the emergence of alternative technologies pose considerations for market players. The miniaturization of gyroscopes is essential for applications in smaller devices and wearables, demanding continuous efforts to reduce size without compromising performance. Additionally, as technology advances, cost considerations become crucial for widespread adoption, especially in price-sensitive markets. The emergence of alternative technologies, such as optical and acoustic sensors, adds complexity to the competitive landscape, requiring gyroscopes to differentiate themselves based on performance, reliability, and cost-effectiveness.
Gyroscope Market Highlights:
Global Gyroscope Market Overview:
The Gyroscope Market size was valued at USD 2.5 Billion in 2022. The gyroscope industry is projected to grow from USD 2.6 Billion in 2023 to USD 3.69 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.44% during the forecast period (2023 - 2032). The increasing adoption of drones and unmanned aerial vehicles in the defense and commercial sector and the growing application of gyroscopes in smartphones and handheld devices are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gyroscope Market Trends
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Technological innovations in gyroscopes are driving the market growth
Market CAGR for gyroscopes is driven by the growing technological innovations in gyroscopes. Technological innovations are shaping the gyroscope market. The performance of Inertial navigation systems, attention and heading reference systems, or inertial measurement units for manned and unmanned aircraft, marine, spacecraft, and surface vehicles have influenced technological innovations in gyroscopes. For instance, in May 2022, Magnum Wings LLP, a Hyderabad-based electronic firm, established its first commercially available UAV- MW Viper, in India. The MW Viper's enhanced operating capabilities and mission flexibility make the ground survey, payload delivery, and surveillance missions all easier. The perpendicular take-off and landing capacity of the MW Viper allows it to hover, take off, and land vertically with a payload varying from 5 to 60 kg.
Additionally, the market is witnessing various developments from national and international players seeking a competitive edge. For instance, in September 2022, South Korea's defense technology development agency developed an atomic spin gyroscope that can be utilized for navigation devices in weapon systems. The Agency for Defense Development (ADD) worked on developing cost-effective gyroscopes that can miniaturize and reduce the power consumption of weapons-grade navigation devices.
The rapidly increasing adoption of drones and unmanned aerial vehicles in the defense and commercial sector has been anticipated to be a major driver in the market. An unmanned Aerial Vehicle is an airborne system, or an aircraft worked remotely by a human worker or autonomously by an onboard computer for warfare and surveillance. Due to the expansion in research and development, the adoption rate of UAVs is rising. For instance, according to National Defense, worldwide research, development, and procurement spending on UAVs is projected to increase from $11.1 billion in 2020 to $14.3 billion by 2029. Moreover, R&D spending is predicted to extend from $3.2 billion in 2020 to $4 billion in 2029, and procurement assistance is predicted to ramp up from $7.9 billion in 2020 to approximately $10.3 billion by the end of the decade. Such increasing adoption of drones and UAVs is driving the gyroscope market revenue.
Moreover, the rising disposable income, as well as the inclination of customers to use fancy & technologically advanced electronic gadgets, have also raised the production of smartphones, tablets, laptops, etc., subsequently boosting the demand for gyroscopes, as they are used for multiple purposes like for the autorotation of the screen & view on the screen whenever a phone is rotated and several other things.
Gyroscope Market Segment Insights:
Gyroscope Type Insights
The Gyroscope Market segmentation, based on type, includes MEMS gyroscopes, fiber optic gyroscopes, ring laser gyroscopes, dynamically tuned gyroscopes, hemispherical resonating gyroscopes, and others. The MEMS gyroscope segment dominated the market, accounting for 35% of market revenue (0.91 Billion). In developing economies, category growth is driven due to the increased proliferation of mobile devices. MEMS gyroscopes help address the high motion sensing accuracy required in smartphones. However, ring laser gyroscope is the fastest-growing category due to rising demand from defense applications focused on upgrading the existing navigation systems onboard the ships and increasing spending on developing new defense vessels.
Gyroscope Application Insights
The Gyroscope Market segmentation, based on application, includes consumer electronics, aerospace & defense, industrial manufacturing, mining, marine, automotive, and others. The aerospace & defense category generated the most income (70.4%). Gyroscopes are extensively used in commercial airplanes, defense operations, and other areas. These devices are remotely mounted in commercial aircraft, allowing the cavity path to rotate around one of the flight's axes. Output can be used in analog instrumentation as well as autopilot systems. However, consumer electronics is the fastest-growing category as gyroscopes offer high stability in digital cameras, which helps in delivering images with perfect clarity. The expansion in demand for digital cameras with much higher megapixels increases the demand for gyroscopes in consumer electronics.
Figure 1: Gyroscope Market by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gyroscope Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific gyroscope market will dominate, owing to the expansion & development of aircraft & automobile manufacturing units in the nations, mainly India, Japan, China, etc. The growing investments by the companies aligned with the government efforts & support to leverage the economy by producing aircraft, vehicles, etc., locally are promulgating the demand for gyroscopes in the region. Moreover, China’s gyroscope market held the largest market share, and the Indian gyroscope market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Gyroscope Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's gyroscope market accounts for the second-largest market share due to the highly developed technological advancement in the region. Further, the German gyroscope market held the largest market share, and the UK gyroscope market was the fastest-growing market in the European region.
The North American gyroscope Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing production and sales of consumer electronics and the strong presence of leading accelerometers and gyroscope manufacturers constantly striving to introduce new products in this region. Moreover, the US gyroscope market held the largest market share, and the Canadian gyroscope market was the fastest-growing market in the North American region.
Gyroscope Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the gyroscope market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the gyroscope industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global gyroscope industry to benefit clients and increase the market sector. Major players in the Gyroscope market, including Honeywell International Inc, Bosch Sensortec GmbH, Analog Devices, Inc., Trimble Inc., Murata Manufacturing Co., Ltd, Silicon Sensing Systems Limited, Parker Hannifin Corp, and others, are attempting to increase market demand by investing in research and development operations.
STMicroelectronics NV is a manufacturer and provider of semiconductors. The company develops and markets a huge range of products, such as custom devices and semi-custom devices and application-specific standard and integrated circuits. It also produces and sells power modules, switches, clocks, data converters, automotive ADAS devices, imaging and photonics solutions, silicon chips and smartcards. STM uses various chip fabrication technologies, including advanced FD-SOI, CMOS, embedded non-volatile memories, RF-SOI, optical sensing, analog and MEMS, mixed signal, and smart power processes. It serves consumers in several markets, including industrial, automotive, personal electronics, computers, communications equipment, and peripherals. With its machine-learning (ML) core, STMicroelectronics created the ASM330LHHX inertial measurement unit (IMU) in May 2022 to help the automotive industry's pursuit for increased levels of automation and to allow smart driving. The 2.5mm x 3mm x 0.83mm ASM330LHHX, which is automotive-qualified, features a 3-axis accelerometer and 3-axis gyroscope. The 6-axis module provides attitude and movement detection for digital stabilisation and vehicle placement.
Engineering and technology are the two main industries of Honeywell International Inc. The company develops and produces technology to address issues with energy, security, safety, productivity, and global urbanisation, among other issues. Specialty chemicals, process technologies, electrical and sophisticated materials, productivity, sensing, safety and security technology, and replacement parts are just a few of the things Honeywell offers. Additionally, it offers managerial, technical, repair, and maintenance services. In July 2022, Honeywell International Inc. collaborated with Civitanavi Systems to develop inertial measurement units, attitude heading reference systems, and inertial navigation systems for commercial & defense customers. The system would include fiber-optic gyroscopes (FOG) & micro-electromechanical system (MEMS) accelerometers designed for improved pointing, stabilization, and short-duration navigation at low power & low noise.
Key Companies in the Gyroscope market include
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Robert Bosch GmbH
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Analog Devises Inc.
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Trimble Inc.
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Murata Manufacturing Co. Ltd.
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Silicon Sensing Systems Limited
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TDK Corporation
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STMicroelectronics
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NXP Semiconductor
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Epson America Inc.
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InnaLabs
Gyroscope Industry Developments
January 2023: STMicroelectronics, a global semiconductor leader serving consumers across the spectrum of electronics applications, is again broadening access to its STM32 microcontroller (MCU) family by launching the most affordable series yet: the STM32C0. STM32 MCUs are utilized in billions of smart industrial, medical, and consumer products worldwide.
November 2022: TDK Corporation launched the world's first monolithic stand-alone gyroscope for automotive applications, which includes the IAM-20380HT 3-axis MEMS gyroscope & the DK-20380HT developer kit that can operate over a wide temperature range, delivering reliable & highly accurate measurement data for a variety of automotive non-safety applications.
August 2022: EMCORE Corporation announced the acquisition of the Fiber Optic Gyroscope and Inertial Navigation Systems business of KVH Industries Inc. The all-cash transaction totaled approximately USD 55 million, including all outstanding assets and liabilities, intellectual property, and an Illinois-based production facility.
Gyroscope Market Segmentation:
Gyroscope Type Outlook
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MEMS Gyroscope
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Fiber Optic Gyroscope
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Ring Laser Gyroscope
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Dynamically Tuned Gyroscope
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Hemispherical Resonating Gyroscope
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Others
Gyroscope Application Outlook
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Consumer Electronics
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Aerospace & Defense
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Industrial Manufacturing
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Mining
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Marine
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Automotive
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Others
Gyroscope Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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