New York, US, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Gyroscope Market information by Type, Application and Region – forecast to 2027” the market was valued at USD 2.95 Billion in 2018; it is expected to reach USD 4.28 Billion by 2025 at a CAGR of 5.6%.
Gyroscope Market Scope:
A gyroscope, simply put, is an instrument or a sensor which helps in maintaining the angular velocity and orientation of an object that it is placed in. Ever since its launch, they have evolved considerably, aided by incremental technology innovations. It has helped them in emerging as an integral component in navigation systems. Gyroscope is a disc or spinning wheel in which the spin axis or the axis of rotation is free in assuming any orientation by itself. Hemispherical resonating gyroscope, dynamically tuned gyroscope, ring laser gyroscope, fiber optic gyroscope, MEMS gyroscopes, and others are the different types of gyroscopes that have wide applications in automotive, marine, mining, industrial manufacturing, aerospace and defense, consumer electronics, and others.
Dominant Key Players on Gyroscope Market Covered Are:
- InnaLabs
- Epson America Inc
- NXP Semiconductor
- TDK Corporation
- STMicroelectronics
- Silicon Sensing Systems Limited
- Murata Manufacturing Co Ltd
- Trimble Inc.
- Analog Devices Inc.
- Robert Bosch GmbH
- Honeywell International Inc
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Market Drivers:
Enhancing Features that Bolster Market Growth
According to the MRFR report, there are numerous factors that are propelling the global gyroscope market share. Some of these entail the growing need in consumer electronic devices, automation, commercial infrastructure market, and smart cities applications, increasing application in handheld devices and smartphones, growing adoption of UAVs for military applications, mining, and surveillance, rapidly growing adoption of drones, technological innovations, growing electronics industry, increasing use of portable devices like tablets and laptops that use MEMs gyroscope for precise motion-sensing, owing to alluring features such as minimal energy consumption, compact size, cost-efficiency, and low-weight, gyroscopes are widely used in inertial navigation of automobiles, aircrafts, sailing boats, military missiles, satellites, and consumer electronic products, extensive R&D to augment the stability of MEMS gyroscope to find applications in pointing and targeting instruments, growing adoption of wearable devices, and rising automation in residential complexes and industries.
On the contrary, increasing manufacturing costs and complexity may hinder the global gyroscope market share over the forecast period.
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Segmentation of Market Covered in the Research:
The MRFR report highlights an inclusive analysis of the global gyroscope market based on application and type.
By type, the global gyroscope market is segmented into hemispherical resonating gyroscope, dynamically tuned gyroscope, ring laser gyroscope, fiber optic gyroscope, MEMS gyroscopes, and others. Of these, the MEMS gyroscope segment will lead the market over the forecast period.
By application, the global gyroscope market is segmented into automotive, marine, mining, industrial manufacturing, aerospace and defense, consumer electronics, and others. Of these, the aerospace and defense segment will dominate the market over the forecast period.
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Regional Analysis
APAC to Remain Domineer in Gyroscope Market
Geographically, the global gyroscope market is bifurcated into Europe, North America, South America, the Asia Pacific, along with the Middle East & Africa (MEA). Of these, APAC will remain domineer in the market over the forecast period. The surging need for gyroscopes in Japan, South Korea, India, and China for the increasing use in consumer electronics applications, aviation, aerospace, and military, growth in the oil and gas industry, Japan being a manufacturing hub for automobile industry, new development plans for driverless vehicles, increased enforcement of regulations from South Korea, Japan, and China, end user companies willing to invest in the measurement of orientation in different device monitoring system for their safety are adding to the global gyroscope market growth in the region.
North America to Have Promising Growth in Gyroscope Market
In North America, the global gyroscope market is predicted to have promising growth over the forecast period for the rapid development in the defense and aviation sector. Gyroscopes may turn into essential component of the systems for maintaining stability and attaining accurate results that is a key need for autonomous vehicles and self-driving cars. Besides, rich concentration of military, aviation, and automotive manufacturers with high industry expertise operating in MEMS technology, the development and advancement of home and industrial automation technologies have led several vendors in implementing gyroscopes in their product offerings, advances in smartphone technology is encouraging smartphone manufacturers in deploying gyroscope for improved camera application, navigation and positioning, and the high sales of top-end smartphones and tablets are adding to the global gyroscope market growth in the region.
Europe to Have Healthy Growth in Gyroscope Market
In Europe, the global gyroscope market is predicted to have healthy growth over the forecast period. Increased development in automotive industry and avionics is adding to the global gyroscope market growth in the region.
In the MEA, and South America, the global gyroscope market is predicted to have stable growth over the forecast period.
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COVID-19 Impact on the Global Gyroscope Market
The MEMS gyroscope market has faced the brunt of the ongoing COVID-19 pandemic. It has shown a noteworthy fall in the growth of the market more so in the automotive and consumer sector owing to massive disruption in supply chain movement and also the government imposed lockdown across the world. However, it is potentially offering growth especially in the wearable market sector. Smart wearables are generally related to offering human health status. Oura, an intelligent ring startup is working hand in hand with the University of California, San Francisco for creating smart rings which can help in monitoring elements such as body temperature as well as conducting a daily system survey. It will allow users to detect the early onset of COVID-19. This ring features infrared LEDs, three temperature sensors, an accelerometer, and a gyroscope and capable to track vitals such as the respiration rate and heart rate through the finger.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
