New York, United States , June 12, 2024 (GLOBE NEWSWIRE) -- The Global Gyroscope Market Size is to Grow from USD 2.24 Billion in 2023 to USD 3.98 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.92% during the projected period.
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A gyroscope is a device used to measure or preserve orientation and angular velocity. A gyroscope typically involves a revolving wheel or floppy mounted on a frame, letting it resist orientation variations and maintain stability. Gyroscopes are used in compasses, automatic pilots on ships, aircraft, and ballistic missiles, the navigation mechanisms of torpedoes, the inertial direction systems installed in space launch vehicles, orbiting satellites, and virtual reality experiences. Furthermore, gyroscopes are devices used to track the twists, turns, and rolls of an item in motion. Gyroscopes are used in smartphones, tablets, wearables, gaming consoles, and virtual reality devices for motion tracking and steadiness. Moreover, gyroscopes are used in cars for electronic stability control (ESC), airbags, and steering systems. Gyroscopes are vital for navigation, direction, and stabilization in airplanes, drones, and missiles. Gyroscopes are used in robots, industrial mechanization systems, and medical devices for precise positioning and control. However, competition from other sensor technologies hampers the development of the gyroscopes market. Accelerometers and magnetometers, among others, develop as formidable competitors delivering analogous performance in precise applications at a lower cost. However, high initial costs and operational anxieties are the main factors estimated to restrain the growth of the studied market.
Browse key industry insights spread across 207 pages with 110 Market data tables and figures & charts from the report on the "Global Gyroscope Market Size, Share, and COVID-19 Impact Analysis, By Type (MEMS Gyroscope, Fiber Optic Gyroscope, Ring Laser Gyroscope, Dynamically Tuned Gyroscope, Hemispherical Resonating Gyroscope, and Others), By Application (Consumer Electronics, Aerospace and Defense, Industrial Manufacturing, Mining, Marine, Automotive, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The MEMS gyroscope segment is anticipated to hold the greatest share of the global gyroscope market during the projected timeframe.
Based on the type, the global gyroscope market is divided into MEMS gyroscopes, fiber optic gyroscopes, ring laser gyroscopes, dynamically tuned gyroscopes, hemispherical resonating gyroscopes, and others. Among these, the MEMS gyroscope segment is anticipated to hold the greatest share of the global gyroscope market during the projected timeframe. This is attributed to in emerging economies, category development is obsessed owing to the augmented proliferation of mobile devices.
The aerospace and defense segment is anticipated to hold the greatest share of the global gyroscope market during the projected timeframe.
Based on the application, the global gyroscope market is divided into consumer electronics, aerospace and defense, industrial manufacturing, mining, marine, automotive, and others. Among these, the aerospace and defense segment is anticipated to hold the greatest share of the global gyroscope market during the projected timeframe. This is attributed to gyroscopes being widely used in commercial airplanes, defense acts, and other areas.
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Asia Pacific is expected to hold the largest share of the global gyroscope market over the forecast period.
Asia Pacific is expected to hold the largest share of the global gyroscope market over the forecast period. The Asia-Pacific gyroscope market will dominate, owing to the expansion & development of aircraft & automobile manufacturing units in the nations, mainly India, Japan, and China. The increasing investments by the businesses associated with the government efforts & support to influence the economy by creating aircraft, vehicles, etc., locally are circulating the demand for gyroscopes in the region.
North America is predicted to grow at the fastest pace in the global gyroscope market during the projected timeframe. This is due to the growing production and sales of customer electronics and the strong existence of leading accelerometers and gyroscope manufacturers continuously striving to introduce new products in this region. Moreover, the US gyroscope market seized the largest market share, and the Canadian gyroscope market was the fastest-growing market in the North American region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Gyroscope Market include Honeywell International Inc., Northrop Grumman Corporation, Thales Group, Safran Electronics & Defense, Murata Manufacturing Co. Ltd., STMicroelectronics N.V., Analog Devices Inc., Bosch Sensortec GmbH, InvenSense Inc., KVH Industries Inc., Colibrys, Kionix Inc., Trimble Navigation Ltd., Moog Inc., and others.
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Recent Developments
- In January 2024, Murata Manufacturing announced the SCH16T-K01 sensor incorporating gyroscope and accelerometer capabilities for specific sensing in various applications, including machine control.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Gyroscope Market based on the below-mentioned segments:
Global Gyroscope Market, By Type
- MEMS Gyroscope
- Fiber Optic Gyroscope
- Ring Laser Gyroscope
- Dynamically Tuned Gyroscope
- Hemispherical Resonating Gyroscope
- Others
Global Gyroscope Market, By Application
- Consumer Electronics,
- Aerospace and Defense,
- Industrial Manufacturing,
- Mining
- Marine
- Automotive
- Others
Global Gyroscope Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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