Wilmington, Delaware, United States, March 18, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The estimated market valuation of the global gyroscope market is US$ 1.5 billion by 2031. The last measured market valuation of the subject market was US$ 933.3 million. This market advancement is subjected to a moderate CAGR of 5.2%. However, it must be noted that the subject market experiences many assertive forces that cause it to grow.
The fundamental factor that boosts the market includes the development of key players in their products. Due to the constant product evolution, gyroscopes are upgraded. This meets the increasing demands of the market and consumers. As a result of this, product development acts as a key market driver. It also helps the subject market to penetrate globally in terms of different market entries.
Relevant technology, like MEMS, has made miniaturization possible. Moreover, this miniaturization has been preferred due to the increased ease of carrying devices. Additionally, the cost required for the process is reduced due to the evolution of the technology. Thus, it is another critical market driver that fuels market growth.
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Consumer electronics companies prefer gyroscopes to deliver better features to customers. As a result, the demand for cutting-edge gyroscopes has been increasing, which is another key market driver.
Key Findings from the Market Report
- The global gyroscope market is segmented based on various parameters, including the type of gyroscopes used. A MEMS gyroscope is used to measure the angular motion of an object. The typical uses of the same are found in smartphones. However, the accuracy of these gyroscopes might be a concern.
- The fiber optic gyroscope is a market segment used in aircraft. This market segment is highly exploited for manufacturing stabilizing equipment.
- The 2-axis gyroscope market segment controls an object's motion based on the change in its angular velocity. Guided missiles use this gyroscope market segment.
- Automotive and transportation are critical end-user market segments for the subject market, which rely heavily on gyroscopes to maintain stability.
Regional Profile
- Various Asian countries, including India, China, South Korea, and Japan, have a growing electronics market. This has increased the demand for the technology, encouraging these countries to contribute to the growth of the global gyroscope market. In 2022, the Asia-Pacific region held about 56.3% of the market share. Therefore, it is considered the market leader.
- The aerospace and defense industry in the USA has been growing and constantly requiring fuel. Due to this, lucrative opportunities for the subject market are seen. Hence, North America is a key market contributor to the subject market.
- Similarly, the European market has also been growing. Thus, it is another crucial region contributing to the market growth.
Key Trends for the Gyroscope Market
- In November 2022, Murata Manufacturing Co. Ltd. introduced SCC400T MEMS. With the help of this gyroscope, offset stability could be given to devices.
- In December 2022, Honeywell International Inc. launched the one-millionth tactical-grade IMU. They are widely used in military applications.
- In January 2024, Analog Devices Inc. collaborated with Honeywell International Inc. This collaboration is intended to bring innovation to the automotive industry and help the global gyroscope market.
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Competitive Landscape
Various organizations have been crucial in developing the fiercely competitive global gyroscope market through their innovative product portfolios.
- Honeywell International Inc. is a key player known for its highly diversified work. The organization has operated in intrusion detection, electric wiring, and many other sectors.
- Analog Devices Inc. offers various analog devices, including comparators, filters, etc. It also provides audio amplifiers and sound processors.
- Lastly, Innalabs offers all types of gyroscopes, including 1-axis, 2-axis, and 3-axis gyroscopes. It also assists in the development of space systems.
Key Players
- Analog Devices Inc.
- Honeywell International Inc.
- Innalabs
- Murata Manufacturing
- Northrop Grumman Corporation
- NXP SEMICONDUCTORS NV
- Robert Bosch GmbH
- STMicroelectronics N.V.
- SYSTRON DONNER INERTIAL
- TE Connectivity
Market Segmentation
Type
- MEMS Gyroscope
- Fiber Optic Gyroscope
- Ring Laser Gyroscope
- Dynamically Tuned Gyroscope (DTG)
- Others
Dimension
- 1-Axis
- 2-Axis
- 3-Axis
End-use Industry
- Automotive & Transportation
- Consumer Electronics
- Aerospace & Defence
- Industrial
- Healthcare
- Others
Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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