According to Market Research Future (MRFR), The global gyroscope market is expected to reach USD 4.28 billion at a CAGR of 5.6% from 2019 to 2025 (forecast period). The report evaluates the effects of the COVID-19 pandemic on the global gyroscope market and provides a detailed estimation of the potential volatility of demand over the forecast period.
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Gyroscope is an instrument or sensor that preserves the orientation and angular velocity of the object in which it is placed. Gyroscopes are gaining popularity due to growing demand for them in consumer electronic devices, UAVs, automation, smart cities applications, and in the market for commercial infrastructure. Gyroscopes have more reliable and automated data obtained with fewer errors in recorded information. Various end-users, such as consumer electronics, automotive, aerospace & defense, industrial manufacturing, marine, mining, and others, are increasingly deploying gyroscopes in their automation process to increase their output frequency without losing efficiency. The automation process involves the use of multiple sensors to measure the data pointers of each operational process. The MEMS gyroscope proves to be one of the most widely accepted sensors. Such sensors help to achieve a higher degree of accuracy and precise motion sensing. The gyroscope market is highly influenced by developments such as increased global vehicle production, the advent of unmanned ariel vehicles, growing demand for wearables and handheld devices, and growing augmented reality and expanded reality applications.
Significant factors influencing the gyroscope market's growth include its increasing use in smartphones and handheld devices and increasing adoption of UAVs for surveillance, mining, and military applications. Nevertheless, increased costs for the production of gyroscope-enabled products can hinder the market growth. Gyroscopes have critical applications in navigation systems such as unmanned ariel aircraft, spacecraft, surface vehicles, and marine applications. Gyroscopes are also incorporated into smartphones, digital cameras, and camera accessories. The sensor helps to achieve optical stability when taking images and videos.
The global gyroscope market has been segmented based on type and application.
By type, the global gyroscope market has been segmented into MEMS gyroscopes, hemispherical resonating gyroscope, dynamically tuned gyroscope, ring laser gyroscope, fiber optic gyroscope, and others.
By application, the global gyroscope market has been segmented into consumer electronics, aerospace & defense, industrial manufacturing, mining, marine, automotive, and others.
By region, the global gyroscope market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The Asia Pacific is the leading region in the field of adoption and manufacturing. The demand for gyroscopes in India, China, South Korea, and Japan is growing as a result of their use in military, aviation, and consumer electronics applications. North America matches the Asia Pacific closely in terms of market share. Many of the US's most prominent manufacturers are providing companies with additional leverage to fulfill consumer expectations and thereby continue to expand the market. In addition, the North American region is undergoing rapid developments in the defense and aviation sector. Gyroscopes have now become a vital component of the systems to maintain stability and provide accurate results, which is a crucial requirement for self-driving cars and autonomous vehicles. Europe is expected to experience the highest growth rate during the forecast period due to increased development in the avionics and automotive industry.
Prominent players in the gyroscope market are listed across all major regions based on their country of origin, presence, product diversification, recent major developments, and industry expertise. Some of them are Honeywell International Inc, Silicon Sensing Systems Limited, Robert Bosch GmbH, Analog Devices Inc., Trimble Inc., STMicroelectronics, TDK Corporation, NXP Semiconductor, Murata Manufacturing Co Ltd, Epson America Inc, and InnaLabs. Such players make a significant contribution to market development. Apart from the top main players, the other players contribute almost 25–30% to the gyroscope market.
The presence of many multinational vendors distinguishes the global gyroscope market. The competition between emerging players for market shares is moderately intense. Cost, accuracy, quality, and reliability of products are factors that allow vendors to survive an extremely competitive market. In addition, technological advancements in the adoption of gyroscope across different markets are expected to drive the gyroscope market's growth during the forecast period.
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