The Global Gyroscopes Market is projected to grow at a CAGR of around 5.43% during the forecast period, i.e., 2023-28. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
due to its consistent installations in various end-user industries such as aerospace, defense, marine, consumer electronics, automotive, etc. The large-scale investments in the aerospace & defense industry, such as the manufacturing & development of military & commercial aircraft in North America, Europe, Asia-Pacific, and others, have been necessitating the demand for various types of gyroscopes. Additionally, the increasing demand for efficient & highly advanced inertial navigation systems in all types of aircraft has been facilitating the implementation of these devices as they improve the performance & accuracy of onboard navigation systems.
Moreover, the growing production of automobiles globally has been resulting in a significant demand for gyroscopes used in automotive applications such as car navigation systems, electronic stability control systems of vehicles, etc. In recent years, several electric vehicle manufacturing & assembling units have been expanded in the regions like the Middle East & Africa, Asia-Pacific, and several others, owing to the government's support to boost the electric vehicle production & assembling facilities in their country. For instance:
- In 2022, M Glory announced the opening of an electric vehicle manufacturing facility in Dubai, UAE, with the capacity to produce 10,000 cars a year, along with an investment of USD408 million.
In parallel, the soaring manufacturing & sales of electric passenger cars as well as commercial vehicles in Europe, North America, Asia-Pacific, etc., in the wake of reducing carbon emissions from the automotive industry is also positively contributing to the growth of the global market & is further estimated to continue in the forecast years as well.
Exploring the Market Dynamics: What’s Driving the Growth of Gyroscope Market?
Surging Investments in Military Aircraft Manufacturing to Fuel the Market Growth - The rising geopolitical tension worldwide, like the dispute between the nations such as China, India, Pakistan, Russia, Ukraine, etc., has created a noticeable demand for military aircraft, boosting the Global Gyroscope market over the last few years. As, these devices have been considered an integral part of aircraft due to their variable functionalities, such as providing reliable solutions for military aircraft navigation purposes.
Gyroscopes are currently used in the military and other types of airplanes as part of inertial navigation systems in order to calculate the aircraft's position even when GPS signals are not available. Several governments of the region, like North America, Europe, Asia-Pacific, etc., announced investments for the procurement of military aircraft, which is further anticipated to upscale the demand for gyroscopes from 2023 to 2028. For instance:
In 2022, Airbus Defence and Space & TATA Advanced Systems Limited collaborated to manufacture the C-295 military transport aircraft in India for an Indian military base by making an investment of nearly USD2.65 billion.
Accordingly, the geopolitical tension between the countries has expanded the commercial sale & manufacturing of military aircraft. This, in turn, is further expected to fuel the demand for different types of these devices, including MEMS gyroscopes, laser gyroscopes, etc., in the forecast years.
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Key Takeaways from the Market Study:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR (2023-2028): 43%
- Key Players to Watch: Honeywell International, Inc., Robert Bosch GmbH, Analog Devices, Inc., Trimble, Inc., Murata Manufacturing Co., Ltd., Silicon Sensing Systems Limited, STMicroelectronics, TDK Corporation, NXP Semiconductors., Epson America, Inc., InnaLabs, MEMSIC Semiconductor Co., Ltd., EMCORE Corporation., VectorNav, Others [Safran Sensing Technologies Switzerland SA, etc.] are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the Gyroscope Industry:
- 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.
- 2022: STMicroelectronics launched LSM6DSV16X, the flagship 6-axis inertial measurement unit (IMU) embedding ST’s Sensor Fusion Low Power (SFLP) technology, Artificial Intelligence (AI), and adaptive-self-configuration (ASC) for better power optimization. The LSM6DSV16X contains a 3-axis low noise accelerometer & 3-axis gyroscope for accurate sensing in an industry-standard size & with the new I3C interface.
Market Segmentation of Gyroscope Industry
The Gyroscope market is segmented as follows:
- By Product Type
- MEMS Gyroscope
- Fibre Optic Gyroscope
- Ring Laser Gyroscope
- Hemispherical Resonating Gyroscope
- Dynamically Tuned Gyroscope
- Others
- By End Users
- Consumer Electronics
- Aerospace & Defense
- Industrial Manufacturing
- Automotive
- Marine
- Mining
According to report, the rechargeable segment holds a larger share of the Global Gyroscope Market mainly due to their lower costs.
According to reports, offline retail holds the largest market share.
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Gyroscope Market Geographical Analysis
North America
South America
Europe
Middle East & Africa
Asia-Pacific
According to reports, North America holds a prominent share of the Gyroscope Market
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