Global Gyroscope Market - Overview
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.
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.
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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.
Market Dynamics
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.
Market Segmentation
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.
Regional Analysis
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.
Key Players
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.
Competitive landscape
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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