Gyroscope Market: Global Industry Analysis and Forecast (2023-2029)

Gyroscope Market size was valued at US$ 2.47 Bn. in 2022, and the total revenue is expected to grow at 5.4% from 2023 to 2029, reaching nearly US$ 3.57 Bn.

Gyroscope Market Overview:

Gyroscope Market is expected to reach US$ 3.57 Bn. by 2029. Technological advancements occurring continuously in various industries are the drivers of the Gyroscope Market. With increasing applications in intelligent gadgets, mobile phones, motorcycles, ships, military defense systems, and aerospace, the gyroscope market is expected to grow significantly. A gyroscope is a device used to measure angular velocity or maintain orientation in various industries. The device contains a rapidly spinning center wheel, the orientation of the wheel is unaffected by change of direction or angle of rotation through the principle of angular momentum. This unique property of gyroscope has been traditionally used in the aerospace industry to determine angular direction; however, with advancements, gyroscopes working on other principles like MEMS Gyroscope are developed to function in various electronic devices.To know about the Research Methodology :- Request Free Sample Report

Gyroscope Market Dynamics

Technological advancements and Virtual Augmented Reality. The gyroscope was first invented in 1952, and since then, it has undergone many technical developments to widen its applications in various industries globally. As inventions in technology have occurred predominantly in the last decade, technologies such as Virtual Augmented Reality have gained popularity. The Virtual Augmented Reality Market was valued at 29 billion USD in 2022 and is expected to grow exponentially at a 37 percent CAGR to reach 185 billion USD at the end of the projection period. The gyroscope has thus opened new possibilities in the virtual world, giving developers opportunities to develop virtual games with an immersive experience. The gyroscope helps track movement in all the three-axis and thus determine orientation by using Earth's gravity. Hence such an empathetic rise of Virtual Augmented Reality and Mixed Reality could prove significant drivers of the Gyroscope Market. Defense and Military Developments The evolution of military and defense systems has been rapidly rising in the last 20 years in both developing and developed nations. In 2022, the military spending globally was massive at 1982 billion USD, and is expected to rise given the recent war developments between Russia and Ukraine. India, China, Russia, United States, and United Kingdom account for a 62 percent share of the military spending globally. The innovations in military defense systems, such as UAV Drones and Air Missiles, have enabled nations to be more accurate and robust. The fiber optics gyroscope is employed in missiles and drones to determine angular velocity and direction to carry out successful operations. The Rise of Electronics and Automobiles In 2022, Global Smart Phones sales were a staggering 1.38 billion units reaching the total number of smartphone users to 6.3 billion. With the rapid rise in population, development, and disposable income, the smartphone market is expected to grow steadily at a CAGR of 4.7 percent by 2029. Every smartphone incorporates technologies like GPS, which uses gyroscopic sensors to figure attributes such as direction and orientation. The rise of the automobile industry was hit by the pandemic severely, but as the industry is gaining normalcy, demand for vehicles has been increasing gradually. The gyroscope market is expected to benefit from the automobile industry due to its increasing GPS, Stability control, and safety applications.

Gyroscope Market Segment Analysis:

In this report, the global gyroscope market is segmented by Product, and Application. By Product, gyroscope market is divided into MEMS gyroscopes, Fiber optic gyroscopes, Ring laser gyroscopes, dynamically tuned gyroscopes, and Hemispherical resonating gyroscopes. MEMS Gyroscopes are expected to dominate the market with a CAGR growth of 9.6 percent during the projection period. MEMS gyroscopes are used in smartphone cameras for optical image stabilization and in the user interface for performance improvement. MEMS gyroscopes are capable of accurate rotation speed measurement at high temperatures under shock and vibration. Fiber Optic Gyroscopes are projected to be only second to MEMS gyroscopes in the market share. Fiber Optic gyroscopes use the sagnac effect for high precision and have applications in the defense, military, and aerospace industries. By Application, the gyroscope market Consumer Electronics, Aerospace & Defense, Industrial Manufacturing, Mining, Marine, and Automotive industries. In this segment, consumer electronics is projected to dominate the market with increasing applications in smartwatches due to recent technological advancements. The consumer electronics market is expected to reach 990 billion US Dollars by 2029, showing a CAGR of 5.3 percent growth rate, thus stimulating the gyroscopic demand tremendously. A gyroscope is installed for electronic stability control (ESC) on passenger, multipurpose and commercial vehicles, and these systems use angular rate sensors to stabilize the car. They detect the vehicle's rotational rate around its vertical axis and provide the necessary data to the stabilization system to assist the driver in keeping the car on the track. According to NHTSA studies, installing ESC in passenger cars will reduce single-vehicle crashes by 34% and single-vehicle crashes in sport utility vehicles (SUVs) by 59%, with a substantially more significant reduction in rollover crashes.

Gyroscope Market Regional Insights:

The report contains an in-depth analysis of the Global Gyroscope Market by geographical region across North America, Asia-Pacific, South America, Middle East, and Africa. North America dominates the gyroscopic market, having 42 percent due to significant developments in the technological, aerospace, and defense sectors. North America has the highest military spending among nations ranging at around 800 billion US dollars in 2022. Thus, North America is a lucrative market for major gyroscopic manufacturers worldwide. Europe is expected to show the most substantial growth rate with increasing spending power and complexity in technology during the projection period. Further, the stringent safety policies in the automobile industry are expected to drive the gyroscopic market significantly. Asia- Pacific is one of the fastest-growing markets in the entire world due to the presence of countries like India and China, with technological advancements at the apex. India is a significant spender in the military, holding robust air defense systems, while countries like Japan and South Korea dominate the automobile industry. With growing developments in the Middle- East, and Africa, the gyroscope market is projected to grow at a steady rate. The objective of the report is to present a comprehensive analysis of the Gyroscope Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps understand the Gyroscope Market dynamics and structure by analyzing the market segments and projecting the Gyroscope Market size. Explicit representation of competitive analysis of key players by Product, price, financial position, product portfolio, growth strategies, and regional presence in the Gyroscope Market make the report investor's guide.

Gyroscope Market Scope: Inquiry Before Buying

Gyroscope Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 2.35 Bn.
Forecast Period 2023 to 2029 CAGR: 5.4 % Market Size in 2029: US $ 3.57 Bn.
Segments Covered: by Product MEMS gyroscopes Fiber optic gyroscope Ring laser gyroscope Dynamically tuned gyroscope Hemispherical resonating gyroscope Others
by Application Consumer electronics Aerospace & defense Industrial manufacturing Mining Marine Automotive

Gyroscope Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Gyroscope Market, Key Players are

1. Analog Devices Inc. Colibrys Ltd. 2. Fizoptika Corp. Honeywell International Inc. 3. InnaLabs 4. InvenSense, Inc. 5. Kionix, Inc. 6. KVH Industries, Inc 7. Murata Manufacturing Co., Ltd. 8. Northrop Grumman LITEF GmbH 9. NXP Semiconductors 10. N.V. Robert Bosch GmbH 11. Sensonsor AS 12.ST Microelectronics 13. N.V. Systron Donner Inertial Frequently Asked Questions (FAQ) 1. What was the market size of the Gyroscope Market in 2022? Ans The market size of the Gyroscope Market in 2022, was valued at US $ 2.47 Bn. 2. Which region is expected to show a major share in this industry? Ans North American region is projected to increase and acquire major share in the forecasting period. 3. What is the CAGR of the Gyroscope Market in the forecast period (2023-29)? Ans Gyroscope Market is expected to grow at a CAGR of 5.4 percent during the forecasting period. 4. Who are the key players involved in manufacturing Gyroscope Market equipment? Ans KVH Industries, Inc, Murata Manufacturing Co., Ltd., Northrop Grumman LITEF GmbH, NXP Semiconductors are the major players.
1.Gyroscope Market: Research Methodology 2. Gyroscope Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Gyroscope Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Gyroscope Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Gyroscope Market Segmentation 4.1. Gyroscope Market, by Product Type (2022-2029) • MEMS Gyroscope • Fiber Optic Gyroscope • Dynamically Tuned Gyroscope • Hemispherical Resonating Gyroscope • Others 4.2. Gyroscope Market, by Application (2022-2029) • Consumer Electronics • Aerospace and Defense • Industrial Manufacturing • Mining • Marine • Automotive 5. North America Gyroscope Market (2022-2029) 5.1. North America Gyroscope Market, by Product Type (2022-2029) • MEMS Gyroscope • Fiber Optic Gyroscope • Dynamically Tuned Gyroscope • Hemispherical Resonating Gyroscope • Others 5.2. North America Gyroscope Market, by Application (2022-2029) • Consumer Electronics • Aerospace and Defense • Industrial Manufacturing • Mining • Marine • Automotive 5.3. North America Gyroscope Market, by Country (2022-2029) • US • Canada • Mexico 6. European Gyroscope Market (2022-2029) 6.1. European Gyroscope Market, by Product Type (2022-2029) 6.2. European Gyroscope Market, by Application (2022-2029) 6.3. European Gyroscope Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Gyroscope Market (2022-2029) 7.1. Asia Pacific Gyroscope Market, by Product Type (2022-2029) 7.2. Asia Pacific Gyroscope Market, by Application (2022-2029) 7.3. Asia Pacific Gyroscope Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Gyroscope Market (2022-2029) 8.1. The Middle East and Africa Gyroscope Market, by Product Type (2022-2029) 8.2. The Middle East and Africa Gyroscope Market, by Application (2022-2029) 8.3. The Middle East and Africa Gyroscope Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Gyroscope Market (2022-2029) 9.1. South America Gyroscope Market, by Product Type (2022-2029) 9.2. South America Gyroscope Market, by Application (2022-2029) 9.3. South America Gyroscope Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Analog Devices Inc. Colibrys Ltd. 10.1.1. Overview 10.1.2. Financial Overview 10.1.3. Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Fizoptika Corp. Honeywell International Inc. 10.3. InnaLabs 10.4. InvenSense, Inc. 10.5. Kionix, Inc. 10.6. KVH Industries, Inc 10.7. Murata Manufacturing Co., Ltd. 10.8. Northrop Grumman LITEF GmbH 10.9. NXP Semiconductors 10.10. N.V. Robert Bosch GmbH 10.11. Sensonsor AS 10.12. ST Microelectronics 10.13. N.V. Systron Donner Inertial