Gyroscope Market Overview: 2023-28
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-28
The Gyroscope Market is projected to grow at a CAGR of around 5.43% during the forecast period, i.e., 2023-28, 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.
Markntel Advisor’s Gyroscope Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Gyroscope Market drivers, barriers, Gyroscope Market Trends, and Key Players in Gyroscope Market.
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Gyroscope Market Dynamics: 2023-28
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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Gyroscope Market (2023-28): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Product Type
- MEMS Gyroscope
- Fibre Optic Gyroscope
- Ring Laser Gyroscope
- Hemispherical Resonating Gyroscope
- Dynamically Tuned Gyroscope
- Others
According to report, In overall product type, MEMS Gyroscopes witnessed significant demand in the historical years, owing to their persistent usage by consumer electronics manufacturers such as smartphones, computers, and many other applications.
- By End Users
- Consumer Electronics
- Aerospace & Defense
- Industrial Manufacturing
- Automotive
- Marine
- Mining
According to report, In the past years, the demand for gyroscopes in the Automotive Industry has been rising due to the expanding need for smart devices & instruments from vehicle manufacturers.
- By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
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Top Companies Operating in the Gyroscope Market:
- 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.)
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