The global gyroscopes market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising number of smartphones and handheld devices.
A gyroscope is a device or a detector that keeps up with the direction and angular speed of an object it is attached or integrated to. Gyroscopes provide accurate and automated gathered information with fewer errors in the recorded data. The accuracy and productivity of the gyroscopes have likewise improved as multi-hub gyroscopes are more accurate due to digital technology integration. Since the time of the inception, gyroscopes have advanced extensively. This has assisted them to be the most integral components in navigation systems.
The COVID-19 pandemic disrupted the supply of raw materials owing to closedown of manufacturing facilities across the globe. The impositions on manufacturing and retail channels negatively influenced the market growth. However, the relaxation in restriction and expanding penetration of gyroscopes is estimated to positively influence the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for wearables and handled devices and growing number of virtual reality and augmented reality applications are expected to boost the gyroscopes market.
- Rising demand in consumer electronic devices, UAVs, automation, smart cities applications are fueling the market growth.
- High cost of manufacturing gyroscope-enabled products can restrain the growth of the market.
- Growing number of products lunches and new collaborations is estimated to foster the market growth.
Scope of the Report
The report on the gyroscopes market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Gyroscopes Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technologies (MEMS Gyroscope, Fiber Optic Gyroscope(FOG), Ring Laser Gyroscope (RLG), Hemispherical Resonating Gyroscope (HRG), Dynamically Tuned Gyroscopes (DTG) and Others) and End-users (Consumer Electronics, Automotive, Aerospace and Defense, Industrial, Marine, and Others),
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Analog Devices Inc.; Murata Electronics Oy; Trimble Navigation Ltd; Honeywell International Inc.; and Robert Bosch GmbH.
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Gyroscopes Market Segment Insights
MEMS gyroscope segment is expected to grow at a rapid pace
Based on technologies, the market is divided into MEMS gyroscope, fiber optic gyroscope (FOG), ring laser gyroscope (RLG), hemispherical resonating gyroscope (HRG), dynamically tuned gyroscopes (DTG) and others. The micro electromechanical system (MEMS) gyroscope segment is estimated to expand at a rapid pace due to increased demand for mobile devices. The flagship phones are highly adopting advanced sensors, which is spurring the segment growth. However, the HRG segment is expected to account a considerable market share in the projected timeline.
Aerospace and defense segment is projected to expand at a considerable CAGR
In terms of end-users, the gyroscopes market is divided into consumer electronics, automotive, aerospace and defense, industrial, marine and others. The aerospace and defense segment is anticipated to account for a key share of the market due to an increase in awareness about critical rotation sensing elements, which are used in navigation systems. On the other hand, the automotive segment is estimated to grow at a rapid pace during the forecast period.
North America is anticipated to constitute a large market share
In terms of regions, the global market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a large market share due the increasing number of new refineries. On the other hand, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to rapid development in crude oil production.
Segments
Segments Covered in the Report
The global gyroscopes market has been segmented on the basis of
Technologies
- MEMS Gyroscope
- Fiber Optic Gyroscope(FOG)
- Ring Laser Gyroscope (RLG)
- Hemispherical Resonating Gyroscope (HRG)
- Dynamically Tuned Gyroscopes (DTG)
- Others
End-users
- Consumer Electronics
- Automotive
- Aerospace and Defense
- Industrial
- Marine
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Analog Devices Inc.
- Murata Electronics Oy
- Trimble Navigation Ltd
- Honeywell International Inc.
- Robert Bosch GmbH.
Competitive Landscape
Key players competing in the gyroscopes market are Analog Devices Inc.; Murata Electronics Oy; Trimble Navigation Ltd; Honeywell International Inc.; and Robert Bosch GmbH.