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The Gyroscope Market is influenced by a variety of factors that collectively shape its growth and evolution. One key driver is the increasing demand for precision navigation and motion sensing across diverse industries. Gyroscopes, as crucial components in navigation systems, consumer electronics, and automotive applications, play a pivotal role in providing accurate orientation and motion information. The surge in applications like unmanned aerial vehicles (UAVs), smartphones, and wearable devices has fueled the market's expansion, driven by the need for enhanced stability and control.
Technological advancements are fundamental to the continuous development of the Gyroscope Market. Innovations in micro-electromechanical systems (MEMS) technology, fiber optic gyroscopes, and ring laser gyroscopes contribute to the improvement of gyroscope sensitivity, stability, and miniaturization. These advancements expand the potential applications of gyroscopes and enhance their performance in various industries, from aerospace and defense to consumer electronics.
The automotive industry significantly contributes to the growth of the Gyroscope Market. As vehicles increasingly integrate advanced driver assistance systems (ADAS) and autonomous driving technologies, gyroscopes become essential for providing accurate information about the vehicle's position, acceleration, and angular velocity. Gyroscopes enable precise navigation, stability control, and contribute to the overall safety of modern vehicles.
Consumer electronics, especially smartphones and wearables, drive the demand for gyroscopes. Gyroscopic sensors contribute to features like image stabilization in cameras, screen orientation adjustment, and gesture recognition in smartphones. The proliferation of these devices and the continuous demand for improved functionalities fuel the growth of the Gyroscope Market in the consumer electronics sector.
The aerospace and defense sector is a critical market for gyroscopes, particularly in navigation systems for aircraft, missiles, and satellites. The accuracy and reliability of gyroscopes are essential for navigation, targeting, and stabilization in aerospace applications. As defense capabilities continue to advance, the demand for high-performance gyroscopes remains robust.
Market dynamics are also influenced by the rise of the Internet of Things (IoT). Gyroscopes are integral to the sensor arrays used in IoT devices for monitoring and controlling various parameters. In applications like smart home devices, industrial IoT, and healthcare, gyroscopes contribute to precise sensing and real-time data acquisition, expanding their role in the broader landscape of connected devices.
Government regulations and industry standards impact the Gyroscope Market, especially in safety-critical applications. Compliance with regulations ensures the reliability and accuracy of gyroscopes in sectors such as aerospace, defense, and automotive. Adherence to standards becomes a crucial factor for manufacturers and end-users alike, influencing the selection and integration of gyroscope technologies.
Market competition and the presence of key players contribute to the dynamism of the Gyroscope Market. Established sensor manufacturers and technology firms actively invest in research and development to introduce innovative gyroscope solutions. Collaborations, partnerships, and strategic acquisitions are common strategies to enhance product portfolios and gain a competitive edge. This competitive landscape fosters continuous innovation and ensures that gyroscopes remain at the forefront of technological advancements.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 2.6 Billion |
| Growth Rate | 3.91% (2024-2032) |
Gyroscope Market Highlights:
Global Gyroscope Market Overview:
The Gyroscope Market size was valued at USD 2.6 Billion in 2023. The gyroscope industry is projected to grow from USD 2.7 Billion in 2024 to USD 3.91 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.91% during the forecast period (2024 - 2032). The increasing adoption of drones and unmanned aerial vehicles in the defense and commercial sector and the growing application of gyroscopes in smartphones and handheld devices are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gyroscope Market Trends
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Technological innovations in gyroscopes are driving the market growth
Market CAGR for gyroscopes is driven by the growing technological innovations in gyroscopes. Technological innovations are shaping the gyroscope market. The performance of Inertial navigation systems, attention and heading reference systems, or inertial measurement units for manned and unmanned aircraft, marine, spacecraft, and surface vehicles have influenced technological innovations in gyroscopes. For instance, in May 2022, Magnum Wings LLP, a Hyderabad-based electronic firm, established its first commercially available UAV- MW Viper, in India. The MW Viper's enhanced operating capabilities and mission flexibility make the ground survey, payload delivery, and surveillance missions all easier. The perpendicular take-off and landing capacity of the MW Viper allows it to hover, take off, and land vertically with a payload varying from 5 to 60 kg.
Additionally, the market is witnessing various developments from national and international players seeking a competitive edge. For instance, in September 2022, South Korea's defense technology development agency developed an atomic spin gyroscope that can be utilized for navigation devices in weapon systems. The Agency for Defense Development (ADD) worked on developing cost-effective gyroscopes that can miniaturize and reduce the power consumption of weapons-grade navigation devices.
The rapidly increasing adoption of drones and unmanned aerial vehicles in the defense and commercial sector has been anticipated to be a major driver in the market. An unmanned Aerial Vehicle is an airborne system, or an aircraft worked remotely by a human worker or autonomously by an onboard computer for warfare and surveillance. Due to the expansion in research and development, the adoption rate of UAVs is rising. For instance, according to National Defense, worldwide research, development, and procurement spending on UAVs is projected to increase from $11.1 billion in 2020 to $14.3 billion by 2029. Moreover, R&D spending is predicted to extend from $3.2 billion in 2020 to $4 billion in 2029, and procurement assistance is predicted to ramp up from $7.9 billion in 2020 to approximately $10.3 billion by the end of the decade. Such increasing adoption of drones and UAVs is driving the gyroscope market revenue.
Moreover, the rising disposable income, as well as the inclination of customers to use fancy & technologically advanced electronic gadgets, have also raised the production of smartphones, tablets, laptops, etc., subsequently boosting the demand for gyroscopes, as they are used for multiple purposes like for the autorotation of the screen & view on the screen whenever a phone is rotated and several other things.
Gyroscope Market Segment Insights:
Gyroscope Type Insights
The Gyroscope Market segmentation, based on type, includes MEMS gyroscopes, fiber optic gyroscopes, ring laser gyroscopes, dynamically tuned gyroscopes, hemispherical resonating gyroscopes, and others. The MEMS gyroscope segment dominated the market, accounting for 35% of market revenue (0.91 Billion). In developing economies, category growth is driven due to the increased proliferation of mobile devices. MEMS gyroscopes help address the high motion sensing accuracy required in smartphones. However, ring laser gyroscope is the fastest-growing category due to rising demand from defense applications focused on upgrading the existing navigation systems onboard the ships and increasing spending on developing new defense vessels.
Gyroscope Application Insights
The Gyroscope Market segmentation, based on application, includes consumer electronics, aerospace & defense, industrial manufacturing, mining, marine, automotive, and others. The aerospace & defense category generated the most income (70.4%). Gyroscopes are extensively used in commercial airplanes, defense operations, and other areas. These devices are remotely mounted in commercial aircraft, allowing the cavity path to rotate around one of the flight's axes. Output can be used in analog instrumentation as well as autopilot systems. However, consumer electronics is the fastest-growing category as gyroscopes offer high stability in digital cameras, which helps in delivering images with perfect clarity. The expansion in demand for digital cameras with much higher megapixels increases the demand for gyroscopes in consumer electronics.
Figure 1: Gyroscope Market by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gyroscope Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific gyroscope market will dominate, owing to the expansion & development of aircraft & automobile manufacturing units in the nations, mainly India, Japan, China, etc. The growing investments by the companies aligned with the government efforts & support to leverage the economy by producing aircraft, vehicles, etc., locally are promulgating the demand for gyroscopes in the region. Moreover, China’s gyroscope market held the largest market share, and the Indian gyroscope market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Gyroscope Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's gyroscope market accounts for the second-largest market share due to the highly developed technological advancement in the region. Further, the German gyroscope market held the largest market share, and the UK gyroscope market was the fastest-growing market in the European region.
The North American gyroscope Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing production and sales of consumer electronics and the strong presence of leading accelerometers and gyroscope manufacturers constantly striving to introduce new products in this region. Moreover, the US gyroscope market held the largest market share, and the Canadian gyroscope market was the fastest-growing market in the North American region.
Gyroscope Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the gyroscope market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the gyroscope industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global gyroscope industry to benefit clients and increase the market sector. Major players in the Gyroscope market, including Honeywell International Inc, Bosch Sensortec GmbH, Analog Devices, Inc., Trimble Inc., Murata Manufacturing Co., Ltd, Silicon Sensing Systems Limited, Parker Hannifin Corp, and others, are attempting to increase market demand by investing in research and development operations.
STMicroelectronics NV is a manufacturer and provider of semiconductors. The company develops and markets a huge range of products, such as custom devices and semi-custom devices and application-specific standard and integrated circuits. It also produces and sells power modules, switches, clocks, data converters, automotive ADAS devices, imaging and photonics solutions, silicon chips and smartcards. STM uses various chip fabrication technologies, including advanced FD-SOI, CMOS, embedded non-volatile memories, RF-SOI, optical sensing, analog and MEMS, mixed signal, and smart power processes. It serves consumers in several markets, including industrial, automotive, personal electronics, computers, communications equipment, and peripherals. With its machine-learning (ML) core, STMicroelectronics created the ASM330LHHX inertial measurement unit (IMU) in May 2022 to help the automotive industry's pursuit for increased levels of automation and to allow smart driving. The 2.5mm x 3mm x 0.83mm ASM330LHHX, which is automotive-qualified, features a 3-axis accelerometer and 3-axis gyroscope. The 6-axis module provides attitude and movement detection for digital stabilisation and vehicle placement.
Engineering and technology are the two main industries of Honeywell International Inc. The company develops and produces technology to address issues with energy, security, safety, productivity, and global urbanisation, among other issues. Specialty chemicals, process technologies, electrical and sophisticated materials, productivity, sensing, safety and security technology, and replacement parts are just a few of the things Honeywell offers. Additionally, it offers managerial, technical, repair, and maintenance services. In July 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.
Key Companies in the Gyroscope market include
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Robert Bosch GmbH
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Analog Devises Inc.
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Trimble Inc.
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Murata Manufacturing Co. Ltd.
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Silicon Sensing Systems Limited
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TDK Corporation
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STMicroelectronics
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NXP Semiconductor
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Epson America Inc.
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InnaLabs
Gyroscope Industry Developments
January 2023: STMicroelectronics, a global semiconductor leader serving consumers across the spectrum of electronics applications, is again broadening access to its STM32 microcontroller (MCU) family by launching the most affordable series yet: the STM32C0. STM32 MCUs are utilized in billions of smart industrial, medical, and consumer products worldwide.
November 2022: TDK Corporation launched the world's first monolithic stand-alone gyroscope for automotive applications, which includes the IAM-20380HT 3-axis MEMS gyroscope & the DK-20380HT developer kit that can operate over a wide temperature range, delivering reliable & highly accurate measurement data for a variety of automotive non-safety applications.
August 2022: EMCORE Corporation announced the acquisition of the Fiber Optic Gyroscope and Inertial Navigation Systems business of KVH Industries Inc. The all-cash transaction totaled approximately USD 55 million, including all outstanding assets and liabilities, intellectual property, and an Illinois-based production facility.
Gyroscope Market Segmentation:
Gyroscope Type Outlook
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MEMS Gyroscope
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Fiber Optic Gyroscope
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Ring Laser Gyroscope
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Dynamically Tuned Gyroscope
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Hemispherical Resonating Gyroscope
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Others
Gyroscope Application Outlook
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Consumer Electronics
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Aerospace & Defense
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Industrial Manufacturing
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Mining
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Marine
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Automotive
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Others
Gyroscope Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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