Gyroscope Global Market Report 2024

Gyroscopes are devices organized on a frame and capable of sensing an angular velocity if the frame is rotating. Gyroscope is used in compasses, automatic pilots on ships, aircraft, and ballistic missiles, in the steering mechanisms of torpedoes, and in the inertial guidance systems installed in space launch vehicles, orbiting satellites, and virtual reality experiences. Gyroscopes are devices used to track the twists, turns, and rolls of an object in motion.

The main types of gyroscopes are Micro-Electro-Mechanical System (MEMS) gyroscopes, fiber optic gyroscopes, ring laser gyroscopes, hemispherical resonating gyroscopes, and dynamically tuned gyroscopes. Gyroscopes are motion sensors that detect and quantify the angular motion of an object using a micro-electro-mechanical system (MEMS). They measure the rate at which an item rotates along with one of three axes such as 1-axis, 2-axis, and 3-axis. The application of gyroscope is in electronics, aerospace, industrial manufacturing, automotive, mining, and marine.

The gyroscope market research report is one of a series of new reports that provides gyroscope market statistics, including gyroscope industry global market size, regional shares, competitors with a gyroscope market share, detailed gyroscope market segments, market trends and opportunities, and any further data you may need to thrive in the gyroscope industry. This gyroscope market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gyroscope market size has grown strongly in recent years. It will grow from $2.85 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to consumer electronics adoption, automotive applications, aerospace and defense sector demand, industrial automation, medical devices.

The gyroscope market size is expected to see strong growth in the next few years. It will grow to $3.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to focus on energy efficiency and sustainability, increasing utilization in oil and gas industry, research and scientific instrumentation, rapid growth in wearables market, expanding telecommunications networks. Major trends in the forecast period include increased utilization in earthquake detection systems, development of hybrid sensors, integration into smart wearables for health monitoring, enhanced gyroscopic stabilization in cameras, energy harvesting solutions, diversification in medical applications.

The rapidly growing adoption of drones and unmanned aerial vehicles (UAVs) in the defense and commercial sector has been expected to be a major driver in the market. An unmanned Aerial Vehicle (UAV) is an airborne system or an aircraft operated remotely by a human operator or autonomously by an onboard computer for warfare and surveillance. Due to the increase in research and development, the rate of adoption of UAVs is rising. For instance, according to National Defence, a business technology magazine, the worldwide research, development, and procurement spending on UAVs are projected to rise from $11.1 billion in 2020 to $14.3 billion by 2029. Moreover, the R&D spending is forecasted to grow from $3.2 billion in 2020 to $4 billion in 2029, and procurement funding is projected to ramp up from $7.9 billion in 2020 to about $10.3 billion by the end of the decade. Such growing adoption of drones and UAVs are driving the gyroscope market growth.

Growth in automotive sector is expected to propel the gyroscope market going forward. The automotive sector refers to the industry involved in the design, manufacturing, marketing, and sale of motor vehicles, including cars, trucks, and motorcycles. Gyroscopes, which are crucial for various automotive applications like stability control systems, autonomous driving technology, and advanced navigation systems, are poised to see increased demand as the automotive industry continues to innovate and integrate more advanced technologies into vehicles. For example, in July 2022, according to Pandaily, a Beijing-based tech media, the sales volume of commercial vehicles was 168,000, up 49.4% year-on-year. Also, in May 2021, demand for new commercial vehicles in Germany increased by 46.4% over the previous year. Therefore, the growth in automotive sector is driving the gyroscope market.

Technological innovation are shaping the gyroscope market. The performance of INS (Inertial navigation system), attention and heading reference systems (AHRS), or inertial measurement units (IMUs) for manned and unmanned aircraft, spacecraft, marine, and surface vehicles have influenced technological innovations in gyroscopes. For instance, in May 2022, Magnum Wings LLP, a Hyderabad-based electronic company, launched its first commercially available UAV- MW Viper in India. The ground survey, payload delivery, and surveillance missions are all made easier with the MW Viper's enhanced operating capabilities and mission flexibility. The vertical take-off and landing capability of the MW viper allow it to hover, take off, and land vertically with a payload ranging from 5 to 60 kg.

Major companies in the gyroscope market are launching innovative products such as monolithic stand-alone gyroscope to sustain their position in the gyroscope market. A monolithic stand-alone gyroscope is a self-contained, single-chip device used to measure angular velocity or rotation without external components or dependencies. For instance, in November 2022, TDK Corporation, a Japan-based electronics corporation launched the IAM-20380HT. It is a monolithic stand-alone gyroscope for non-safety automotive applications up to 105°C which uses MEMS sensor fabrication technology that eliminates the wire bonding interconnections between the sensing element (MEMS) and the electronic front-end (CMOS) with unparalleled benefits in terms of performance and reliability. The IAM-20380HT is capable of functioning throughout a broad temperature range, providing dependable and very precise measurement information for an array of automotive non-safety uses, such as dead reckoning and navigation, vehicle tracking, telematics, door control, and vision systems, among others.

Major companies operating in the in the gyroscope market report are Analog Devices Inc., Colibrys Ltd., Fizoptika Corp., Honeywell International Inc., InnaLabs, InvenSense Inc., Kionix Inc., KVH Industries Inc., Murata Manufacturing Co. Ltd., Northrop Grumman Corporation, NXP Semiconductors N. V., Robert Bosch GmbH, Sensonor AS, STMicroelectronics Private Ltd., Systron Donner Inertial, TDK Corporation, Trimble Inc., Silicon Sensing Systems Limited, Emcore Corporation, Optolink LLC, Dynalabs Mühendislik LTD., Epson Europe Electronics GmbH, Safran Electronics & Defense, Thales Group, Raytheon Technologies Corporation, Rockwell Collins, UTC Aerospace Systems, Moog Inc., MEMSIC Inc., Gladiator Technologies, VectorNav Technologies

North America was the largest region in the gyroscope market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gyroscope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the gyroscope market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The gyroscopes market consists of sales of mechanical gyroscope, optical gyroscope, and gas-bearing gyroscope. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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