Gyroscope Market to Hit US$ 4,924.99 Million By 2031 | Updated Research Insights

New York, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Gyroscope Market” published by Consegic Business Intelligence, the market was sized at USD 2,799.35 million in 2022, USD 2,931.67 million in 2023 and is expected to reach over USD 4,924.99 million by the year 2031, growing at a CAGR of 6.7%.  

A gyroscope is a mechanical device that consists of a spinning wheel or disk mounted on a set of rotating axes. A gyroscope demonstrates the principle of angular momentum and maintains the orientation in space, resisting any changes in the axis of rotation. Additionally, gyroscopes are employed in various applications including navigation systems, robotics, aerospace engineering, and consumer electronics to measure and maintain orientation, stability, and angular motion.

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The emergence of gyroscopes with embedded machine learning for automotive applications is another key driver for the growth of the market. Gyroscopes with machine learning enhance vehicle safety by providing real-time data on a vehicle’s orientation and motion. The data is used to develop advanced driver assistance systems (ADAS) and autonomous driving technologies. For instance, in May 2022, STMicroelectronics launched ASM330LHHX with a 3-axis gyroscope to provide movement and attitude sensing for functions including vehicle positioning and digital stabilization. Consequently, the increasing adoption of gyroscopes in the automotive sector to provide real-time data is contributing significantly in driving the market growth.

Moreover, the emergence of electric vehicles (EVs) is projected to create potential opportunities for the growth of gyroscope market. Electric vehicles have heavy battery packs that affect the center of gravity of the vehicles. The integration of gyroscopes into stability control systems of electric vehicles accurately measures the vehicle’s pitch, roll, and yaw. The data helps the vehicle’s onboard computer adjust the braking and power distribution to prevent rollovers and maintain stability, particularly during sharp turns. However, the inefficiency of gyroscopes to measure linear motion and static angle of orientation is hampering the market growth.

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Gyroscope Market Growth Drivers:

• Increasing adoption of gyroscopes to provide accurate navigation is driving the market growth.
• Growing adoption of gyroscopes in consumer electronics for motion sensing and gesture control is fueling the market growth.

Restraints

• Inefficiency of gyroscopes to measure linear motion and static angle of orientation is hampering the market growth.

Opportunities

• Emergence of electric vehicles (EVs) is projected to create potential opportunities for the growth of the gyroscope market.

Global Gyroscope Market Segmentation Details:

Based on Type, the MEMS gyroscope segment contributed the largest shares to the market growth in 2022 owing to the compact size, ideal for small electronic devices including smartphones and wearables. Additionally, MEMS gyroscopes are designed to be power-efficient consuming less power as compared to larger counterparts, preserving battery life and contributing notably in promoting the market growth. Moreover, MEMS gyroscopes are popular due to their high stability and vibration-tolerant nature and are employed in a vast range of dynamic applications including railway, aircraft, UAV, and marine and subsea systems. Consequently, the above-mentioned factors are contributing significantly in boosting the growth of gyroscope market.

Based on Axis, the triple axis segment offered substantial shares to the market in the year 2022 owing to the ability of triple axis gyroscopes to measure rotational movement around three different axes namely pitch, roll, and yaw. Additionally, the benefits offered by triple axis gyroscopes including improved stability, reduced drift, and the ability to provide an accurate orientation of an object also promote market growth. The accuracy offered by the triple axis is essential in tasks including navigation, motion control, and stabilization. Moreover, three axis gyroscopes consume less power and are suitable for various applications namely platform stabilization, commercial ship navigation, and high-precision agriculture, further promoting the growth of three axis segment.

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Based on Application, the navigation systems segment holds the largest market share in 2022 as gyroscopes are employed in aircraft navigation systems to provide information about the aircraft's pitch, roll, and yaw. Attitude and heading reference systems (AHRS) use gyroscopes to stabilize and control the aircraft during flight. Additionally, gyroscopes are also deployed in spacecraft to maintain orientation and stability in space. Gyroscopes help to adjust the spacecraft's attitude and ensure that instruments and antennas are correctly aligned with the targets. Additionally, gyroscopes, in combination with accelerometers, are utilized in INS to track the movement of land and sea vehicles. The systems provide accurate position, velocity, and attitude information, in times of GPS unavailability. In conclusion, the increasing adoption of gyroscopes in navigation systems is contributing significantly in bolstering the market growth.

Based on End-User, the automotive segment offered substantial shares to the global gyroscope market in the year 2022 as gyroscopes are used as part of the sensors suite in electronic stability control systems. The systems monitor a vehicle's yaw rate (rotation around the vertical axis) and lateral acceleration. ESC system applies individual wheel brakes and adjusts engine power to help the driver regain control and prevent accidents. In addition, gyroscopes are utilized in roll stability control systems to detect and mitigate the risk of rollovers in vehicles with a high center of gravity including SUVs and trucks. Gyroscopes measure the vehicle's roll rate and intervene by applying the brakes to specific wheels to prevent a rollover. In conclusion, the aforementioned factors are contributing notably in propelling the growth of the gyroscope market.

Based on Region, North America has been a major contributor to the growth of the gyroscope market. The growth is attributed to the advanced manufacturing facilities and infrastructure that support the production of high-quality gyroscopes, allowing for the efficient production and supply of gyroscope components and systems. In addition, North America has a robust aerospace and defense industry, with major players including Boeing, Lockheed Martin, Northrop Grumman, and Raytheon. Gyroscopes are critical components in aircraft, missiles, drones, and various defense applications, contributing to a substantial demand for gyroscope technology. Furthermore, the increasing investment by the government to promote aerospace manufacturing is also contributing notably in propelling the market growth.

Key Market Highlights

• Globally, the gyroscope market is divided based on the type into digital ring laser gyroscope, hemispherical resonator gyroscope, spinning mass mechanical gyroscope, Fiber-optic Gyroscope (FOGS), Micro-electro-mechanical (MEMS) gyroscope, and dynamically tuned gyroscope.
• In the context of axis, the market is separated into single, double, and triple.
• The application segment is classified into precision instrumentation, platform stabilization, guidance and control systems, navigation systems, unmanned vehicles and autonomous systems, 3D mapping, marine electronics, robotics, and others.
• The end-user segment is classified into automotive, healthcare, aerospace, marine, industrial manufacturing, transportation, consumer electronics, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in gyroscopes.

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List of Major Global Gyroscope Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Honeywell International Inc.
• Robert Bosch GmbH
• Analog Devices, Inc.
• STMicroelectronics
• TDK Corporation
• Seiko Epson Corporation
• InnaLabs
• EMCORE Corporation

Recent Developments:-

• In August 2019, EMCORE Corporation announced the acquisition of the Inertial Navigation Systems and Fiber Optic Gyroscope (FOG) business segment of KVH Industries, Inc. for USD 55 million.

Global Gyroscope Market Segmentation: 

• By Type
  • Digital Ring Laser Gyroscope
  • Hemispherical Resonator Gyroscope
  • Spinning Mass Mechanical Gyroscope
  • Fiber-optic Gyroscope (FOGS)
  • Micro-electro-mechanical (MEMS) Gyroscope
  • Dynamically Tuned Gyroscope
• By Axis
  • Single
  • Double
  • Triple
• By Application
  • Precision Instrumentation
  • Platform Stabilization
  • Guidance and Control System
  • Navigation Systems
  • Unmanned Vehicles and Autonomous Systems
  • 3D Mapping
  • Marine Electronics
  • Robotics
  • Others
• By End-User
  • Automotive
  • Healthcare
  • Aerospace
  • Marine
  • Industrial Manufacturing
  • Transportation
  • Consumer Electronics
  • Others

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Key Questions Covered in the Gyroscope Market Report

• What will be the potential market valuation for the gyroscope market by 2031?
  • The market valuation for the gyroscope market is expected to be approximately USD 4,924.99 million by 2031 owing to the increasing adoption of gyroscopes to provide accurate navigation.
• Based on current market trends and future predictions, which geographical region will have the largest impact on the gyroscope market's growth in the coming years?
  • Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to the advancements in technology and the expanding consumer electronics industry.
• What specific segmentation details are covered in the gyroscope market report, and how is the dominating segment impacting the market growth?
  • Micro-electro-mechanical gyroscopes dominated the market in 2022 owing to the compact size of gyroscopes, ideal for small electronic devices including smartphones and wearables.  
• What specific segmentation details are covered in the gyroscope market report, and how is the fastest segment anticipated to impact the market growth?
  • Robotics is predicted to witness the fastest CAGR as gyroscopes play a crucial role in robotics by providing information about an object's orientation and angular velocity.

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