Portland, OR, June 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global accelerometer and gyroscope market generated $2.61 billion in 2020, and is expected to reach $4.03 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Continuous increase in defense expenditure, rise in demand from the consumer electronics industry, and development of the autonomous vehicle sector drive the growth of the global accelerometer and gyroscope market. However, low accuracy of accelerometer and gyroscope sensors restrains the market growth. On the other hand, increase in adoption of automation from various industries and homes create new opportunities in the coming years.
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COVID-19 Scenario:
- Production facilities in the electronics sector were closed down partially or completely due to lockdown measures, shortage of raw materials, and lack of availability of raw materials. This impacted the production volumes of accelerometers and gyroscopes.
- The demand from end use industries such as automotive, aerospace and defense, industrial, and others reduced considerably due to halt in daily operations during the lockdown. However, the demand is expected to grow steadily post-lockdown as daily operations get back on track.
The report offers detailed segmentation of the global accelerometer and gyroscope market based on type, dimension, industry vertical, and region. Based on type, the accelerometer segment contributed to the highest share in 2020, accounting for more than half of the total market share, and is estimated to maintain its dominant share by 2030. Moreover, this segment is projected to manifest the highest CAGR of 5.4% from 2021 to 2030. The report also analyzes the gyroscope segment.
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Based on dimension, the 3-axis segment held the largest share in 2020, accounting for more than half of the global accelerometer and gyroscope market. Moreover, this segment is estimated to witness the fastest CAGR of 5.7% during the forecast period. The report also analyzes the segments including 1-axis and 2-axis.
Based on region, Asia-Pacific accounted for the highest share in 2020, contributing to nearly two-fifths of the total market share, and is projected to continue its leadership status by 2030. Moreover, this region is projected to portray the fastest CAGR of 6.1% during the forecast period. The research also analyzes the regions including North America, Europe, and LAMEA.
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Leading players of the global accelerometer and gyroscope market analyzed in the research include Analog Devices Inc., InvenSense, Honeywell International Inc., NXP Semiconductors, Northrop Grumman, Infineon Technologies AG, Robert Bosch, Kionix Inc., STMicroelectronics, and Murata Manufacturing Co. Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
