The increased demand for unmanned aerial vehicles, advanced aircraft, and improved smartphone technology contribute to the growth of the gyroscope market. Gyroscopes are used to calibrate or measure the angular velocity.
The global gyroscope market has been mainly segmented on the basis of type and application. MEMS sensors hold the largest market share while the consumer electronics segment is expected to show the highest growth rate during the forecast period. Continous technological advancement plays a crucial role in the development of MEMS gyroscopes for their use in medical pressure sensing, electronic stability and control, GPS navigation, and anti-rollover systems.
Type and application are parameters that considers the segmental study of the global gyroscope market. The gyroscope market’s type-based segments are fiber optic gyroscope, MEMS gyroscopes, dynamically tuned gyroscope, hemispherical resonating gyroscope, ring laser gyroscope, and others. The versatility of MEMS gyroscopes is noted to gain high traction. The high sensitivity of ring laser gyros is noted popularize them among industries. Hemispherical resonating gyroscopes are gaining high popularity among gyroscope end-users due to their low noise advantage. The state-of-the-art fiber optic gyroscope technology is highly popular due to its greater accuracy and cost affordability. Hence, the availability of different type of gyroscopes that meet different industrial requirements is expected to spur the growth of the global market.
Consumer electronics, industrial manufacturing, mining, aerospace & defense, automotive, and marine are application-based segments of the global gyroscope market. The increase in the need for gyroscopes in the automobile and manufacturing industries can contribute to the expansion of the global market in the foreseeable future. The growing demand for vehicles that offer higher safety is creating scope for the adoption of gyroscope, which can impel the global gyroscope market growth.
On the basis of geography, the market is studied for North America, Europe, Asia Pacific, and the rest of the world. Among the regions mentioned above, the market is dominated by Asia-Pacific due to a higher demand for gyroscope market for consumer electronics, aerospace, aviation, and military applications. The region is also expected to grow to show the highest growth rate during the forecast period. As Asia-Pacific is highly occupied by these industries and verticals, MEMS gyroscopes have their major implications in consumer electronics, automotive, and aerospace, and the region holds most of the developing countries with emerging economies.
On the other hand, North America holds the second-largest gyroscope market share due to the rich concentration of automotive, aviation, and military equipment manufacturers with high industry expertise operating in MEMS technology. Additionally, the development and advancement of industrial and home automation technologies have led many vendors to implement gyroscopes in their product offerings. The advancement in smartphone technology is also encouraging the smartphone manufacturers to deploy gyroscope for improved camera application, and positioning and navigation. The growth of North America can also be attributed to the high sales of top-end smartphones and tablets.
The key players in the gyroscope market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are Honeywell International Inc., Robert Bosch GmbH, Analog Devices Inc, Trimble Inc, Murata Manufacturing Co Ltd, Silicon Sensing Systems Limited, STMicroelectronics, TDK Corporation, NXP Semiconductor, Epson America Inc, and InnaLabs. These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 25–30% in the gyroscope market
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