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In 2023, the gyroscope industry was worth 2.35 billion USD. Market research indicates that gyroscope sales will increase from $2.26 billion in 2024 to $3.89 billion in 2031, a CAGR (compound annual growth rate) of 6.44 percent from 2024 to 2031. Key market drivers boosting growth include the increasing use of gyroscopes in smartphones and handheld devices and the increasing deployment of drones and unmanned aerial vehicles in the defense and commercial sectors.
A gyroscope is a sensor or instrument that maintains an object's orientation and angular velocity while simultaneously providing automatic data collection with higher precision and less room for error. Though originally designed for use in military and defense purposes, gyroscopes are finding widespread use in commercial and industrial sectors due to their potential benefits.
From 2021 to 2028, the gyroscope market is expected to rise due to technical advancements driven by the increasing need for INS with excellent performance. Another factor contributing to the gyroscope market's quick expansion is the widespread use of UAVs and drones in both commercial and military applications. Increased investment in the market is fueling fast technical innovation, which in turn is improving performance while decreasing costs, all of which contribute to the market's expansion.
In addition, gyroscopes are being used by a variety of end users in their automation processes to increase the frequency of production without lowering the quality standards. This is leading to a surge in demand for gyroscopes and propelling the market for these devices forward. The increasing use of gyroscopes in smartphones and other portable electronic devices is one of the key elements driving the expansion of this industry. Nevertheless, during the aforementioned predicted period, the gyroscope market is expected to experience growth due to the industry's high costs and increasingly complicated manufacturing processes. On the other hand, from 2021 to 2028, the market could face challenges due to a variety of technical issues. The aforementioned predicted period will see the gyroscope market expand thanks to a number of factors, including rising demand for wearables and handheld devices and the proliferation of VR and AR applications.
The increasing number of technological advancements in gyroscopes is propelling the market for these devices. The gyroscope market is being shaped by technological advances. Technical advancements in gyroscopes have been impacted by the functionality of inertial navigation systems, attention and heading reference systems, or inertial measurement units used by manned and unmanned aircraft, ships, satellites, and surface vehicles. In May 2023, for example, the Hyderabad-based electronic firm Magnum Wings LLP launched India's first commercially available UAV, the MW Viper. The ground survey, payload delivery, and surveillance missions are all made easier by the MW Viper's increased operational capabilities and mission flexibility. The MW Viper can hover, take off, and land vertically with a payload ranging from 5 to 60 kg thanks to its perpendicular take-off and landing capacity.
Furthermore, several developments are taking place in the industry as a result of national and international players attempting to get an advantage. An example of this is the atomic spin gyroscope that the South Korean defense technology development agency created in September 2023. It can be used as a navigation device in weapon systems. In an effort to miniaturize and decrease the power consumption of weapons-grade navigation equipment, the Agency for Defense Development (ADD) worked on producing cost-effective gyroscopes.
One of the expected key drivers of the market is the expected increased adoption of drones and unmanned aerial vehicles in both the defense and commercial sectors. An UAV is a system in the sky that can be controlled remotely by a person or by a computer on board; these drones are used for surveillance and combat. The increased investment in R&D is leading to a surge in the use of UAVs. For example, the United States Department of Defense predicts that expenditure on unmanned aerial vehicle (UAV) R&D and acquisition will rise from $11.1 billion in 2020 to $14.3 billion in 2029. In addition, spending on research and development is expected to rise from $3.2 billion in 2020 to $4 billion in 2029, while procurement assistance is projected to increase from $7.9 billion in 2020 to over $10.3 billion by the end of the decade. The gyroscope market is being propelled by the rising popularity of drones and UAVs.
Report Coverage
Global Gyroscope research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Gyroscope report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Gyroscope competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Gyroscope market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Gyroscope market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Gyroscope market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Honeywell International Inc, Bosch Sensortec GmbH, Analog Devices, Inc., Trimble Inc., Murata Manufacturing Co., Ltd, Silicon Sensing Systems Limited, Parker Hannifin Corp, MEMSIC Semiconductor (Tianjin) Co., Ltd., Northrop Grumman Corporation, EMCORE Corporation, KVH Industries, Inc, Safran, TDK Corporation, Fizoptika, GEM elettronica, Optolink, STMicroelectronics, KIONIX Inc., VectorNav Technologies, LLC, NXP Semiconductors, Epson America, Inc, and InnaLabs among other
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Gyroscope market based on the below-mentioned segments:
Global Gyroscope Market, By Type
MEMS Gyroscope
Fiber Optic Gyroscope
Ring Laser Gyroscope
Dynamically Tuned Gyroscope
Hemispherical Resonating Gyroscope
Others
Global Gyroscope market, By Application
Consumer Electronics
Aerospace & Defense
Industrial Manufacturing
Mining
Marine
Automotive
Others
Global Gyroscope market, Regional Analysis
A gyroscope is a sensor or instrument that maintains an object's orientation and angular velocity while simultaneously providing automatic data collection with higher precision and less room for error. Though originally designed for use in military and defense purposes, gyroscopes are finding widespread use in commercial and industrial sectors due to their potential benefits.
From 2021 to 2028, the gyroscope market is expected to rise due to technical advancements driven by the increasing need for INS with excellent performance. Another factor contributing to the gyroscope market's quick expansion is the widespread use of UAVs and drones in both commercial and military applications. Increased investment in the market is fueling fast technical innovation, which in turn is improving performance while decreasing costs, all of which contribute to the market's expansion.
In addition, gyroscopes are being used by a variety of end users in their automation processes to increase the frequency of production without lowering the quality standards. This is leading to a surge in demand for gyroscopes and propelling the market for these devices forward. The increasing use of gyroscopes in smartphones and other portable electronic devices is one of the key elements driving the expansion of this industry. Nevertheless, during the aforementioned predicted period, the gyroscope market is expected to experience growth due to the industry's high costs and increasingly complicated manufacturing processes. On the other hand, from 2021 to 2028, the market could face challenges due to a variety of technical issues. The aforementioned predicted period will see the gyroscope market expand thanks to a number of factors, including rising demand for wearables and handheld devices and the proliferation of VR and AR applications.
The increasing number of technological advancements in gyroscopes is propelling the market for these devices. The gyroscope market is being shaped by technological advances. Technical advancements in gyroscopes have been impacted by the functionality of inertial navigation systems, attention and heading reference systems, or inertial measurement units used by manned and unmanned aircraft, ships, satellites, and surface vehicles. In May 2023, for example, the Hyderabad-based electronic firm Magnum Wings LLP launched India's first commercially available UAV, the MW Viper. The ground survey, payload delivery, and surveillance missions are all made easier by the MW Viper's increased operational capabilities and mission flexibility. The MW Viper can hover, take off, and land vertically with a payload ranging from 5 to 60 kg thanks to its perpendicular take-off and landing capacity.
Furthermore, several developments are taking place in the industry as a result of national and international players attempting to get an advantage. An example of this is the atomic spin gyroscope that the South Korean defense technology development agency created in September 2023. It can be used as a navigation device in weapon systems. In an effort to miniaturize and decrease the power consumption of weapons-grade navigation equipment, the Agency for Defense Development (ADD) worked on producing cost-effective gyroscopes.
One of the expected key drivers of the market is the expected increased adoption of drones and unmanned aerial vehicles in both the defense and commercial sectors. An UAV is a system in the sky that can be controlled remotely by a person or by a computer on board; these drones are used for surveillance and combat. The increased investment in R&D is leading to a surge in the use of UAVs. For example, the United States Department of Defense predicts that expenditure on unmanned aerial vehicle (UAV) R&D and acquisition will rise from $11.1 billion in 2020 to $14.3 billion in 2029. In addition, spending on research and development is expected to rise from $3.2 billion in 2020 to $4 billion in 2029, while procurement assistance is projected to increase from $7.9 billion in 2020 to over $10.3 billion by the end of the decade. The gyroscope market is being propelled by the rising popularity of drones and UAVs.
Report Coverage
Global Gyroscope research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Gyroscope report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Gyroscope competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Gyroscope market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Honeywell International Inc, Bosch Sensortec GmbH, Analog Devices, Inc., Trimble Inc., Murata Manufacturing Co., Ltd, Silicon Sensing Systems Limited, Parker Hannifin Corp, MEMSIC Semiconductor (Tianjin) Co., Ltd., Northrop Grumman Corporation, EMCORE Corporation, KVH Industries, Inc, Safran, TDK Corporation, Fizoptika, GEM elettronica, Optolink, STMicroelectronics, KIONIX Inc., VectorNav Technologies, LLC, NXP Semiconductors, Epson America, Inc, and InnaLabs among other |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Gyroscope Market from 2021 to 2031.
- Market Forecast for Gyroscope Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Gyroscope competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Gyroscope
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Gyroscope market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Gyroscope market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Honeywell International Inc, Bosch Sensortec GmbH, Analog Devices, Inc., Trimble Inc., Murata Manufacturing Co., Ltd, Silicon Sensing Systems Limited, Parker Hannifin Corp, MEMSIC Semiconductor (Tianjin) Co., Ltd., Northrop Grumman Corporation, EMCORE Corporation, KVH Industries, Inc, Safran, TDK Corporation, Fizoptika, GEM elettronica, Optolink, STMicroelectronics, KIONIX Inc., VectorNav Technologies, LLC, NXP Semiconductors, Epson America, Inc, and InnaLabs among other
Primary Target Market
- Market Players of Gyroscope
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Gyroscope market based on the below-mentioned segments:
Global Gyroscope Market, By Type
MEMS Gyroscope
Fiber Optic Gyroscope
Ring Laser Gyroscope
Dynamically Tuned Gyroscope
Hemispherical Resonating Gyroscope
Others
Global Gyroscope market, By Application
Consumer Electronics
Aerospace & Defense
Industrial Manufacturing
Mining
Marine
Automotive
Others
Global Gyroscope market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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