The Gyroscope by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gyroscope , 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.
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The gyroscope market covered in this report is segmented –
1) By Type: Micro-Electro-Mechanical System (MEMS) Gyroscopes, Fibre Optic Gyroscope, Ring laser Gyroscope, Hemispherical Resonating Gyroscope, Dynamically Tuned Gyroscope
2) By Application: Electronics, Aerospace, Industrial Manufacturing, Automotive, Mining, Marine
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.
The gyroscope market report table of contents includes:
1. Executive Summary
2. Gyroscope Market Characteristics
3. Gyroscope Market Trends And Strategies
4. Gyroscope Market – Macro Economic Scenario
5. Global Gyroscope Market Size and Growth
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31. Global Gyroscope Market Competitive Benchmarking
32. Global Gyroscope Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Gyroscope Market
34. Gyroscope Market Future Outlook and Potential Analysis
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