The global demand for Gyroscope Market is presumed to reach the market size of nearly USD XX MN by 2027 from USD XX MN in 2020 with a CAGR of XX% under the study period 2021 - 2027.
A gyroscope is a mechanism used for detecting and measuring the angular velocity of an object. It is a motion sensor that can sense rotation. It consists of a spinning wheel on an axle in which the spin axis can assume any orientation on its own. It is based on the principle of conservation of angular momentum. Gyroscopes can be classified into three broad categories, namely mechanical, optical and gas-bearing. The unique properties of a gyroscope make it an integral part of various applications like a space station, airplane, and many other technologies that deal with spin. It is utilized in automatic pilots of ships and aircraft, in gyrocompasses, and different modes of transportation.
The gyroscope market is primarily driven by increasing investment in the defense and military sector due to the increasing adoption of unmanned aerial vehicle (UAV) drones that need gyroscopes to measure their angular velocity. The market witnessed substantial growth owing to the growing production of autonomous trucks, accelerating demand for passenger cars, and rapid progress of the electric vehicle market. Other factors contributing to the gyroscope market are the rapidly growing consumer electronic industry, stringent rules and regulations, and increasing automation in industries and residences. Furthermore, the advent of compact and cost-effective MEMS technology will impact market significantly. The gyroscope market is facing some technical issues in terms of precision. A gyroscope is supposed to provide precise orientation for navigation, but it is difficult for sellers to reduce integration drift errors that produce incorrect angular velocity readings. Key players are working on improving reading accuracy. Moreover, the high cost and manufacturing complexity related to gyroscope may also hinder its market growth.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of gyroscope. The growth and trends of gyroscope industry provide a holistic approach to this study.
This section of the gyroscope market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By End-User Vertical
- MEMS Gyroscope
- Fibre Optic Gyroscope(FOG)
- Ring Laser Gyroscope (RLG)
- Ring Laser Gyroscope (RLG)
- Hemispherical Resonating Gyroscope (HRG)
- Dynamically Tuned Gyroscopes (DTG)
- Consumer Electronics
- Aerospace and Defense
This section covers the regional outlook, which accentuates current and future demand for the Gyroscope market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Gyroscope Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the gyroscope market include Honeywell International Inc, Lord Microstain, MEMSIC, Moog, Northrop Grumman, CASC China Aerospace, GEM Electronica, NG Italia, and Optolink. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information based on primary and secondary research. Secondary research has been done using various sources, including (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications. Additionally, our team conducts extensive primary research with key industry participants to gather first-hand data. The data is then analyzed and validated by industry experts.
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