Growth of Gyroscope Market Driven by Navigation Technology in Autonomous Vehicles

A newly compiled market research report from IndustryARC states that gyroscope market size was around $1.5 billion - $1.7 billion in 2018, and its value is estimated to grow at a CAGR of around 4% - 5% during the forecast period 2019-2025. The information is revealed in a new business intelligence report from IndustryARC, titled: “Gyroscope market: By Product (Smartphones, Tablets, Laptops, Cameras and Gaming Consoles); By Application (Consumer Electronics, Automotive, Aerospace & Defense and Industrial) & Geography - Forecast (2019 - 2025).”  

The electronic aspects of automobiles have incremented radically in the past couple of decades, often owing to the need to manage vehicle safety. Gyroscope is primarily used to provide stable reference direction in navigation systems, automatic pilots, and stabilizers. Additionally, it measures orientation and angular velocity which improves the vehicle safety.  MEMS gyroscope such as hemispherical resonator gyroscope (HRG), dynamically tuned gyroscope, coriolis vibratory gyroscope; fiber optic gyroscope, and ring layer gyroscope are the different types of gyroscopes which are majorly used in diverse range of applications such as consumer electronics, automotive, aerospace & defense and in industrial applications. These devices are commonly used in electronic stability control systems, and skid prevention systems as well.

Aerospace and defense applications held the largest share among other applications in the gyroscope market and is estimated to grow at a CAGR of around 6.5 % over the forecast period 2019-2025. The analyst attributes it to high demand for accurate and reliable inertial navigation systems in modern aircrafts. New innovation optical gyroscopes with essential properties such as significant performance, compact dimensions, and brilliant stability are boosting the growth of gyroscope market in aerospace industry. 

Attitude indicator, heading indictor, and turn coordinator gyroscopic instruments are highly recommended to use in aerospace as they provide navigation information such as aircraft climbing, descending, straight and level. Emerging usage of versatile HRG with compact design and reliability in military applications which include armored vehicles, drones, ships and planes are attributing to the growth of the gyroscope market across defense applications. 

Based on the geographical analysis provided in the IndustryARC market research report, North America region held a major share of around 40% in the gyroscope market in the year 2018. Presence of more number of gyroscope OEM’s in this region coupled with development of world’s smallest optical gyroscope in the U.S. has accounted this region to remain dominant through to 2025

Aeron, Honeywell International Inc, Lord Microstain, MEMSIC, Moog, Northrop Grumman, CASC China Aerospace, GEM Electronica, NG Italia and Optolink are some of the key companies operating in the global gyroscope market. These companies are mentioned as the major market share players in the gyroscope market research report

Motion Sensor Market: By Sensor Type (Ultrasonic, Infra-red (IR), Microwave (MRW), Tomographic, Others), By Technology, By Application, & By Geography - Forecast(2018 - 2023)