The Global Gyroscope Market is projected to grow at a CAGR of around 5.43% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The expanding production of military & commercial aircraft by the leading manufacturers in several parts of the world facilitates the demand for gyroscopes like MEMS gyroscopes, laser gyroscopes, etc. As these devices provide reliable solutions for aircraft, like improving the performance & accuracy of onboard navigation systems, calculating the position of an aircraft in the absence of a GPS signal, etc.
Additionally, the growing warfare tensions among the nations like the US, India, China, Russia, Ukraine, etc., are catalyzing the production of aircraft military aircraft. Several deals have been made between the government & the companies for the procurement of military aircraft. For instance, in 2022, the US Department of Defense collaborated with Lockheed Martin Corp. to build about 375 F-35 fighter jets over the coming three years. Therefore, such deals between governments & aircraft manufacturers are predicted to fuel the installations of the gyroscope in the forecast years.
Moreover, the rising manufacturing of automobiles globally has also been resulting in a significant demand for gyroscopes as they are used in automotive applications such as car navigation systems, electronic stability control systems of vehicles, etc. Further, the growing disposable income in developing nations & the greater willingness of customers to own a private vehicle has been propagating the manufacturing of passenger cars.
In line with this, the surging demand for passenger cars coupled with the mounting demand for technologically advanced automotive instruments are anticipated to amplify the need for gyroscopes in the forecast years, as their integration into automobiles improves vehicle stability through an electronic stability-control system, further states the research report, “Global Gyroscope Market Analysis, 2023.”
MEMS Gyroscope to Experience Significant Demand in the Forecast Years
Based on the product type, the market is further bifurcated into MEMS Gyroscopes, Fiber Optic Gyroscopes, Ring Laser Gyroscopes, Hemispherical Resonating Gyroscopes, Dynamically Tuned Gyroscopes, and others. Among them, MEMS gyroscopes have been experiencing a notable demand over the historical years. This is due to their persistent usage in various end-user industries such as aerospace & defense, automotive, consumer electronics, etc. The rapidly growing consumer electronics industry, including smartphones, laptops, tablets, etc., has been leading to the considerable installation of MEMS gyroscopes.
Furthermore, the high penetration of 5G in various regions like the Middle East & Africa, North America, etc., is also shooting up the sales of smartphones. The deployment of MEMS gyroscopes in smartphones facilitates users to play high-technology AR (Augmented Reality) games. Hence, the booming production of smartphones in line with the growing number of smartphone users in developing nations is expected to uplift the demand for gyroscopes in the coming years.
Asia-Pacific Would Hold Dominant Share in the Global Gyroscope Market from 2023 to 2028
Regionally, Asia-Pacific is estimated to witness potential demand for a gyroscope in the forecast years due to the expanding manufacturing capabilities of various sectors like aerospace, automobile, consumer electronics, etc., in the nations like China, Japan, South Korea, India, etc. The rapid development of these sectors as well as significant investments in them, contribute to the region's consistent demand for gyroscopes.
Countries such as India, Indonesia, and Vietnam are working diligently to reduce their reliance on imported components and products related to consumer electronics, automobiles, and others, further leading to the installation of large manufacturing units, thereby fuelling the demand for gyroscopes. For instance, in 2022, Apple started the manufacturing of iPhone 14 models in India, whereas, in the same, Vivo announced expansion plans for smartphone manufacturing in the country. Hence, Asia-Pacific is predicted to be the major region for market growth from 2023-2028 due to the soaring manufacturing facilities for consumer electronics.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Honeywell International, Inc., Robert Bosch GmbH, Analog Devices, Inc., Trimble, Inc., Murata Manufacturing Co., Ltd., Silicon Sensing Systems Limited, STMicroelectronics, TDK Corporation, NXP Semiconductors., Epson America, Inc., InnaLabs, MEMSIC Semiconductor Co., Ltd., EMCORE Corporation., VectorNav, and Others (Safran Sensing Technologies Switzerland SA, etc.) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report