Global Gyroscope Market Research Report: Forecast (2023-2028)

Market Definition

Gyroscopes are devices organized on a frame & capable of sensing an angular velocity if the frame is rotating. They are used in compasses, automatic pilots on ships, aircraft, and ballistic missiles, in the steering mechanisms of torpedoes, and the inertial guidance systems installed in space launch vehicles, orbiting satellites, and virtual reality experiences. Gyroscopes are devices utilized to track the twists, turns, and rolls of an object in motion. Some main types of gyroscopes are Micro-Electro-Mechanical System (MEMS) gyroscopes, fiber optic gyroscopes, ring laser gyroscopes, hemispherical resonating gyroscopes, and dynamically tuned gyroscopes. They are motion sensors that detect & quantify the angular motion of an object using a micro-electro-mechanical system (MEMS).

Market Insights & Analysis: Global Gyroscope Market (2023-28)

The Global Gyroscope Market is projected to grow at a CAGR of around 5.43% during the forecast period, i.e., 2023-28, due to its consistent installations in various end-user industries such as aerospace, defense, marine, consumer electronics, automotive, etc. The large-scale investments in the aerospace & defense industry, such as the manufacturing & development of military & commercial aircraft in North America, Europe, Asia-Pacific, and others, have been necessitating the demand for various types of gyroscopes. Additionally, the increasing demand for efficient & highly advanced inertial navigation systems in all types of aircraft has been facilitating the implementation of these devices as they improve the performance & accuracy of onboard navigation systems.

Moreover, the growing production of automobiles globally has been resulting in a significant demand for gyroscopes used in automotive applications such as car navigation systems, electronic stability control systems of vehicles, etc. In recent years, several electric vehicle manufacturing & assembling units have been expanded in the regions like the Middle East & Africa, Asia-Pacific, and several others, owing to the government's support to boost the electric vehicle production & assembling facilities in their country. For instance:

• In 2022, M Glory announced the opening of an electric vehicle manufacturing facility in Dubai, UAE, with the capacity to produce 10,000 cars a year, along with an investment of USD408 million.

In parallel, the soaring manufacturing & sales of electric passenger cars as well as commercial vehicles in Europe, North America, Asia-Pacific, etc., in the wake of reducing carbon emissions from the automotive industry is also positively contributing to the growth of the global market & is further estimated to continue in the forecast years as well.

Key Global Gyroscope Market Key Driver:

Surging Investments in Military Aircraft Manufacturing to Fuel the Market Growth - The rising geopolitical tension worldwide, like the dispute between the nations such as China, India, Pakistan, Russia, Ukraine, etc., has created a noticeable demand for military aircraft, boosting the Global Gyroscope market over the last few years. As, these devices have been considered an integral part of aircraft due to their variable functionalities, such as providing reliable solutions for military aircraft navigation purposes.

Gyroscopes are currently used in the military and other types of airplanes as part of inertial navigation systems in order to calculate the aircraft's position even when GPS signals are not available. Several governments of the region, like North America, Europe, Asia-Pacific, etc., announced investments for the procurement of military aircraft, which is further anticipated to upscale the demand for gyroscopes from 2023 to 2028. For instance:

• In 2022, Airbus Defence and Space & TATA Advanced Systems Limited collaborated to manufacture the C-295 military transport aircraft in India for an Indian military base by making an investment of nearly USD2.65 billion.

Accordingly, the geopolitical tension between the countries has expanded the commercial sale & manufacturing of military aircraft. This, in turn, is further expected to fuel the demand for different types of these devices, including MEMS gyroscopes, laser gyroscopes, etc., in the forecast years.

Global Gyroscope Market Possible Restraint:

High Cost Associated with Gyroscopes to Limit the Market Growth - The high cost associated with gyroscopes is expected to hinder the growth of the market in the forecast years. The enormous expenditures involved in integrating gyroscopes into the existing systems are further creating a barrier to the industry, thus slowing down the growth of the market. Additionally, chips based on MEMS technologies are widely used for mobile devices to provide such options as automatic screen rotation & movement tracking. However, their price is higher, which raises the overall cost of the device. Additionally, optical gyroscope adoption is constrained by the high cost of optical gyroscopes for aerospace & military applications, further negatively affecting the market progression during 2023-28. 

Global Gyroscope Market Growth Opportunity:

Intensive Mining Activities Worldwide to Fuel the Gyroscope Demand - Gyroscopes are widely used in gyrotheodolites to maintain the direction in a tunnel in the mining sector. The diversification of mining projects in several parts of the world is providing lucrative opportunities for the market players offering gyroscopes used in the mining sector. Some of the recently announced oil & gas fields & coal mining projects are:

• In 2022, the government of India announced the expansion of ten coal mining projects with a capacity of around 9.65 million tons to meet their energy requirements in the coming years.
• In 2022, Abu Dhabi National Oil Company (ADNOC) awarded a contract of approximately USD1.53 billion to ADNOC Drilling for expanding the production potential of its offshore fields with an aim to boost their oil-based economy.

Moreover, for the requirement of high precision, gyroscopes provide measuring results with high accuracy in major geological & mining projects for the survey of boreholes that are located in close proximity to one other in mining areas. Therefore, the expansion of mining projects in the regions like the Middle East & Africa, and the Asia-Pacific are expected to facilitate the growth trajectory of the Global Gyroscope market from 2023 to 2028.  

Global Gyroscope Market Key Trend:

Technological Advancements in Optical Gyroscope to Augment the Market - Over the years, technological advancements in gyroscopes have been made by companies to improve their efficiency, especially for autonomous applications like in the automobile industry, aerospace, defense, etc. Smart sensors with optical gyroscopes & fiber-optic gyroscopes with low drift & low noise have been introduced in recent years by leading companies for surveying, mapping, and navigation on subsea, maritime, land, and air platforms. For instance:

• In 2023, ANELLO Photonics announced the launch of the world’s first Silicon Photonics Optical Gyroscope that would enable reliable & accurate navigation and positioning across many autonomous applications.

Therefore, these technological upgrades are estimated to positively impact the growth of the market in the upcoming years, as their benefits would raise their adoption rate among the end-user industries.

Global Gyroscope Market (2023-28): Segmentation Analysis

The Global Gyroscope Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Product Type, and End Users the market has been further classified as:

Based on Product Type:

• MEMS Gyroscope
• Fiber Optic Gyroscope
• Ring Laser Gyroscope
• Hemispherical Resonating Gyroscope
• Dynamically Tuned Gyroscope
• Others

In overall product type, MEMS Gyroscopes witnessed significant demand in the historical years, owing to their persistent usage by consumer electronics manufacturers such as smartphones, computers, and many other applications. The high penetration of 5G in several regions worldwide, including North America, Asia-Pacific, the Middle East & Africa, etc., has been promulgating the demand for smartphones.

Along with this, the rising disposable income, as well as the inclination of customers to use fancy & technologically advanced electronic gadgets, have also raised the production of smartphones, tablets, laptops, etc., subsequently boosting the demand for MEMS gyroscopes, as they are used for multiple purposes like for the autorotation of the screen & view on the screen whenever a phone is rotated and several other things. For instance:

• In 2022, the Chinese smartphone maker OPPO announced investing around USD60 million to strengthen the manufacturing ecosystem by empowering small & medium enterprises (SMEs).

Thus, such investments by the leading smartphone manufacturers are anticipated to fuel the demand for MEMS Gyroscope, creating a positive market outlook for market growth in the forthcoming years.

Based on End Users:

• Consumer Electronics
• Aerospace & Defense
• Industrial Manufacturing
• Automotive
• Marine
• Mining

In the past years, the demand for gyroscopes in the Automotive Industry has been rising due to the expanding need for smart devices & instruments from vehicle manufacturers. The mounting technological developments in vehicles, including both commercial & passenger cars, as well as their consistent demand by customers, have been encouraging gyroscope manufacturers to introduce upgraded gyroscopes for the automotive industry. For instance, in 2022, TDK Corporation launched the world's first monolithic stand-alone gyroscope for automotive applications, which includes the IAM-20380HT 3-axis MEMS gyroscope & the DK-20380HT developer kit that can operate over a wide temperature range, delivering reliable & highly accurate measurement data for a variety of automotive non-safety applications.

Therefore, the rising manufacturing of passenger as well as commercial vehicles in line with the ever-increasing requirement for shared mobility, public transport facilities, on-road trade purposes, etc., would proliferate the need for gyroscopes in the forecast years. In addition, the uprising demand for smart instruments for vehicles is also expected to lead to the launch of more technically advanced gyroscopes in the forthcoming years.

Global Gyroscope Market Regional Projection

Geographically, the market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Among all the regions worldwide, Asia-Pacific is projected to witness considerable demand for various types of gyroscopes in the forecast years, owing to the expansion & development of aircraft & automobile manufacturing units in the nations mainly in India, Japan, China, etc. The growing investments by the companies aligned with the government efforts & support to leverage the economy by producing aircraft, vehicles, etc., locally, are promulgating the demand for gyroscopes in the region.

Furthermore, the increasing demand & production of electric two- & four-wheelers are also anticipated to uplift the need for MEMS gyroscopes & other types of gyroscopes. Intensive drives by the governments in the region to deploy on-road electric vehicles in efforts to decarbonize the transportation sector are resulting in the establishment of electric vehicle manufacturing units in the region. Due to this, the adoption of gyroscopes used in the automotive sector is expected to rise in the forecast years.  

Global Gyroscope Industry Recent Developments 

• 2022: Honeywell International Inc. collaborated with Civitanavi Systems to develop inertial measurement units, attitude heading reference systems, and inertial navigation systems for commercial & defense customers. The system would include fiber-optic gyroscopes (FOG) & micro-electromechanical system (MEMS) accelerometers, designed for improved pointing, stabilization, and short-duration navigation at low power & low noise.
• 2022: STMicroelectronics launched LSM6DSV16X, the flagship 6-axis inertial measurement unit (IMU) embedding ST’s Sensor Fusion Low Power (SFLP) technology, Artificial Intelligence (AI), and adaptive-self-configuration (ASC) for better power optimization. The LSM6DSV16X contains a 3-axis low noise accelerometer & 3-axis gyroscope for accurate sensing in an industry-standard size & with the new I3C interface.

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