HYDERABAD, India, June 27, 2019 /PRNewswire/ -- Gyroscope Market is being led by increase in demand for of these sensing units for consumer electronics, automotive and aerospace. The gyroscope market was valued at $1.6 billion in 2018, and is estimated to reach $2.1 billion after growing at a CAGR of 5% during the forecast period 2019-2025. The market is analyzed to be driven by the buoying adoption of unmanned aerial vehicles for various defense and commercial applications.
Devices such as micro-electromechanical system (MEMS) gyroscopes, Fiber-optic gyroscopes, and Ring Laser gyroscopes are used in different industries such as automotive, aerospace, defense and others. Application in the Aerospace and Defense industry is the fastest growing segment, and is expected to grow at a CAGR of 6.5% during the forecast period 2019-2025. The fiber optic gyroscope-based inertial navigations systems exhibit high performance rate as angular sensors for navigating aircrafts and ships, and for measuring the inertial positioning at different angles. The European Commission allocated over $103m for setting up a European Defense Fund from the EU budget for 2017 – 2019. Extensive use of fiber optics gyroscopes in military applications, such as time-of-flight for tactical missile, ground detection, and Global Positioning Systems (GPS), has made the aerospace and defense industry one of the leading consumer industries for the gyroscope market. This coupled with rising investments in the aerospace and defense sector, will continue to create demand for the gyroscope market in the coming future.
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North America contributed a major market share in the global gyroscope market, accounting for nearly 40% in 2018. In recent years, North America is witnessing rapid developments in the aerospace, defense and maritime sectors. According to the Global System for Mobile Communication (GSMA), consumer electronics will also present huge opportunities in future years for the gyroscope market. Recently, Bosch unveiled its latest MEMS process technology, which combines a gyroscope with an accelerometer. This type of gyroscope scope is expected to be majorly deployed in smart watches. In 2018, there were around 5,108 million mobile communication subscribers present across the globe, and this number is projected to reach 5,818 million by 2025. As gyroscope sensors are mostly used in consumer electronics such as mobiles, smart watches and others, it is expected to lead to increased market growth during the forecast period.
Gyroscope Market Growth Drivers:
Rising vehicle production: As per the Organization of Motor Vehicle Manufacturers (OICA) statistics, 70.5 million passenger vehicles were manufactured in 2018. Furthermore, shifting demand towards autonomous vehicles will boost growth of the electric vehicles market. Gyroscope sensors are being integrated in automotive systems to capture angular velocity sensing, angle sensing, and control mechanisms. Increasing automotive safety regulations have mandated automotive manufacturers to build autonomous vehicles equipped with gyroscopes sensors. Rising production in vehicles simultaneously increases scope for the gyroscope market.
Emergence of Unmanned Aerial Vehicles (UAVs): Integration of gyroscopes improve drone flight capabilities. Globally, the military and defense sectors are using UAVs equipped with gyroscope sensors to locate enemies at cross-border regions. Drone manufacturers are using gyroscope sensors for building functionalities to measure angular velocity and linear movement. As per the American Safety and Security Department, currently about 48 countries are using 150 types of military drone systems. At least 28 countries have armed drones within their military including the U.S., Israel, the U.K., Iraq, Iran, Turkey and others. Increasing role of artificial intelligence (AI) in drones are creating trustworthy technology for the drone investors, leading to positive growth of the gyroscope market.
R&D Investment and Initiative, Funding:
In October 2018, Caltech developed a mini gyroscope which is 500 times smaller, 30 times more effective than conventional gyroscopes and can be used in multi-functional devices. Advancements such as these will impact the market positively as the electronics industry look towards miniaturization. The mini gyroscope developed by the company is applicable in drones, wearable electronics and other handheld devices.
In 2018, GEM Electronica launched Polaris fiber optic gyroscope which is majorly used as a navigation system for ships, and leads to increased efficiency.
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Major players in the gyroscope market include Aeron, Honeywell International Inc., Lord Microstain, MEMSIC, Moog, Northrop Grumman, CASC China Aerospace, GEM Electronica, NG Italia, Optolink and others.
In January 2019, Honeywell and Pipistrel partnered to explore and develop solutions for aircraft technologies including for autonomous flights, avionics, and others. This partnership is expected to fully support autonomous operations of both companies in the future.
The ongoing trend of miniaturization of the fiber optics gyroscope is a growth factor for the gyroscope market in the aerospace and defense industry. Reducing the size of fiber optics gyroscope without affecting their functional accuracy will present growth opportunities for UAVs, which are anticipated to witness large-scale adoption by the military and aerospace industries, leading to growth for the gyroscope market. Apart from these industries, GSMA predicts that the consumer electronics industry will also create substantial growth for the gyroscope market owing to increase in the number of users.
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