Gyroscope market - Forecast(2021 - 2026)

 Gyroscope Market Overview:

According to the Global System for Mobile Communications (GSMA), there are over 5,000 million mobile subscribers today, and the organization estimates that there will be around 6,000 million mobile subscribers in 2025[1]. Now, the mobile phones manufactured today are comprised of gyroscope sensors that detect the orientation of the phone, which is opening up the gyroscope market which had a market size of $1.5 billion to $1.7 billion in 2018, according to the findings by IndustryARC’s market analyst. Furthermore, the demand for the product is estimated to grow with a CAGR of 4% to 5% during the forecast period of 2019 to 2025. 

North America is observing a rapid development in the aerospace and defense sector, and the region is leveraging technology to inculcate robust defense. Now, the compact designing and miniaturization of gyroscopes are making it a preferable alternative to other similar sensors. Furthermore, there is a discernible growth in the automotive sector with an enormous amount of vehicles on the roads of North America that utilize gyroscope for mapping the orientation of vehicles. This is creating a gamut of opportunities for the vendors in the North American gyroscope market, which has a market share of around 40%. 

• Request Sample

 

Gyroscope Market Outlook:

A gyroscope is a device which is used to measuring and maintaining the orientation and angular velocity. There are different types of gyroscopes - MEMS gyroscope, fiber optic gyroscope, ring laser gyroscope, hemispherical resonator gyroscope, dynamically tuned gyroscope, and Coriolis vibratory gyroscope used for different purposes. The gyroscope market size mainly attributes to its varied application in various consumer electronics devices and automotive sector. Their major application is in the aerospace and defense sector which chiefly utilizes the gyroscope sensor technology for orientation of aircraft and UAV drones. The gyroscope market will observe a sustainable growth in the aerospace and defense sector and the application CAGR is estimated to be a considerable 6.5% through to 2025. 

• Inquiry Before Buying

Gyroscope Market Growth Drivers:

• The Anticipated Global Vehicle Production Growth - 

According to the International Organization of Motor Vehicle Manufacturers (OICA), 97,302,534 vehicles were produced in 2017 with an expected increment in coming years. Furthermore, the market expert of IndustryARC has estimated a progressive growth of autonomous trucks market as well as growing demand for passenger cars in the future along with the tremendous growth of the electric vehicles market due to environmental regulations. Now, this seismic shift and the growth in the automotive sector will create sustainable demand for gyroscope sensors, which will further flourish the gyroscope market. 

• Schedule a Call

• The Emergence of UAV Drones – 

The military is leveraging UAV drones in order to locate the enemy and terrorist’s territory, and their application is becoming prevalent across the globe. Now, these UAV drones need gyroscope sensors for the measurement of their angular velocity and linear movement, which is creating substantial opportunities for the vendors in the gyroscope market. 

The Augmented Reality Wave – 

There is a palpable boom in the augmented reality sector with more and more video games emerging that attempts to provide an interactive experience of a real-world environment where the objects that reside in the real-world are augmented by computer-generated perceptual information. Now, this technology largely depends on gyroscope sensors for controlling and measuring the angular velocity and orientation. The envisioned growth in the augmented reality will be creating further prospects for the vendors in the gyroscope market.