Gyroscope Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Gyroscope Industry Prospective:

The global gyroscope market size was worth around USD 2.7 billion in 2023 and is predicted to grow to around USD 4.0 billion by 2032, with a compound annual growth rate (CAGR) of roughly 4.5% between 2024 and 2032.

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Gyroscope Market: Overview

Measuring or preserving orientation and angular speed is accomplished with a gyroscope. Operating on the angular momentum concept, it can keep a continuous reference direction in space. In many different fields, including navigation systems (like those found in aircraft and ships), cellphones, and robots, where they assist in stabilizing and controlling motion, gyroscopes are extensively employed. The gyroscope resists changes in its orientation while spun, which facilitates precise rotational motion measurement.

Each of the several varieties of gyroscopes— mechanical, optical, and MEMS (Micro-Electro-Mechanical Systems)—fits a particular need. The gyroscope market is driven by several factors, such as increased demand for navigation systems, growth in consumer electronics, advancements in technology, rise in robotics & automation, increased defense & aerospace expenditures, and others.

Key Insights

• As per the analysis shared by our research analyst, the global gyroscope market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032).
• In terms of revenue, the global gyroscope market size was valued at around USD 2.7 billion in 2023 and is projected to reach USD 4.0 billion by 2032.
• The growing product launch is expected to drive the gyroscope market over the forecast period.
• Based on type, the fiber optic gyroscopes segment is expected to grow at the fastest rate over the forecast period.
• Based on application, the aerospace & defense segment dominates the market.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

Gyroscope Market: Growth Drivers

Rising investment in the defense and aerospace sector drives market growth

The gyroscope sector has benefited considerably from higher military and aerospace expenditures. As defense budgets rise, improving navigation systems for military ships, aircraft, and unmanned aerial vehicles (UAVs) becomes even more crucial.

These systems depend on gyroscopes since they provide perfect alignment and stability—qualities necessary for the mission to be successful. For instance, SIPRI statistics show that, with a 6.8% real increase from 2022, the military's worldwide expenditure in 2023 amounted to $2443 billion overall.

Moreover, the expanding use of drones in military operations and monitoring has made high-performance gyroscopes even more important. By helping to preserve stability and control during flight, these tools help UAVs to be more effective in many kinds of operations.

Gyroscope Market: Restraints

High costs of advanced gyroscope systems hinder market growth

One major barrier to the gyroscope industry is the high price of advanced gyroscope systems. High-precision production techniques, premium materials, and complex designs are necessary for advanced gyroscopes, particularly those used in aerospace and defense.

The devices are costly to manufacture and buy because of the precision engineering that raises production costs. Advanced gyroscope systems can be too expensive for startups and smaller businesses. Smaller firms may choose less expensive options or postpone investments as a result, which would limit market expansion potential in industries with tight budgets.

Additionally, high costs can impede industry-wide adoption in emerging regions where budgets are generally much smaller. Businesses in these areas might decide not to invest in advanced gyroscope systems, which would restrict the market's geographic reach.

Gyroscope Market: Opportunities

Growing product launch offers a lucrative opportunity for market growth

The increasing product launch is expected to offer a lucrative opportunity for the gyroscope market. For instance, in March 2023, Tronics GYPRO®4300, a digital MEMS gyroscope with exceptional stability and vibration tolerance for dynamic applications, was introduced by TDK Corporation. With a closed-loop design that guarantees good linearity and stability in dynamic situations, this gyro has a ±300 °/s input measurement range, 200 Hz bandwidth, and 1 ms latency. The newly announced AXO300 closed-loop digital accelerometer platform is complemented by Tronics' new high-performance digital MEMS gyro platform, of which the GYPRO4300 is the first product reference.

Gyroscope Market: Challenges

Competition from alternative technology poses a major challenge to market expansion

Alternative technologies, including accelerometers, magnetometers, Global Navigation Satellite Systems (GNSS), Inertial Measurement Units (IMUs), and others, that can carry out similar functions pose serious threats to the gyroscope industry.

Despite being less complex than gyroscopes, accelerometers are frequently utilized in consumer devices for motion detection and orientation sensing. They can offer approximate orientation data without the expense and complexity of gyroscopes when paired with magnetometers. For applications where perfect precision isn't essential, accelerometers and magnetometers provide a more cost-effective option in areas with limited resources.

Furthermore, GNSS technology, including GPS, is widely employed in navigational applications. In short-term motions, gyroscopes offer superior orientation data, but for long-term positioning and navigation, GNSS might be a useful substitute, particularly in outdoor, marine, and automobile applications.

Gyroscope Market: Segmentation

The global gyroscope industry is segmented based on type, application, and region.

Based on the type, the global gyroscope market is segmented into dynamically tuned gyroscopes, ring laser gyroscopes, fiber optic gyroscopes, hemispherical resonator gyroscopes, and others. The fiber optic gyroscopes segment is expected to grow at the fastest rate over the forecast period, owing to the rising product launch.

For instance, in October 2022, with a 40% reduction in size, weight, power, and cost over comparable systems, Advanced Navigation introduced the Boreas D70, a digital fiber-optic gyroscope inertial navigation system. The Boreas D70 provides high-performance metrics with its dual-antenna real-time kinematic positioning, AI-based fusion algorithms, ultra-fast gyro compassing, and a robust data-access web interface.

Based on application, the global gyroscope industry is bifurcated into aerospace & defense, automotive, consumer electronics, industrial, and others. The aerospace & defense segment dominates the market. The expansion of the segment is owing to the rising defense spending globally.

Advanced navigation and guiding systems are in high demand as a result of many nations raising their defense budgets to improve national security. In applications like modern weapons systems, unmanned aerial vehicles (UAVs), and missile guidance, gyroscopes are essential components of these systems.

Increased orders for gyroscope-based systems result from higher defense spending, which immediately raises market revenue. Moreover, the development of advanced missile systems has influenced the expansion of the gyroscope market.

Gyroscope Market: Report Scope

Gyroscope Market: Regional Analysis

Asia Pacific dominates the market over the projected period

The Asia Pacific is expected to dominate the global gyroscope market during the forecast period. Gyroscopes are expected to become more common in China due to the enormous consumer electronics industry, growing demand for 5G devices, and the government's strong attempts to maintain its position as the top economy worldwide using economic boost. Priority for China is putting 5G technology into consumer gadgets.

Mainland America With more than 60% of all 5G connections globally as of the end of 2022, accounted for by China, the nation boasts the biggest market for 5G technologies among all others. Based on the GSMA's Mobile Economy Report, 5G will become China's main mobile technology in 2024 ahead of 4G.

The increase of GPS applications on tablets and smartphones caused by the improvement in network connectivity resulting from the 5G development drove demand.

Gyroscope Market: Competitive Analysis

The global gyroscope market is dominated by players like:

• Thales Group
• Honeywell International Inc.
• Northrop Grumman Corporation
• Safran Electronics & Defense
• L3Harris Technologies Inc.
• Collins Aerospace
• Leonardo S.p.A.
• Murata Manufacturing Co. Ltd.
• KVH Industries Inc.
• Moog Inc.
• Bosch Sensortec
• Analog Devices Inc.
• NXP Semiconductors N.V.
• Silicon Sensing Systems Ltd.
• Epson Toyocom Corporation
• Sensonor AS
• Sensata Technologies Holding plc
• MEMSIC Inc.
• Colibrys Ltd.

The global gyroscope market is segmented as follows:

By Type

• Dynamically Tuned Gyroscopes
• Ring Laser Gyroscopes
• Fiber Optic Gyroscopes
• Hemispherical Resonator Gyroscopes
• Others

By Application

• Aerospace & Defense
• Automotive
• Consumer Electronics
• Industrial
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa