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.
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.