Gyroscope Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.30 Billion |
| Market Size (2029) | USD 5.78 Billion |
| CAGR (2024 - 2029) | 6.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gyroscope Market Analysis
The Gyroscopes Market size is estimated at USD 4.30 billion in 2024, and is expected to reach USD 5.78 billion by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029).
Gyroscope technology has witnessed many innovations in the past decade with the introduction of MEMS-based gyroscopes. The accuracy and efficiency of the gyroscopes have also improved, as multi-axis gyroscopes are more accurate due to digital integration. The applications of gyroscopes have also expanded over the past few years, with the consumer electronics and industrial segments finding significant implications for the technology.
- The rapidly growing adoption of drones and unmanned aerial vehicles (UAVs) in the defense and commercial sectors has been expected to be a significant driver in the market. An Unmanned Aerial Vehicle (UAV) is an airborne system or an aircraft operated remotely by a human operator or autonomously by an onboard computer for warfare and surveillance. Due to the increase in research and development, the adoption rate of UAVs is rising.
- According to National Defense, a business technology magazine, the cost of research, development, and procurement for UAVs is expected to increase from USD 11.1 billion in 2020 to USD 14.3 billion by 2029. Additionally, it is anticipated that R&D spending will increase from USD 3.2 billion in 2020 to USD 4 billion in 2029. Procurement funding will rise from USD 7.9 billion in 2020 to approximately USD 10.3 billion by the decade's end. The market is expanding due to the increasing use of drones and UAVs.
- Further, industrial automation and demand for miniaturized consumer devices, such as wearables and IoT-connected devices, among others, across regions are among the significant factors driving the MEMS Gyroscope demand in the studied market.
- However, high initial costs and operational concerns are the major factors anticipated to restrain the growth of the studied market over the forecast period. Further, as an essential part of producing superior sensors, high-quality raw materials are vital for manufacturers. Metals and alloys used in manufacturing include Platinum, Copper, Silicon, Tungsten, and Nickel, and alloys, which are further categorized into type-K, type-M, type-E, type-J, and so on. Fluctuations in prices and supply of raw materials could also cause hindrances in the growth of the studied market.
Gyroscope Market Trends
Automotive to be the Fastest Growing End-user Vertical
- Gyroscopes have several applications in the automotive industry. Gyroscopes, particularly MEMS, are used in vehicle roll-over prevention and airbag deployment systems. Gyroscopes are used in vehicle image stabilization systems, such as in-camera stabilization systems for dashcams or other onboard cameras. They are also utilized in-vehicle navigation systems to improve performance and accuracy. They can be used with other sensors to provide precise positioning and orientation.
- Gyroscopes can also be used in vehicle control systems to assist with stability and control. They can provide information about the vehicle's angular motion, which can be used to optimize vehicle dynamics and improve safety. They are utilized as a part of inertial guidance systems in cars. These systems use gyroscopes to measure and maintain a vehicle's orientation and angular velocity, providing accurate navigation and guidance information. Further, they form a crucial part of the electronic stability program (ESP) systems of vehicles that aid in the detection and measurement of the rate of rotation of the car. This information assists in maintaining vehicle stability and control during maneuvers.
- The increased production of passenger vehicles drives the market studied. For instance, according to OICA, worldwide motor vehicle production in 2022 amounted to more than 85 million units. The passenger cars segment generated approximately 73 percent of the motor vehicle production, almost 61.59 million units. In 2021, the worldwide motor vehicle production totaled about 57.05 million.
- Gyroscopes are essential in the automotive advanced driver assistance systems (ADAS). They are used in stability control systems to detect and correct deviations from the vehicle's intended path, improving safety and stability during driving. They enhance autonomous driving capabilities, strength, and safety. GPS-aided gyro systems have been developed to measure vehicle dynamics and driver assistance parameters in the automotive sector. These systems provide high-precision measurements to aid in ADAS testing and development. According to the National Safety Council, by 2026, approximately 71% of registered vehicles will be equipped with rear cameras, while 60% will have rear parking sensors. Such increasing adoption of ADAS would aid the growth of the market studied.
- Moreover, the increasing adoption of self-driving or autonomous vehicles is a primary growth factor for the ADAS market. For instance, according to Intel, global car sales are expected to reach over 101.4 million units in 2030, and autonomous vehicles will account for about 12% of car registrations by 2030.
Asia Pacific Expected to Witness Significant Growth
- Gyroscopes are expected to gain traction in China owing to the huge consumer electronics market, growing demand for 5G devices, and active efforts by the government to develop the economy to stay at the leading position in the world.
- China is actively focusing on the integration of 5G technology in consumer electronics. According to GSMA, Mainland China is the largest 5G technology market in the world, and at the end of 2022, it accounted for over 60% of global 5G connections. According to the Mobile Economy Report by GSMA, in 2024, 5G will surpass 4G to become the central mobile technology in China. With the advancement in network connectivity with the 5G development, the proliferation of GPS applications in smartphones and tablets increased, which created demand for gyroscopes.
- The automotive, semiconductor, and consumer electronics industries in Japan are some of the most prominent and largest industries in the world. The country is home to several leading automakers such as Toyota, Nissan, Honda, Suzuki, Mitsubishi, Daihatsu, Mazda, Subaru, Hino, Isuzu, Kawasaki, and Yamaha. The growing technological advancement in the automotive industry, the rise in sales of electric vehicles, and the integration of smart control systems in autonomous and connected vehicles create demand for gyroscopes for accurate positioning and navigation.
- In India, the rapid expansion of 5G is gaining momentum and will soon allow the country to reap significant technological and economic benefits. For instance, according to Ericsson’s report, 5G mobile subscriptions in India will increase from 6.66 million in 2022 to 699.84 million in 2028. The introduction of 5G is expected to revolutionize industrial and economic performance in various sectors, as well as enhance access to employment opportunities. 5G mobile smartphones are gaining traction in the country which encourages market growth.
- The rest of the Asia Pacific segment comprises countries such as South Korea and Taiwan and Southeast Asian countries such as Thailand, Malaysia, Singapore, Indonesia, and others. The presence of leading smartphone manufacturer Samsung Electronics and growing investment in 5G development in South Korea drives the smartphone market, which positively impacts the gyroscope demand in the region.
Gyroscope Industry Overview
The gyroscope market is highly fragmented due to the presence of both global players and small and medium-sized enterprises. Some of the major players in the market are Murata Manufacturing Co. Ltd, STMicroelectronics NV, Honeywell International Inc., Analog Devices Inc., and Bosch Sensortec Gmbh (Robert Bosch GmbH). Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- January 2024 - Murata Manufacturing has launched a "next-generation" combined gyroscope and accelerometer sensor, offering the company's "high-precision" sensing for machine control and more: the SCH16T-K01. The multi-device SCH16T family of six degrees of freedom (6DoF) sensors, the SCH16T-K01, is based on a new generation of Murata's 3D micro-electromechanical systems (MEMS) sensor technology.
- November 2023 - STMicroelectronics introduced an AI-enabled automotive inertial measurement unit for always-aware applications up to 125°C. STMicroelectronics' ASM330LHHXG1 inertial measurement unit (IMU) for automotive applications combines in-sensor AI with enhanced low-power operation and a 125°C operating temperature range for reliability in harsh environments.
Gyroscope Market Leaders
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Murata Manufacturing Co. Ltd
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STMicroelectronics NV
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Honeywell International Inc.
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Analog Devices Inc.
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Bosch Sensortec Gmbh (Robert Bosch GmbH)
*Disclaimer: Major Players sorted in no particular order
Gyroscope Market News
- October 2023 - Honeywell expanded its HGuide industrial navigation portfolio by adding a new Inertial Measurement Unit (IMU), the HGuide i400. This new IMU is specifically designed for a wide array of defense, industrial, and autonomous applications across air, land, and sea vehicles and related equipment. The HGuide i400 IMU, boasting a Gyro Bias Repeatability of under one degree per hour, sets a new standard for compact precision. Measuring just 28 mm x 25 mm, it delivers performance without compromising size or weight compared to existing units.
- September 2023 - EMCORE Corporation introduced the TAC-440 MEMS Inertial Measurement Unit (IMU), the world’s smallest 1°/hour IMU. Featuring an ultra-compact package of less than five cubic inches, the TAC-440 is a higher-performance, form, fit, and function-compatible replacement for the Honeywell 1930 and 4930 IMUs.
Gyroscope Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
- 4.4 Impact of Macro Economic trends on the Industry
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Rapid Rise of Unmanned Vehicle in Both Defense and Civilian Applications
- 5.1.2 Technological Advancements Enabling More Effective Components at a Smaller and Lighter Size
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5.2 Market Restraints
- 5.2.1 Substantial Increase in Complexity Challenging the Market Demand
6. MARKET SEGMENTATION
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6.1 By Technology
- 6.1.1 MEMS Gyroscope
- 6.1.2 Fiber Optic Gyroscope (FOG)
- 6.1.3 Ring Laser Gyroscope (RLG)
- 6.1.4 Hemispherical Resonating Gyroscope (HRG)
- 6.1.5 Dynamically Tuned Gyroscopes (DTG)
- 6.1.6 Other Technologies
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6.2 By End-user Vertical
- 6.2.1 Consumer Electronics
- 6.2.2 Automotive
- 6.2.3 Aerospace and Defense
- 6.2.4 Industrial
- 6.2.5 Marine
- 6.2.6 Other End-user Verticals
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6.3 By Geography
- 6.3.1 North America
- 6.3.1.1 United States
- 6.3.1.2 Canada
- 6.3.2 Europe
- 6.3.2.1 Germany
- 6.3.2.2 United Kingdom
- 6.3.2.3 France
- 6.3.3 Asia
- 6.3.3.1 China
- 6.3.3.2 Japan
- 6.3.3.3 India
- 6.3.4 Australia and New Zealand
- 6.3.5 Latin America
- 6.3.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
- 7.1.1 Murata Manufacturing Co. Ltd
- 7.1.2 STMicroelectronics NV
- 7.1.3 Honeywell International Inc.
- 7.1.4 Analog Devices Inc.
- 7.1.5 Robert Bosch GmbH
- 7.1.6 MEMSIC Inc.
- 7.1.7 EMCORE Corporation
- 7.1.8 InnaLabs
- 7.1.9 MicroStrain Inc.
- 7.1.10 Vectornav Technologies LLC
- 7.1.11 Dynalabs
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Gyroscope Industry Segmentation
Gyroscopes are defined as sensors that are used for the measurement of orientation in multiple devices. Since their inception, gyroscopes have evolved considerably, primarily aided by incremental technological innovations. This has helped them emerge as one of the most integral components in any navigation system.
The gyroscopes market is segmented by technology (MEMS gyroscope, fiber optic gyroscope (FOG), ring laser gyroscope (RLG), hemispherical resonator Gyroscope (HRG), dynamically tuned gyroscope (DTG), and other technologies), by end-user vertical (consumer electronics, automotive, aerospace, and defense, industrial, marine, and other end-user verticals), and by geography (North America [United States, Canada], Europe [Germany, United Kingdom, France, Rest of Europe], Asia Pacific [China, Japan, India, Rest of Asia Pacific], rest of the World). The report offers market forecasts and size in value (USD) for all the above segments.
| By Technology | MEMS Gyroscope | |
| Fiber Optic Gyroscope (FOG) | ||
| Ring Laser Gyroscope (RLG) | ||
| Hemispherical Resonating Gyroscope (HRG) | ||
| Dynamically Tuned Gyroscopes (DTG) | ||
| Other Technologies | ||
| By End-user Vertical | Consumer Electronics | |
| Automotive | ||
| Aerospace and Defense | ||
| Industrial | ||
| Marine | ||
| Other End-user Verticals | ||
| By Geography | North America | United States |
| Canada | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| By Geography | Asia | China |
| Japan | ||
| India | ||
| By Geography | Australia and New Zealand | |
| Latin America | ||
| Middle East and Africa |
Gyroscope Market Research FAQs
How big is the Gyroscopes Market?
The Gyroscopes Market size is expected to reach USD 4.30 billion in 2024 and grow at a CAGR of 6.10% to reach USD 5.78 billion by 2029.
What is the current Gyroscopes Market size?
In 2024, the Gyroscopes Market size is expected to reach USD 4.30 billion.
Who are the key players in Gyroscopes Market?
Murata Manufacturing Co. Ltd, STMicroelectronics NV, Honeywell International Inc., Analog Devices Inc. and Bosch Sensortec Gmbh (Robert Bosch GmbH) are the major companies operating in the Gyroscopes Market.
Which is the fastest growing region in Gyroscopes Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gyroscopes Market?
In 2024, the Asia Pacific accounts for the largest market share in Gyroscopes Market.
What years does this Gyroscopes Market cover, and what was the market size in 2023?
In 2023, the Gyroscopes Market size was estimated at USD 4.04 billion. The report covers the Gyroscopes Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gyroscopes Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Gyro Industry Report
Statistics for the 2024 Gyro market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gyro analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
