Global Gyroscope Market: Snapshot
Many devices are used to determine the position and orientation of an object. The most common device used is a gyroscope. This device is used to measure and maintain the product of inertia and angular velocity. These devices are mounted on a frame, and they are also able to sense the angular momentum of a rotating frame. Gyroscope is used in various applications such as consumer electronics, automotive, aerospace & defense and industrial sectors which are bolstering the gyroscope market growth. Gyroscope is present in the market with different operations and processes such as MEMS gyroscopes that are used in electronic devices and fiber optic gyroscopes. MEMS gyroscope is available in the market in various forms each of which serves different application including hemispherical resonator gyroscope, dynamically tuned gyroscope, Coriolis vibratory gyroscope.
According to a recent business intelligence report released by IndustryARC, it is estimated that global gyroscope market value was between $1.5 billion to $1.7 billion as of 2018, and it is projected to grow with the CAGR of around 4% to 5% during the forecast period of 2019 to 2025.
Global Gyroscope Market: Recent Developments
- Honeywell International Inc: the HG4930
Honeywell newest innovation offers dependability, reliability, and performance from aerospace and defense. Industrial applications such as ground & underwater robotics, autonomous vehicles can benefit from the advanced precision and performance of Inertia. Pinpoint navigation accuracy of HG4930 to new industries is growing the improved version of the gyroscope market.
- Lord Microstain: 3DM®-CV5-10
Lord sensing 3DM-CV5 is a lower cost miniature that provides a wide range of triaxial inertial measurements, computation, and navigation. It can be used for device configuration, live data, monitoring, and recording. It provides the best class performance and accuracy in inertial measurements units (IMU). Its cost effective solution is the asset for the company that is helping it to grow as a vendor in the gyroscope market.
- GEM Electronica: OLARIS Fiber-Optic Gyroscope
GEM Electronica on March 2018, launched new enhanced Polaris fiber-optic gyroscope. This technology works as a base of Polaris fof-100 that is offered in the market as an integral part of the ship navigation system. It is one of the latest developments of the gyroscope market.
Global Gyroscope Market: Growth Drivers
Due to the gyroscope properties that enables it in calculating rotation and orientation, manufacturers have incorporated the product into modern technologies. Drones with inbuilt sensors and gyroscope are widely used for surveillance by the military due to increased terror attacks, especially in the APAC region. The usage of drones is swiftly increasing into agricultural and commercial industries. Every possible electronic device that requires navigation and orientation is using gyroscope behavior and technology such as computer mouse to control a cursor, racing car, and bike to stay on track. Gyroscopes are commonly used in aircraft and ships to navigate them in the right direction. Amalgamation of accelerometer, gyroscope, and magnetometer have enhanced the viewing experience in three dimension space. Samsung VR is the current example of gyroscopes in virtual reality.
Gyroscopes are also used in robotics technology. For an instance, the two-legged robot uses the gyroscope sensor to attain motion control and walking. All trending technology success is incomplete without gyroscopic behavior. Hence, all such applications are major factors for boosting the growth of the gyroscope market in an upward direction. Many new applications are fueling the growth of the gyroscope market, benefiting from significant technology evolutions, such as the continuous improvement of MEMS, virtual and augmented reality.
Global Gyroscope Market: Leading Segments
The recent study by IndustryARC analyst estimated that North America is positioned as a leading region with market share valued to be around 40% in 2018. Aerospace and defense application is clearly driving the market with the impressive CAGR of 6.50% through to 2025.
Gyroscope is used to measure the angular momentum of a rotating frame. It is also used in various applications such as consumer electronics, automotive, aerospace & defense and industrial and hence observe an impressive market growth. Technological evolutions, such as the continuous improvement of MEMS, virtual and augmented reality are also driving the gyroscope market.
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