Gyroscope Market Is Expected To Reach $3.8 Billion By 2027 With The Rising Adoption Of Drones And Unmanned Vehicle As Per The Business Research Company's Gyroscope Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 04, 2023 (GLOBE NEWSWIRE) -- A per The Business Research Company, the global gyroscope market has displayed remarkable resilience, growing from $2.75 billion in 2022 to $2.93 billion in 2023, marking a commendable compound annual growth rate (CAGR) of 6.7%. The gyroscope market is poised for steady growth, with expectations of reaching $3.82 billion by 2027, boasting a CAGR of 6.8%.
A key driver in the gyroscope market's growth is the rapid adoption of drones and unmanned aerial vehicles (UAVs) in both the defense and commercial sectors. UAVs, operated remotely or autonomously for warfare, surveillance, and various applications, are experiencing surging demand. According to National Defence, worldwide research, development, and procurement spending on UAVs is projected to reach $14.3 billion by 2029, highlighting the increasing adoption of drones.
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Technological innovation plays a pivotal role in shaping the market, particularly in areas like inertial navigation systems (INS), attention and heading reference systems (AHRS), and inertial measurement units (IMUs). For instance, Magnum Wings LLP, a Hyderabad-based electronics company, launched its first commercially available UAV - MW Viper in May 2022. The MW Viper offers enhanced operating capabilities and mission flexibility, making ground survey, payload delivery, and surveillance missions more efficient.
Key players in the gyroscope market include Analog Devices Inc., Honeywell International Inc., KVH Industries Inc., NXP Semiconductor, Robert Bosch, STMicroelectronics, and more.
North America led the gyroscope market in 2022, while Asia-Pacific is expected to witness the fastest growth in the forecast period.
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The global gyroscope market is segmented by type, including Micro-Electro-Mechanical System (MEMS) Gyroscopes, Fiber Optic Gyroscope, Ring Laser Gyroscope, Hemispherical Resonating Gyroscope, and Dynamically Tuned Gyroscope. It is further categorized by application into Electronics, Aerospace, Industrial Manufacturing, Automotive, Mining, Marine.
For a comprehensive analysis of the gyroscope market, The Business Research Company (TBRC) offers industry reports with insights, trends, and growth prospects to help businesses navigate this dynamic market.
Gyroscope Global Market Report 2023 by The Business Research Company provides insights on the gyroscope market size, gyroscope market segments, gyroscope market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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https://www.thebusinessresearchcompany.com/report/geospatial-imagery-analytics-global-market-report
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