Gyroscopes Market Size (2024 - 2029)

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 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.