Gyroscopes Market Size, Share, Growth Analysis, By Technology(Dynamically tuned gyroscopes, ring laser gyroscopes, fiber optic gyroscopes, hemispherical resonator gyroscopes), By Application(Aerospace & defense, automotive, consumer electronics, industrial), By Region - Industry Forecast 2024-2031

Gyroscopes Market size was valued at USD 2.06 billion in 2022 and is poised to grow from USD 2.20 billion in 2023 to USD 3.76 billion by 2031, at a CAGR of 6.9% during the forecast period (2024-2031).

The Gyroscopes Market is highly fragmented, with the presence of several key players competing for market share. These players include major companies that are actively involved in product development, innovation, and strategic collaborations to gain a competitive edge in the market. To maintain their market position, key players focus on introducing technologically advanced gyroscopes that offer high accuracy, reliability, and performance. They invest significantly in research and development activities to improve the efficiency and functionality of gyroscopes, catering to the evolving demands of end-users. Moreover, strategic partnerships, mergers, and acquisitions are common strategies adopted by these players to expand their product portfolios, enhance their geographical presence, and tap into new market opportunities. 'Honeywell International Inc. (US)', 'Northrop Grumman Corporation (US)', 'Thales Group (France)', 'Safran Electronics & Defense (France)', 'L3Harris Technologies, Inc. (US)', 'General Dynamics Corporation (US)', 'Leonardo S.p.A. (Italy)', 'Collins Aerospace (US)', 'KVH Industries, Inc. (US)', 'Murata Manufacturing Co., Ltd. (Japan)', 'Moog Inc. (US)', 'Analog Devices, Inc. (US)', 'Bosch Sensortec (Germany)', 'Silicon Sensing Systems Ltd. (UK)', 'Epson Toyocom Corporation (Japan)', 'Sensonor AS (Norway)', 'NXP Semiconductors N.V. (Netherlands)', 'MEMSIC, Inc. (US)', 'Colibrys Ltd. (Switzerland)', 'Sensata Technologies Holding plc (Netherlands)'

The growing adoption of unmanned vehicles in various industries such as defense, agriculture, and logistics is driving the demand for gyroscopes. Gyroscopes are an essential component of unmanned vehicles as they enable them to maintain their orientation and stability during flight. For instance, the use of gyroscopes in drones allows them to fly autonomously and perform tasks such as surveillance, mapping, and delivery.

Growing adoption of MEMS gyroscopes in consumer electronics: MEMS gyroscopes are increasingly being used in consumer electronics such as smartphones, tablets, and gaming consoles. This is due to their small size, low power consumption, and low cost compared to other types of gyroscopes. MEMS gyroscopes enable features such as motion sensing, image stabilization, and gaming control, which are becoming more prevalent in modern electronic devices.

In terms of dominating regions, North America and Europe are leading the gyroscopes market due to the presence of well-established aerospace and defense industries in these regions. These industries rely heavily on gyroscopes for various applications, including navigation, guidance, and stabilization. Additionally, the presence of major players such as Honeywell International Inc. and Northrop Grumman Corporation in these regions is contributing to their dominance in the market.