The increased demand for unmanned aerial vehicles, advanced aircraft, and improved smartphone technology contribute to the growth of the gyroscope market. Gyroscopes are used to calibrate or measure the angular velocity. The Gyroscope Market has been mainly segmented on the basis of type and application. MEMS sensors hold the largest market share while the consumer electronics segment is expected to show the highest growth rate during the forecast period. Continous technological advancement plays a crucial role in the development of MEMS gyroscopes for their use in medical pressure sensing, electronic stability and control, GPS navigation, and anti-rollover systems.
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The key players in the gyroscope market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are Honeywell International Inc., Robert Bosch GmbH, Analog Devices Inc, Trimble Inc, Murata Manufacturing Co Ltd, Silicon Sensing Systems Limited, STMicroelectronics, TDK Corporation, NXP Semiconductor, Epson America Inc, and InnaLabs. These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 25–30% in the gyroscope market.
The global gyroscope market has been segmented based on type and application.
By type, the global gyroscope market has been segmented into MEMS gyroscopes, hemispherical resonating gyroscope, dynamically tuned gyroscope, ring laser gyroscope, fiber optic gyroscope, and others.
By application, the global gyroscope market has been segmented into consumer electronics, aerospace & defense, industrial manufacturing, mining, marine, automotive, and others.
Gyroscope Market – Regional Analysis
By region, the global gyroscope market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The Asia Pacific is the leading region in the field of adoption and manufacturing. The demand for gyroscopes in India, China, South Korea, and Japan is growing as a result of their use in military, aviation, and consumer electronics applications. North America matches the Asia Pacific closely in terms of market share. Many of the US’s most prominent manufacturers are providing companies with additional leverage to fulfill consumer expectations and thereby continue to expand the market. In addition, the North American region is undergoing rapid developments in the defense and aviation sector. Gyroscopes have now become a vital component of the systems to maintain stability and provide accurate results, which is a crucial requirement for self-driving cars and autonomous vehicles. Europe is expected to experience the highest growth rate during the forecast period due to increased development in the avionics and automotive industry.
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