According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Gyroscope Market - Industry Trends and Forecast to 2028 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.
Global Gyroscope Market Analysis and Size
The Global Gyroscope Market is projected to grow at a CAGR of around 5.43% during the forecast period, i.e., 2023-28.
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Some of the major players operating in the Gyroscope Market are Honeywell International, Inc., Robert Bosch GmbH, Analog Devices, Inc., Trimble, Inc., Murata Manufacturing Co., Ltd., Silicon Sensing Systems Limited, STMicroelectronics, TDK Corporation, NXP Semiconductors., Epson America, Inc., InnaLabs, MEMSIC Semiconductor Co., Ltd., EMCORE Corporation., VectorNav, Others [Safran Sensing Technologies Switzerland SA, etc.
Gyroscope Market Growth Driver:
Surging Investments in Military Aircraft Manufacturing to Fuel the Market Growth - The rising geopolitical tension worldwide, like the dispute between the nations such as China, India, Pakistan, Russia, Ukraine, etc., has created a noticeable demand for military aircraft, boosting the Global Gyroscope market over the last few years. As, these devices have been considered an integral part of aircraft due to their variable functionalities, such as providing reliable solutions for military aircraft navigation purposes.
Gyroscopes are currently used in the military and other types of airplanes as part of inertial navigation systems in order to calculate the aircraft's position even when GPS signals are not available. Several governments of the region, like North America, Europe, Asia-Pacific, etc., announced investments for the procurement of military aircraft, which is further anticipated to upscale the demand for gyroscopes from 2023 to 2028. For instance:
- In 2022, Airbus Defence and Space & TATA Advanced Systems Limited collaborated to manufacture the C-295 military transport aircraft in India for an Indian military base by making an investment of nearly USD2.65 billion.
Accordingly, the geopolitical tension between the countries has expanded the commercial sale & manufacturing of military aircraft. This, in turn, is further expected to fuel the demand for different types of these devices, including MEMS gyroscopes, laser gyroscopes, etc., in the forecast years.
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Market Segment and Geographical Analysis
By Product Type
- MEMS Gyroscope
- Fibre Optic Gyroscope
- Ring Laser Gyroscope
- Hemispherical Resonating Gyroscope
- Dynamically Tuned Gyroscope
- Others
By End Users
- Consumer Electronics
- Aerospace & Defense
- Industrial Manufacturing
- Automotive
- Marine
- Mining
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
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