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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Gyroscope Global Market Report 2022' -
and Silicon Sensing Systems Limited.
The global gyroscope market is expected to grow from $2.61 billion in 2021 to $2.77 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The gyroscope market is expected to grow to $3.76 billion in 2026 at a CAGR of 7.9%.
The gyroscope market consists of sales of gyroscopes by entities (organizations, sole traders, and partnerships) that are used devices to track the twists, turns, and rolls of an object in motion.Gyroscopes are devices organized on a frame and capable of sensing an angular velocity if the frame is rotating.
Gyroscope is used in compasses, automatic pilots on ships, aircraft, and ballistic missiles, in the steering mechanisms of torpedoes, and in the inertial guidance systems installed in space launch vehicles, orbiting satellites, and virtual reality experience.
The main types of gyroscopes are Micro-Electro-Mechanical System (MEMS) gyroscopes, fiber optic gyroscopes, ring laser gyroscopes, hemispherical resonating gyroscopes, and dynamically tuned gyroscopes.Gyroscopes are motion sensors that detect and quantify the angular motion of an object using a micro-electro-mechanical system (MEMS).
They measure the rate at which an item rotates along with one of three axes: 1-axis, 2-axis, and 3-axis. The application of gyroscope is in electronics, aerospace, industrial manufacturing, automotive, mining, and marine.
North America was the largest region in the gyroscope market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the gyroscope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The gyroscope market research report is one of a series of new reports that provides gyroscope market statistics, including gyroscope industry global market size, regional shares, competitors with a gyroscope market share, detailed gyroscope market segments, market trends and opportunities, and any further data you may need to thrive in the gyroscope industry. This gyroscope market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rapidly growing adoption of drones and unmanned aerial vehicles (UAVs) in the defense and commercial sector has been expected to be a major 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 rate of adoption of UAVs is rising. For instance, according to National Defence, a business technology magazine, the worldwide research, development, and procurement spending on UAVs are projected to rise from $ 11.1 billion in 2020 to $ 14.3 billion by 2029. Moreover, the R&D spending is forecasted to grow from $ 3.2 billion in 2020 to $ 4 billion in 2029, and procurement funding is projected to ramp up from $ 7.9 billion in 2020 to about $ 10.3 billion by the end of the decade. Such growing adoption of drones and UAVs are driving the growth of the market.
Technological innovation are shaping the gyroscope market.The performance of INS (Inertial navigation system), attention and heading reference systems (AHRS), or inertial measurement units (IMUs) for manned and unmanned aircraft, spacecraft, marine, and surface vehicles have influenced technological innovations in gyroscopes.
For instance, in May 2022, Magnum Wings LLP, a Hyderabad-based electronic company, launched its first commercially available UAV- MW Viper in India.The ground survey, payload delivery, and surveillance missions are all made easier with the MW Viper's enhanced operating capabilities and mission flexibility.
The vertical take-off and landing capability of the MW viper allow it to hover, take off, and land vertically with a payload ranging from 5 to 60 kg.
In July 2020, BAE Systems, a British multinational arms, security, and aerospace company acquired Collins Aerospace Military Global Positioning System (GPS) business from Raytheon Technologies Corporation for $ 1.9 billion. Military GPS will be able to expand on its market leadership and provide additional discriminating capabilities to its clients, including the US Department of Defence and its allies, as a result of the relationship. Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate.
The countries covered in the gyroscope market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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