What is Global Gyro Compass Market?
The Global Gyro Compass Market is a vast and dynamic sector that encompasses a wide range of products and services. Essentially, a gyro compass is a type of non-magnetic compass which is based on a fast-spinning disc and rotation of the Earth to automatically find geographical direction. Unlike magnetic compasses, they are unaffected by external magnetic fields or by ferrous metal and iron deposits in the Earth's crust. They are used on ships for navigation and on aircraft for both navigation and flight control. The global market for these devices is substantial and continues to grow as technology advances and demand increases. The market is driven by various factors such as the increasing maritime trade, rise in shipbuilding activities, and the need for precise navigation tools. However, the high cost of gyro compasses and the availability of low-cost alternatives are some of the factors that may hinder the market growth.
Fiber Optic Gyro Compass, Mechanical Gyro Compass in the Global Gyro Compass Market:
The Global Gyro Compass Market is segmented into different types based on the technology used. The two main types are Fiber Optic Gyro Compass and Mechanical Gyro Compass. The Fiber Optic Gyro Compass uses the interference of light to detect a change in orientation and is currently the mainstream product in the market, accounting for a significant portion of the total market revenue. On the other hand, the Mechanical Gyro Compass works on the principle of conservation of angular momentum and is used in situations where extreme accuracy is not required. The production regions of Gyro Compass are mainly concentrated in Europe, North America, and Japan, contributing to a significant portion of the global total output value.
Commercial Shipping, Workboats, Yachts, ROVs and AUVs, Naval Vessels in the Global Gyro Compass Market:
The Global Gyro Compass Market finds its applications in various areas such as Commercial Shipping, Workboats, Yachts, ROVs and AUVs, and Naval Vessels. In Commercial Shipping, gyro compasses are used for navigation and for the control of the ship's movement. In Workboats, they are used for the same purpose but also for the control of the boat's operations. In Yachts, they are used primarily for navigation. In ROVs and AUVs, they are used for navigation and for the control of the vehicle's movement. In Naval Vessels, they are used for navigation, for the control of the ship's movement, and for the control of the ship's weapons systems.
Global Gyro Compass Market Outlook:
The Global Gyro Compass Market was valued at US$ 209.8 million in 2022 and is expected to reach US$ 275.1 million by 2029, growing at a CAGR of 3.9% during the forecast period 2023-2029. The Fiber Optic Gyro Compass is the current mainstream product on the market, accounting for 69.06% of the total market revenue in 2019. The production regions of Gyro Compass are mainly concentrated in Europe, North America, and Japan, with the total output value in 2019 accounting for 40.83%, 23.85%, and 32.54% of the global total output value, respectively.
| Report Metric | Details |
| Report Name | Gyro Compass Market |
| Accounted market size in 2022 | US$ 209.8 million |
| Forecasted market size in 2029 | US$ 275.1 million |
| CAGR | 3.9% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | IXBlue, TOKYO KEIKI INC., Simrad (Navico), Gem Elettronica Srl, Yokogawa Denshikiki, Raytheon Anschütz, Teledyne, Sperry Marine, Maretron, Kongsberg |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
