What is Global Gyro Compass Market?
The Global Gyro Compass Market is a fascinating and complex sector that is constantly evolving. Essentially, a gyro compass is a type of compass that uses a fast-spinning disc and the rotation of the Earth to automatically find geographical direction. Unlike magnetic compasses, they are unaffected by external magnetic fields making them more accurate and reliable. The global market for these devices is vast and varied, encompassing a wide range of industries and applications. The market's value was estimated at US$ 209.8 million in 2023 and is projected to reach US$ 275.1 million by 2030, demonstrating its significant growth potential.
Fiber Optic Gyro Compass, Mechanical Gyro Compass in the Global Gyro Compass Market:
The Global Gyro Compass Market is primarily divided into two types: Fiber Optic Gyro Compass and Mechanical Gyro Compass. The Fiber Optic Gyro Compass is currently the most popular product on the market, accounting for 69.06% of the total market revenue in 2019. These devices use the interference of light to detect a change in orientation and are known for their high accuracy and reliability. On the other hand, Mechanical Gyro Compasses, which use a spinning wheel and the principles of conservation of angular momentum to determine direction, are also widely used, particularly in industries where durability and robustness are key. The production of these devices is mainly concentrated in Europe, North America, and Japan, which together accounted for nearly 97.22% of the global total output value in 2019.
Commercial Shipping, Workboats, Yachts, ROVs and AUVs, Naval Vessels in the Global Gyro Compass Market:
The Global Gyro Compass Market finds its applications in a variety of areas. In Commercial Shipping, these devices are used to provide accurate and reliable directional information, which is crucial for navigation and safe operation of the vessels. In Workboats, they are used for similar purposes, but also for tasks such as dynamic positioning and autopilot control. In the world of Yachts, Gyro Compasses are used not only for navigation but also for stabilizing the vessel, improving comfort and safety. In ROVs and AUVs, these devices are used for navigation and control, enabling these unmanned vehicles to operate in challenging underwater environments. Lastly, in Naval Vessels, Gyro Compasses are used for navigation, weapon systems control, and other critical operations, demonstrating their importance in defense applications.
Global Gyro Compass Market Outlook:
Looking at the market outlook for the Global Gyro Compass Market, it is clear that this sector is set for significant growth. In 2023, the market was valued at US$ 209.8 million and is expected to reach US$ 275.1 million by 2030, representing a CAGR of 3.9% during the forecast period from 2024 to 2030. The Fiber Optic Gyro Compass is currently the most popular product, accounting for 69.06% of the total market revenue in 2019. The production of these devices is primarily concentrated in Europe, North America, and Japan, which together accounted for nearly 97.22% of the global total output value in 2019. This data clearly shows the dominance of these regions in the production of Gyro Compasses and their significant contribution to the global market.
| Report Metric | Details |
| Report Name | Gyro Compass Market |
| Accounted market size in 2023 | US$ 209.8 million |
| Forecasted market size in 2030 | US$ 275.1 million |
| CAGR | 3.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| 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 |
