Accelerometer & Gyroscope Market Expected to Reach $4.03 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Accelerometer & Gyroscope Market," The accelerometer and gyroscope market size was valued at $2.61 billion in 2020, and is estimated to reach $4.03 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030.

Accelerometer is a type of sensor that measures physical acceleration of the device in relation to the free fall in one direction. An accelerometer equipped in modern devices is tri-axial, which has three dedicated units aligned with each direction to measure acceleration along them. Gyroscope senses angular movement along one rotational direction. In complex systems such as satellites, space vehicles, and missiles, inertial navigation system is used by the combination of accelerometers and gyroscopes.

Continuously growing defense expenditure across globe and rising demand from the consumer electronics industry act as the key driving forces of the global accelerometer and gyroscope market. Moreover, expansion of the autonomous vehicle sector fuels the market growth. However, low accuracy of accelerometer and gyroscope sensors acts as a major deterrent factor of the global market. On the contrary, rise in adoption of automation in industries & homes and high demand from Asia-Pacific are expected to create lucrative opportunities for the growth of the accelerometer and gyroscope industry in the near future.

Moreover, developing nations tend to witness high penetration of accelerometer and gyroscope products, especially in healthcare and aerospace & defense sectors, which is anticipated to augment the market growth. Factors such as high military spending accelerates the accelerometer and gyroscope market growth.

The global accelerometer and gyroscope market is segmented into type, dimension, industry vertical, and region. By type, the market is classified into accelerometer and gyroscope. On the basis of dimension, it is segregated into 1-axis, 2-axis, and 3-axis. Depending on industry vertical, it is categorized into consumer electronics, automotive, aerospace & defense, industrial, healthcare, and others. The accelerometer and gyroscope market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency. Also, the report provides a detailed accelerometer and gyroscope market analysis based on competitive intensity and how the competition will take shape in coming years. 

Region wise, the accelerometer and gyroscope market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2020. Also, between 2020 and 2030, the accelerometer and gyroscope market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from emerging economical countries such as India, China, Japan, Taiwan, and South Korea.

KEY FINDINGS OF THE STUDY

• The accelerometer segment is projected to be the major type, followed by gyroscope.
• Asia-Pacific and North America collectively accounted for more than 66% of the accelerometer and gyroscope market share in 2020.
• India is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America accelerometer and gyroscope market, accounting for approximately 67% share in 2020.
• Depending on industry vertical, the consumer electronics segment generated the highest revenue in 2020. However, the others segment is expected to witness the highest growth rate in the future.
• Region wise, the accelerometer and gyroscope market was dominated by Asia-Pacific. Also, Asia-Pacific is expected to witness significant growth in the coming years.

The key players such as Analog Devices Inc., Honeywell International Inc., InvenSense, Northrop Grumman, NXP Semiconductors, Robert Bosch, Infineon Technologies AG, STMicroelectronics, Kionix Inc., and Murata Manufacturing Co. Ltd. holds majority of accelerometer and gyroscope market share. These players have adopted various strategies such as partnership, acquisition, and product launch to strengthen their foothold in the industry.