Increasing offshore operations with usage of advanced direction detection technologies is driving the global gyro compass market.
Covid-19 Impact & Market Status
The global Gyro Compass market experienced huge loss due to price changes, increased freight rates, material shortages, lockdown led mobility restrictions, and other macroeconomic factors.
The size of the global market for Gyro Compass is expected to reach US$ 275.1 million by 2028, expanding at a compound annual growth rate (CAGR) of 3.9%.
This report has sought to develop a deeper understanding of the Global Gyro Compass Market economy. The report aims to provide Global Gyro Compass Market leaders with the facts and insights helpful; to create base for policy decisions. The report provides research of from micro-to-macro-economic state of the Global Gyro Compass Market. This in-depth research covers over 20 leading countries and over 30 segments.
The report provides current study about the Global Gyro Compass Market focusing on key attributes such as productivity and growth of Global Gyro Compass Market, evaluation of financial state of the Global Gyro Compass Market, economic impact of covid-19 pandemic on the markets, and other crucial topics. The research report assesses the economic benefits of investing in the Global Gyro Compass Market for the market players. This report provides market players with a unique combination of strategic recommendations, with deep knowledge on sectors. The report identifies the barriers for productivity and explains ways for overcoming them.
Mechanical Gyro Compass Product Segment Opening Up Varied Opportunities For Market Players
The global Gyro Compass market is classified into fiber gyro compass, mechanical gyro compass on the basis of Product Type. Among these, mechanical gyro compass product type segment accounted for highest market share of global Gyro Compass market. The key factors such as, accurate determination of a vessel's location regardless of the vessel's motion, accurate detection of the direction of true (geographic) north, automatic tracking geographical directions, long maintenance periods, lowest operational costs have increased its demand in the marine industry across the world.
Investments In Nautical Navigation Segment To Continue To Rally In A Market
The global Gyro Compass market is classified into offshore operations, seabed mapping, nautical navigation, ROVs and AUVs, and others on the basis of application. Among these, the nautical navigation segment is poised for rapid growth in the Gyro Compass market worldwide. The key factors such as high accuracy, unaffected by external forces, compact design, improved reliability, user-friendly, cost-effective navigation have increased its demand in the marketplace.
Supply Vessels Segment Is Poised for Rapid Progress
The global gyro compass market is classified into offshore / platform supply vessels, oil/chemical tankers or cruise ships on the basis of vessel type. Among these, the supply vessels market is poised for rapid market progress and is likely to grow at a fastest CAGR in the forecast period 2022-2029. The key factors such as growing offshore trade operations are increasing the demand for gyro compass in the global gyro compass market.
North America is Expecting a Robust M&A Market
Among all the regions, North America accounted for highest market share in global Gyro Compass market. The key factors such as such as presence of prominent firms like Sperry Marine, growing investments in using advanced systems for enhanced navigation, emerging technology and automation is boosting the global gyro compass market.
Owing to benefits such as accurate determination of a vessel's location regardless of the vessel's motion, accurate detection of the direction of true (geographic) north, automatic tracking geographical directions, long maintenance periods, lowest operational costs, and also it does not get deflected by any external force such as magnet, iron etc as opposed to conventional instruments such as magnetic compass in navigation platforms thus fostering global progress of global gyro compass market.
The factors such as high investments in better navigation in marine industry, increasing offshore operations, increasing demand for gyro compass for fish farming, renewables, inspection, seabed mapping and subsea construction projects from oil and gas is boosting the growth of global gyro compass market.
The advantages such as high accuracy, unaffected by external forces, compact design, improved reliability, user-friendly, cost-effective navigation for demanding marine environments encourage further adoption of gyro compass. Global gyro compass market is likely to topple over USD 367.11 million by 2029, at a CAGR of 4.2% through 2022-2029.
Gyro compass is a non-magnetic compass that is based on fast-spinning disc and Earth’s rotation. The gyro compass is used to automatically find the geographical direction of the vessel. It determines the heading of the vehicle. Gyrocompass are unaffected by ferromagnetic materials.
However, due to the ship’s course, speed and latitude, there could appear some steaming errors which may cause deflection. Most importantly, it is run on electricity so when electricity stops gyro compass fails and when it stops it takes time to settle. These are some key factors limiting the adoption of gyro compass thereby hampering the global gyro compass market. Nevertheless, latest subsea technology are introduced in the marketplace, patented data transmission technology has dramatically increased operation safety of gyro compass. In addition to this, the modern designed gyro compasses are known for their superior accuracy and reliability even under harshest environmental conditions. This is increasing the demand for gyro compass anticipated to be a growth opportunity for the global gyro compass market.
The major players in global gyro compass market are Kongsberg, Maretron, Sperry Marine, Raytheon Anschütz, Yokogawa Denshikiki, Gem Elettronica Srl, Simrad (Navico), TOKYO KEIKI, IXBlue, and Teledyne among others.
These manufacturers having international presence provide several innovative solutions. Interestingly, their smartphone and tablet apps are tailored to their products. These companies are pioneering the tech and driving the global Gyro Compass market forward. The companies to provide efficient products are coming into partnership with various tech platforms and organisations. Thus these companies are becoming the name brand in Gyro Compass products improving their ranking in the global Gyro Compass market.
Latest Innovations in the Global Gyro Compass Market: a Snapshot
In January 2022, Advanced Navigation has confirmed the launch of a new and advanced fiber-optic gyroscope-based navigation system, under the brand, Boreas. Bores are designed as a high precision inertial navigation system that is also lightweight, cost efficiency, and high-powered.
Gyro Compass Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 367.11 million|
|Growth Rate||CAGR of 4.2 % during 2021-2028|
|Segment Covered||Product Type, Application, Vessel Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Kongsberg, Maretron, Sperry Marine, Raytheon Anschütz, Yokogawa Denshikiki, Gem Elettronica Srl, Simrad (Navico), TOKYO KEIKI, IXBlue, and Teledyne among others.|
Key Segments of the Global Gyro Compass Market
Product Type Overview, 2019-2029 (USD Billion)
- Fiber Gyro Compass
- Mechanical Gyro Compass
Application Overview, 2019-2029 (USD Billion)
- Offshore Operations
- Seabed Mapping
- Nautical Navigation
- ROVs And AUVs
Vessel Type Overview, 2019-2029 (USD Billion)
- Offshore / Platform Supply Vessels
- Oil/Chemical Tankers Or Cruise Ships
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa