Gyrocompasses Market Size, Share, Growth, and Industry Analysis, By Type (Magnetic, Electronic), By Application (Passenger Ships, Merchant Vessels, Offshore Vessels, Naval Vessels and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Gyrocompasses Market Report Overview

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The global gyrocompasses market size is USD 218.7 million in 2022 and is projected to touch USD 306.21 million by 2031, exhibiting a CAGR of 3.8% during the forecast period.

A gyrocompass is a sort of non-magnetic compass that uses a fast-spinning disc and the rotation of the Earth (or another planetary body if it is used elsewhere in the universe) to automatically determine geographical direction. One of the seven primary methods for determining a vehicle's heading is to utilize a gyrocompass. A gyroscope is required for a gyrocompass, but they are not the same thing; a gyrocompass is designed to harness the effect of gyroscopic precession, which is a distinct feature of the broader gyroscopic effect. Gyrocompasses are popular for ship navigation because they have two key advantages over magnetic compasses:

• They locate true north as indicated by the axis of the Earth's rotation, which differs from and is more useful for navigation than magnetic north,
• They are unaffected by ferromagnetic materials, such as those found in a ship's steel hull, which distort the magnetic field.

Gyroscopic instruments are commonly used by aircraft for navigation and altitude monitoring; for further information, see flight instruments and Gyroscopic autopilot.

COVID-19 Impact: Lockdown Shackled the Market and Affected the Product Manufacture

The global COVID-19 pandemic has been unprecedented and staggering, with the gyrocompasses market experiencing lower than anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The global maritime industry was particularly heavily damaged by the COVID-19 outbreak. Ports had to deal with closures, which caused congestion, labor shortages, and empty sailings. At the same time, container carriers suffered with capacity utilization and ship delays, reducing major container ship operators' schedule reliability below 40% for the majority of 2021. Furthermore, freight rates have soared, placing pressure on sectors that rely on commodity and goods exports or imports. As a result, consumers all around the world are being forced to bear the rising costs of transportation in rising prices, with residents of small island developing states bearing the brunt of the burden. However, the disrupted activities in the ocean have inversely affected the gyrocompasses market share.

LATEST TRENDS

"The High Accuracy and Other Advantages to Attract the Consumers and Expand the Market"

Gyrocompasses demand is expected to increase due to their excellent accuracy and other benefits such as being unaffected by external influences such as magnetic fields and iron. High-performance or high-end gyroscopes are occasionally required in guidance, navigation, and control (GNC) systems. Such gyros offer unrivalled capability in unaided navigation performances and heading determination via gyro compassing that are not attainable with today's MEMS gyros. Optical gyros are the most common high-end gyroscopes, which are employed in application with the most rigorous performance requirements.

Gyrocompasses Market Segmentation

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• By Type

Based on type, the gyrocompasses market is classified into magnetic and electronic.

Magnetic type is the leading part of the type segment.

• By Application

Based on application, the gyrocompasses market is classified into passenger ships, merchant vessels, offshore vessels, naval vessels and others.

Passenger ships is the leading part of the application segment.

DRIVING FACTORS

"Growing Ocean Trading Activities to Compel the Market Growth  "

The expanding maritime trading operations all over the world are driving the global gyrocompasses market. Ocean shipping is an essential component of most sectors' supply chains, making it the backbone of global trade. It is anticipated that ships deliver the vast majority of products, approximately 80%. Since 1990, the volume of maritime trade has been increasing. The volume of cargo handled by ships more than doubled between 1990 and 2020, from four to approximately 10.7 billion tons. With an increase in seaborne trade comes an increase in the capacity of the global commercial fleet. Between 2013 and 2020, the global merchant fleet's capacity increased by around 37%, reaching about two million deadweight tons in 2020.

"Rising Number of Ships and Submarines to Exponentially Drive the Market Growth"

The government's endeavours to expand its marine force are also a significant influence in boosting the frequency of ships and submarines. The increased number of ships and submarines is expected to fuel the growth of the gyro compass market in the near future. The submarine, on the other hand, is unobtrusive. It can be dispatched silently in explosive situations to keep an eye on things or to apply pressure without being overt. The need for container ships of progressively greater capacities has increased in recent years. The increased capacity of container ships is predicted to result in a fewer number of vessels in the global fleet over time. There will be around 5,400 container ships in the worldwide commerce fleet by December 2021. However, a gyro compass is a non-magnetic compass that works better when the base is more stable; these characteristics of gyro compass make them more suitable for use on ships and submarines and the rising number of ships and submarines will alternatively enrich the gyrocompasses market growth.

RESTRAINING FACTORS

"Certain Errors Associated with the Product and Electricity Failure to Repel the Market"

Certain faults can occur when using a gyrocompass. Steaming error occurs when fast changes in course, speed, and latitude produce deviation before the gyro can adapt itself. GPS or other navigational aids provide data to the gyrocompass on most modern ships, allowing a small computer to perform a correction. However, gyro compass is powered by electricity, and if the power goes out, the gyro compass becomes worthless. This problem associated with gyro compass is a major factor which is likely to hamper the growth of global gyrocompasses market share.

Gyrocompasses Market Regional Insights

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"North America to Lead the Market Share with Technological Advancements in Waterways"

Major global players of gyrocompassess which include the top 5 major industry players account for about 37% market share. Asia Pacific region is the largest market with around quarter of the market size. North America is predicted to grow significantly during the projection period. This increase in the North American gyro compass market can be attributed to increased expenditure in ship and submarine technical improvements in order to boost the defense industry. Furthermore, the United States is likely to be the leading contributor to the growth of the North American gyrocompasses market during the forecast period.

KEY INDUSTRY PLAYERS

"Notable Players to contribute towards the market growth"

The top-notch players of the market share are implementing and applying varied front end and back end strategies to exceed and expand their empire.

LIST OF TOP GYROCOMPASSES COMPANIES

• Sperry Marine (U.K.)
• Raytheon Anschütz (Germany)
• B & G (U.S.A)
• GEM Elettronica (Italy).

REPORT COVERAGE

The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries along with their risks. The facts in the report may be subject to change, given the situation of market players from time to time.