Accelerometer and Gyroscope Market Worth 3.50 Billion USD by 2022
The Accelerometer and Gyroscope Market research report from MarketsandMarkets predicts that the market will reach USD 3.50 Billion by 2022. The high-end accelerometer and gyroscope market is expected to grow at a CAGR of 3.8% between 2016 and 2022, to reach USD 2.07 Billion by 2022 from USD 1.59 Billion in 2015.
The high-end accelerometer and gyroscope market is majorly driven by the increasing defense expenditure globally; whereas, the overall market is driven by factors such as the huge demand from the consumer electronics industry; stringent government regulations for the automotive industry; the emergence of efficient, economic, and compact MEMS technology; growing adoption of automation in industries and homes; and rising demand from emerging economies.
The MEMS accelerometer and gyroscope market for the high-end applications is expected to grow at the highest rate between 2016 and 2022. This is mainly due to the growing deployment of these sensors in remotely operated vehicles, aerospace, industrial and defense sectors. MEMS accelerometers are replacing traditional accelerometers in these applications owing to the benefits of low cost, small size, and high power efficiency.
3-axis accelerometers and gyroscopes held the largest share of the overall accelerometer and gyroscope market in 2015 and the same trend is expected to continue till 2022. This is because of the growing level of integration which is driving manufacturers to integrate several functionalities in one system to reduce the number of components per device and to reduce the size and weight of the overall product, for which 3-axis devices are highly suitable.
The Asia-Pacific region is expected to hold the largest share of the global Accelerometer and Gyroscope Market in 2015. As APAC is emerging as the manufacturing hub for low-end applications such as automotive and consumer electronics, the accelerometer and gyroscope market to holds a comparatively large market share in the APAC region.