Gyro Compass Market Overview
A gyro compass is a non-magnetic compass used to find the true north direction. It is a type of compass and it is mainly used on ships. A gyro compass consists of an electrically powered fast sapping gyroscope wheel. The spinning axis of gyroscope cramped in horizontal plane. Further, earth rotation causes it to assume a position parallel to the earth axis in order to point towards the true north direction.
Market Size & Forecast
Global gyro compass market is anticipated to grow at remarkable pace during the forecast period i.e. 2017-2024. Countries are expanding their defense all across the sea due to growing terrorism activities around the world. Further, growing number of ships, boats, submarines coupled with rising implementation of gyro compass and growing water transportation market are some major factors which are anticipated to bolster the growth of global market of gyro compass during the forecast period.
In terms of region, global gyro compass market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is the largest market of gyroscope. Further, good water transportation infrastructure and increasing number of large ships and boats in this region are anticipated to fuel the growth of global market of gyro compass.
Additionally, North America is expected to experience a significant growth during the forecast period. This growth in North America gyro compass market can be attributing to high investment for technological advancements of ships, submarines in order to strengthen the defense sector. Further, U.S. is expected to be the major contributor to the growth of gyro compass market in North America region during the forecast period.
Furthermore, Europe region is predicted to grow at a satisfactory pace during the forecast period. Factors such as introduction of advanced navigation system and increasing implementation of advanced gyro compass in ships and submarines are anticipated to be the dynamic factors which are likely to foster the growth of gyro compass market in Europe region.CLICK TO DOWNLOAD FREE SAMPLE
On the basis of application, gyro compasses are highly used in ships and submarines. Growing ocean-transport activities and inland water transport are the factors which are fueling the adoption of gyrocompasses in ships and submarines.
Our-in depth analysis of the global gyro compass market includes the following segments:
By Product Type
Global gyro compass market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global gyro compass market is primarily driven by growing ocean trading activities all across the globe. Moreover, government’s initiatives in order to strengthen their marine force are also a major factor which is increasing the number of ships and submarines. This rising number of ships and submarines are likely to drive the growth of gyro compass market in near future.
Furthermore, gyro compass is a non-magnetic compass and it works better in situation where the base is more stable. These properties of gyro compass make them more acceptable at ships and submarines.
Additionally, the demand for gyro compass is anticipated to rise due to their high accuracy and other advantages including unaffected by external forces such as magnetic field and iron.
However, gyro compass run with electric power and in case of electricity failure gyro compass became useless. This problem associated with gyro compass is a major factor which is likely to hamper the growth of global market.
Scope & Context
Overview of the Parent Market
The global gyro compass market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization