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The global gyro cameras market size is estimated to grow by USD 3,548.8 million between 2022 and 2027 at a CAGR of 13.64%.
The popularity of social media such as Facebook, Twitter, Instagram, and YouTube provides golden opportunities for the gyro camera market to grow since consumers use social networking sites to share their experiences captured through these cameras. Furthermore, the growth of adventure tourism is also driving market growth. Consumers are keen to share their experiences with their friends by sharing photos. Gyro cameras are perfect for adventures as they are designed to withstand harsh conditions, they are best suited to capture adventure activities such as freestyle skiing, climbing, snowboarding, trekking, and bicycling. In 2022, adventure tourism registered a 24.26% growth compared to 2021. This trend is likely to continue during the forecast period.
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Innovations in gyro cameras are an additional factor driving the growth of the market. For instance, in January 2020, Leica Camera AG and Insta360 partnered to reinvent the imaging quality of the gyro cameras and 360-degree camera spaces. Such factors will positively impact market growth.
The popularity of social networking sites is notably driving the market growth, although factors such as the popularity of smartphones may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Market Driver
The popularity of social networking sites is a key factor driving the growth of the global market. One of the major drivers for the sales of gyro cameras is the growing popularity of social networking sites. Customers use social networking sites to share their experiences captured through these cameras. Over a billion unique users visit social media sites such as Facebook, Twitter, Instagram, and YouTube every month. The target audience is also growing with the growing number of social networking site users. Technological advances and online media communities have made digital photography and videography more accessible to consumers. The proliferation of social networking sites has changed the way customers interact with brands. The capability of smart cameras to instantly share media content on social networking sites and platforms has increased the demand for gyro cameras.
Various brands are taking advantage of the growing popularity of social media and are promoting their brands through content promotion. For instance, GoPro, a leading vendor, has partnered with Comcast to deliver GoPro content to a diverse audience ranging from adventure enthusiasts to animal lovers. GoPro has a dedicated YouTube channel to promote its content to connect with viewers. GoPro has multiple content delivery partners, which include Comcast and Watchable. Hence, the growing popularity of social media sites is driving the growth of the market during the forecast period.
Significant Market Trend
Use of drone gyro cameras for sports is the primary trend in the global market growth. The use of consumer drones with gyro cameras for sports is increasing with its growing popularity. Mountain Dew, a carbonated soft drink brand produced and owned by PepsiCo, and DR1 Racing organized a drone race. The event used 12 of the world's top drone-racing pilots. The pilots controlled the drones from the top of the dam and maneuvered them around a large number of obstacles while flying them at speeds of more than 75 miles per hour. The race consisted of various heats, qualifiers, and finals over the course of two days.
The race was sponsored by Mountain Dew and was broadcast globally through international sports networks like ESPN and the International Drone Racing Association. They broadcast the event live on cable TV. A one-hour broadcast aired on Discovery Communication's Discovery and Science channels. With broadcast deals signed with renowned sports networks and cup competitions, drone racing has become one of the primary factors driving the demand for consumer drones with gyro cameras. These factors will positively impact the growth of the market during the forecast period.
Major Market Challenge
The popularity of smartphones is a major challenge to the growth of the global market. The sales of mobile devices, such as smartphones and tablets, have increased because they have become more affordable for consumers. Consumer electronics manufacturers are selling smartphones that are integrated with high-end features at affordable prices. These smartphones are equipped with high-end cameras that act as easy replacements for gyro cameras. Such phones attract the middle-class population, especially in countries like China, India, and other developing countries. One of the important features of smartphones is their cameras.
End-users are increasingly using smartphones to capture images and videos because of features like better image quality and optimum audio and video quality. Though smartphones are not direct substitutes for gyro cameras, they pose a threat because they are used by the majority of the population. This has made gyro cameras a niche product in the image-processing technology market. The advanced features in smartphones are expected to negatively impact the sales of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ascentvision.com - The company offers gyro cameras such as CM142 ISR and Target acquisition. Also, the company specializes in gyro-stabilized imaging systems, fully integrated solutions, and innovative software for ISR.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the media and entertainment segment will be significant during the forecast period. In the media and entertainment sector, gyro cameras are primarily used for filming and aerial photography. They are used to take photos and shoot videos and films from all possible angles, which would otherwise require multiple cameras. Gyro cameras have been used in Hollywood movies like Captain America: Civil War, Jurassic World, and Spectre. The gyro cameras are used in various shows as well. Such factors will increase the market growth during the forecast period.
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The media and entertainment segment was valued at USD 1,687.77 million in 2017 and continue to grow by 2021. Gyro cameras are widely used for entertainment and photography. Broadcasting companies are introducing new ways to enhance the coverage of various events, especially sports events, and wildlife. In addition, many companies are willing to adopt the latest technologies to improve TV series, movies, games, and advertisements, which will increase the market growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market growth is driven by the high popularity of gyro cameras in North America. The growth in the region is also driven by the high per capita disposable income of the population. The increased spending capability of consumers in North America, especially in the US, has led to the region being an early adopter of gyro cameras. A large percentage of the population can easily afford gyro cameras, and the majority of the companies are based in this region.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research report analysis of the latest market trends and analysis and growth opportunities from 2017 to 2027.
The Gyro Cameras Market caters to diverse needs across industries, offering lightweight, portable, and aesthetically pleasing solutions for capturing moments in harsh environments. Targeting athletes, adventurers, filmmakers, security organizations, and media firms, gyro cameras boast long battery backing, ensuring uninterrupted recording during racing events like MotoGP and adventure travel. These cameras integrate advanced picture editing tools and gyro stabilization technology to deliver smooth flight capabilities and stunning aerial vistas. They leverage flight controller technologies, including three and six-alignment gyro stabilizing techniques, to counteract severe winds and gusts, providing stability and safety during flight.
In the entertainment and media sector, gyro cameras facilitate satellite navigation, safety, and surveillance, supporting the increase in social media activity with their top-notch 3D photogrammetry maps and LiDAR imagery. Equipped with integrated gimbals and onboard sensors like accelerometers and magnetometers, gyro cameras ensure precise orientation drift calibration and accurate tracking of current position, velocity, and acceleration. Flight controller navigational data, coupled with motors and electronic speed controllers, empower quadcopters and other aerial platforms with enhanced control and maneuverability. However, the market faces challenges like increased equipment costs, primarily due to the integration of advanced features and market advancements. Despite these challenges, the Gyro Cameras Market continues to evolve, driven by the demand for high-quality imaging solutions across various applications, from adventure sports to professional cinematography, promising exciting opportunities for innovation and growth.
Gyro Cameras Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.64% |
Market growth 2023-2027 |
USD 3,548.8 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.42 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ascent Vision Technologies LLC, Axis Communications AB, DELAIR SAS, Foshvision Technology Co. Ltd., GoPro Inc., Guangdong Aircraft Industrial Co. Ltd., Gyro-Stabilized Systems LLC, Infiniti Electro Optics, Israel Aerospace Industries Ltd., Kenyon Laboratories LLC, Leptron Unmanned Aircraft Systems Inc., Merio UAV Payload Systems, Parrot Drones SAS, PrecisionHawk Inc., Squadrone System, SZ DJI Technology Co. Ltd., Teledyne FLIR LLC, Udirc Inc., Walkera, and Yuneec International Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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