The global fiber optic gyroscope market demand outlook remains positive, as FMI forecasts its valuation to surpass US$ 1,413 million by the end of 2021.
Owing to increasing application in military & defense and automotive industries, the market for fiber optic gyroscope is expected to grow at a CAGR of 8.3% over the forecast period 2021 to 2031 in comparison to CAGR 6.8% registered between 2016 and 2020.
The emergence of autonomous vehicles is one of the primary factors fueling the demand for fiber optic gyroscopes. According to KVH, the inertial measurement units (IMUs), which combines fiber optic gyroscopes with accelerometer components provide highly accurate acceleration data and angular rate to track the exact position of the car. This aspect has made the use of these gyroscopes indispensable while manufacturing autonomous vehicles, in turn, creating lucrative sales opportunities for the fiber optic gyroscope producers over the forecast period.
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Increasing usage of fiber optic gyroscopes for ground detection, missiles flight control, and dynamic GPS tracking in military applications will create growth opportunities. Coupled with this, the rising demand for better navigation and stabilization platforms in aerospace, battlefield, and undersea environments is estimated to drive growth at around 7.4% in the military and defense domain, as per a study by FMI.
“Fiber optic gyroscope market players are emphasizing on developing innovative products and technologies to cater to increasing demand for better electronic surveillance, RADAR systems, navigation, GPS, and air traffic control (ATC) across the globe,” says the FMI analyst.
Key Takeaways from Fiber Optic Gyroscope Market Study
- In North America, the U.S. is expected to dominate the market, accounting for a market share of over 82% in the region through 2031.
- Owing to increasing adoption of advanced technologies in defense sector, the market in the U.K. is estimated to grow at a CAGR of 12% over the forecast period.
- India is likely to account for above 54% of the market share in South Asia and Pacific, growing at a CAGR of 13.5% by 2031.
- Based on sensing axis, 3-Axis will emerge dominant, accounting for a market share of over 42.5% by the end of 2031.
- Inertial navigation systems are anticipated to contribute a revenue share of around 44.5% in the global market through 2021.
- Increasing application in the military and defense sector is fueling the demand for fiber optic gyroscopes.
- Surging demand for autonomous vehicles is spurring the sales of fiber optic gyroscopes.
- Rising adoption of automation in industries and homes is driving the growth of the market.
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- Fragile nature of the fiber optic gyroscope is a factor impeding the growth of the market.
- Repeated need to calibrate the fiber optic gyroscope is hampering the market demand.
- Mitigation in the accuracy of fiber optic gyroscopes due to vibration is negatively affecting the sales of the product.
Companies operating in the fiber optic gyroscope market are focusing on developing innovative products and forging strategic partnerships with other manufacturers to expand their production and increase the market share.
- FIBERPRO, a South Korea-based company, launched its new Fiber Optics based Single Axis Gyroscope named, FI 150 in June 2020. The product is able to stabilize the specific attitude of a moving system which can be used in weapons systems, cameras, telescopes, and many more.
- In June 2020, KVH industries, announced a launch of P-1775 Inertial Measurement Unit (IMU) featuring its new Inside Photonic Integrated Chip (PIC) technology. The technology that upgrades the inertial sensor performance and reliability for the growing autonomous market.
Some of the key players operating in the fiber optic gyroscope market profiled by FMI are:
- KVH Industries, Inc.
- EMCORE Corporation
- FIBERPRO, Inc.
- Tamagawa Seiki Co., Ltd.
- NedAero Components B.V
- Cielo Inertial Solutions
- Ericco International
- Fibernetics LLC
- Northrop Grumman Sperry Marine B.V.
More Insights on the Fiber Optic Gyroscope Market:
FMI provides an unbiased analysis of the fiber optic gyroscope market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global fiber optic gyroscope market with a detailed segmentation on the basis of:
By Sensing Axis:
- Fiber Optics Gyrocompass
- Inertial Measurement Units (IMUs)
- Inertial Navigation Systems
- Aeronautics and Aviation
- Remotely Operated Vehicle Guidance
- Unmanned Underwater Vehicle (UUV)
- Unmanned Ground Vehicle (UGV)
- Unmanned Aerial Vehicle (UAV)
- Military & Defense
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Report
- The report offers insight into fiber optic gyroscope market demand outlook for 2021-2031
- The market study also highlights projected sales growth for fiber optic gyroscope market between 2021 and 2031
- Fiber optic gyroscope market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Fiber optic gyroscope market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Key Questions Answered in Fiber Optic Gyroscope Industry Analysis
- Which region is expected to showcase significant growth in fiber optic gyroscope industry research?
South Asia & Pacific is projected to grow at the highest CAGR of 12.7% during the forecast period, owing to rise in government investments in military and defense sectors.
- Which sensing type is highly integrated in fiber optics gyroscope?
1-Axis sensing is the most attractive segment, with estimated market share of 42.8% in 2021. However, 3-Axis segment is estimated to grow CAGR of 10.2% during the forecast period.
- Which are some of the leading companies offering fiber optics gyroscope?
The leading companies in this landscape are Honeywell, KVH Industries, and EMCORE Corporation. As per Future Market Insights analysis, 48% of the market share is currently covered by the top 3-5 players.
- In which application areas, fiber optic gyroscope are highly used?
Military & defense application dominates the market, generating revenue of US$ 42.2 Mn by 2031, owing to increasing adoption of FOG systems in military aircrafts, guided munitions, and in submarines.
- How much is the global market size of fiber optics gyroscope?
The fiber optic gyroscope market was valued at ~US$ 1,326.8 Mn in 2020, and is estimated to grow at 8.3% CAGR between 2021 and 2031.
- What will be the demand outlook/ sales forecast for fiber optics gyroscope?
The market size of fiber optic gyroscope is expected to be valued at US$ $ 1,413.2 Mn by the end of 2021, and is likely to reach US$ 3,132.1 Mn by 2031.
Read more: https://www.prnewswire.com/ae/news-releases/fiber-optics-gyroscope-remains-highly-sought-after-for-military-and-defense-applications-global-demand-to-surge-at-8-3-through-2031-future-market-insights-survey-301332660.html