DUBAI, U.A.E /PRNewswire/ -- 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.
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.
Key Drivers
- 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.
Key Restraints
- 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.
Competitive Landscape
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.
- Saab
- Honeywell
- Tamagawa Seiki Co., Ltd.
- Optolink
- NedAero Components B.V
- iXblue
- Fizoptika
- Safran
- 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:
- 1-Axis
- 2-Axis
- 3-Axis
By Device:
- Fiber Optics Gyrocompass
- Inertial Measurement Units (IMUs)
- Inertial Navigation Systems
- Others
By Application:
- Aeronautics and Aviation
- Robotics
- Remotely Operated Vehicle Guidance
- Unmanned Underwater Vehicle (UUV)
- Unmanned Ground Vehicle (UGV)
- Unmanned Aerial Vehicle (UAV)
- Military & Defense
- Industrial
- Others
By Region:
- North America
- Latin America
- Europe
- 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
Explore FMI's Extensive Coverage on Technology Domain
Version Control Systems Market: The global Version Control Systems Market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market's competitive landscape.
Access Control Market: Future Market Insights gives a detailed segmentation on the global Access Control Market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.
Software license management market: The Software license management's market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies along with competitive landscape of the upcoming decade.
-Ends-
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/fiber-optics-gyroscope-market
Press Release Source: https://www.futuremarketinsights.com/press-release/fiber-optic-gyroscope-market
SOURCE Future Market Insights
CONTACT: T: + 44 (0) 20 7692 8790, D: +44 (0) 20 3287 4268, T: +1-347-918-3531, F: +1-845-579-5705
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
