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Fiber Optic Gyroscope Market to surpass a valuation of US$ 1530.4 Mn by 2031

12-20-2021 03:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FMI

Fiber Optic Gyroscope Market

Fiber Optic Gyroscope Market

Future Market Insights (FMI) projects the fiber optic gyroscope (FOG) market demand outlook to remain positive, with sales predicted to surpass US$ 1,413.2 Mn by 2021. Continued use in military and defense applications for missile flight control, dynamic GPS tracking, and ground detection will enable year over year growth at 6.5% in the market in 2021.

Advantages in terms of cost, reliability, and complexity over competing technologies will drive fiber optic gyroscope application at 7.4% in the military and defense sector. Besides this, market is expected to gain momentum will application rising at an impressive pace in remotely automated vehicle guidance technology.

Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-7007

Emergence of autonomous vehicles, and widespread use of FOG sensors in military and defense applications is likely to drive the market over the coming years. The fiber optic gyroscope demand will rise at 8.3% CAGR between 2021 and 2031 in comparison above 6.8% CAGR registered during 2016-2020.

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.

Fiber optic gyroscope (FOGs) are used in several important applications such as navigation and positioning systems, angular velocity sensors, stabilization equipment, and recently and most importantly, in autonomous vehicle guidance backup systems for GPS-inaccessible areas. FOGs are expected to be very crucial part of inertial sensors that determine the movement of a driverless car through a curve.

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.

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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.

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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.

Contact Us:
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com

About 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, the global financial capital, and has delivery centers in the 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.

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