Press release
Fiber Optics Gyroscope Market Analysis 2024: Industry Trends, Market Size, and Growth Forecast
Fiber Optics Gyroscope Market Analysis
Fiber Optics Gyroscope Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1.70 Bn In 2028 At A CAGR Of 7.5% :
The fiber optics gyroscope market size has grown strongly in recent years. It will grow from $1.17 billion in 2023 to $1.27 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to rising automation industry, increased homeland security, rising demand for technologically advanced solutions, rapid growth of unmanned vehicles in defense and civilian applications, growing demand for commercial and military aircraft.
The fiber optics gyroscope market size is expected to see strong growth in the next few years. It will grow to $1.70 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising need for precise motion control and robotics, increasing demand for accurate navigation and positioning systems, growing defense sector, rising need for advanced guidance and control systems, increasing demand for accurate navigation systems. Major trends in the forecast period include technological advancements in fiber optic gyroscopes, integration of fiber optic gyroscopes with autonomous vehicles, adoption of fiber optic gyroscopes in emerging economies, advancements in gyroscope technologies, development in the defense and aviation industry.
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Fiber Optics Gyroscope Market Major Segments
The fiber optics gyroscope market covered in this report is segmented -
1) By Device Type: Gyrocompass, Inertial Navigation System, Inertial Measurement Unit, Other Device Types
2) By Sensing Axis: 1-Axis, 2-Axis, 3-Axis
3) By Application: Tactical Grade Applications, Remotely Operated Vehicle Guidance, Aeronautics And Aviation, Robotics, Defense And Homeland Security, Industrial
Key Driver - Rising Demand For Precise Motion Control And Robotics Fuels Fiber Optic Gyroscope Market Growth
The rising need for precise motion control and robotics is expected to propel the growth of the fiber optics gyroscope market going forward. Precise motion control refers to the ability to control the movement of robotic assets accurately so that they can carry out tasks autonomously or semi-autonomously with reliability and accuracy. Robotics is an interdisciplinary field that deals with robot design, construction, operation, and use. The demand for precise motion control and robotics is increasing due to the need for efficiency, accuracy, and automation across various industries. Fiber optic gyroscopes provide stable and accurate angular rate measurements, which enhance precision in motion control and robotics applications. For instance, in October 2023, according to the International Federation of Robotics, a Germany-based professional non-profit organization, the global installation of industrial robots increased by 31%, from 394,000 units in 2020 to 517,385 units in 2021. Further, Asia remains the world's largest market for industrial robots, with 74% of all newly deployed robots in 2021 being installed in Asia, compared to 70% in the previous year. Therefore, the rising need for precise motion control and robotics is driving the growth of the fiber optic gyroscope market.
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Prominent Trend - Innovative Advancements In Fiber Optics Gyroscope Technology
Major companies operating in the fiber optics gyroscope market are developing innovative products, such as digital fiber-optic gyroscope inertial navigation systems, to gain a competitive edge in the market. A digital fiber-optic gyroscope (FOG) inertial navigation system (INS) is a sophisticated navigation technology that utilizes fiber-optic gyroscopes to measure angular rates and inertial sensors for acceleration precisely. For instance, in October 2022, Advanced Navigation, an Australia-based electronics manufacturer, launched the Boreas D70, a new digital fiber-optic gyroscope (FOG) inertial navigation system (INS). This technology provides a 40% reduction in size, weight, power, and cost compared to similar systems while delivering high-performance metrics. The Boreas D70 features ultra-fast gyro compassing, AI-based fusion algorithms, a dual-antenna real-time kinematic positioning (RTK) global navigation satellite system (GNSS) receiver, and a rich data-access web interface.
Fiber Optics Gyroscope Market Players
Major companies operating in the fiber optics gyroscope market are Northrop Grumman Corporation, Honeywell International Inc., Safran S.A, TDK Corporation, STMicroelectronics, Murata Manufacturing Co. Ltd., NXP Semiconductor, SAAB AB, Trimble Inc., Epson America Inc., iXBlue SAS, EMCORE Corporation, Luna Innovations, Advanced Navigation, Cielo Inertial Solutions Ltd., Furukawa (OFS), Fibernetics LLC, Silicon Sensing Systems Limited, Tamagawa Seiki Co. Ltd., Colibrys Ltd., Fizoptika Corporation, Nyfors Teknologi AB, NedAero Components B.V, Optolink LLC, FIBERPRO Inc., Ericco International
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Largest And Fastest Growing Region In The Market
North America was the largest region in the fiber optics gyroscope market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fiber optics gyroscope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fiber Optics Gyroscope Market Report Structure
3. Fiber Optics Gyroscope Market Trends And Strategies
4. Fiber Optics Gyroscope Market - Macro Economic Scenario
5. Fiber Optics Gyroscope Market Size And Growth
…..
27. Fiber Optics Gyroscope Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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