The global demand for the Fiber Optics Gyroscope Market was valued at USD 2232.56 Million in 2019 is expected to reach USD 2990.3 Million in 2026 and is anticipated to grow at a CAGR of 4.4% between 2020 and 2026.
Fiber Optics Gyroscope Market
The global demand for the Fiber Optics Gyroscope Market was valued at USD 2232.56 Million in 2019 is expected to reach USD 2990.3 Million in 2026 and is anticipated to grow at a CAGR of 4.4% between 2020 and 2026. The fiber optics gyroscope market is majorly driven by the increasing defence expenditure globally. Moreover, the overall fiber optics gyroscope market is driven by factors such as the huge demand for remotely operated vehicles guidance and growing adoption of automation in industries and homes.
Global Fiber Optics Gyroscope Market: Overview
A fiber optic gyroscope (FOG) is used in sensing the object orientation and gives very accurate information about the rotational rate. As fiber optic gyroscope does not depend on the inertial resistance to movement and does not have any parts that are moving, thus it has speedily become a reliable option over the mechanical gyroscope. Fiber optic gyroscope is utilized in applications such as the autonomous underwater vehicles, inertial navigation systems of guided missiles, surveying, and remotely operated vehicles.
Global Fiber Optics Gyroscope Market: Segmentation
The fiber optics gyroscope market is globally segmented into sensing axis, devices, applications, and regions. On the basis of sensing axis, the market is segregated into 1-, 2-, 3-axis. Based on the devices, the market is categorized into attitude heading reference system, inertial measurement unit, gyrocompass, and inertial navigation system. Depending on the applications, the market is divided into remotely operated vehicle guidance, robotics, industrial, tactical grade applications, aeronautics and aviation, and defense and homeland security. The geographical segmentation of the fiber optics market includes North America, Asia Pacific, Europe, and Rest of the World.
Global Fiber Optics Gyroscope Market: Growth Factors
The major factors that are positively influencing the fiber optics gyroscope (FOG) market are increased defense investments in numerous developing and developed economies and the rising adoption of automation in industries and homes. For the positioning of the satellite antennas, navigation, and other applications, the requirement for the equipment optimized with advanced sensors is growing. The other factors that are contributing to the market growth are the employment of the FOG for measuring purposes during the drilling processes in the oil sector and the growing recognition and development of the remotely operated vehicles. Some of the defense sector applications of fiber optics gyroscope include missiles flight control, dynamic GPS tracking, dynamic platform stabilization, ground detection, guided ammunition, security, environmental observation, and earth observation. On the other hand, limitations such as time and complexity in terms of the manufacturing process challenge the market. High investment that is required for the research and development along with the ratio of low cost-benefit are factors that are restraining the market growth.
Global Fiber Optics Gyroscope Market: Regional Analysis
North America dominates the market owing to the factor that technologically advanced country of the US has a huge demand for fiber optics gyroscope owing to the vast defense budget and the increasing attractiveness of home automation. However, Asia Pacific will also experience a prominent market growth in the coming years due to some emerging economies that have increased their defense budget. China and Japan are two emerging countries that have a huge demand for fiber optics gyroscope in Asia Pacific region. Other factors that attribute this growth are large population base, increased number of R&D activities, rapid industrialization, and high investment for the improvement of the sensors.
Global Fiber Optics Gyroscope Market: Competitive Players
Some of the key market players that are involved in the fiber optics gyroscope include Honeywell International Inc., Colibrys Ltd., KVH Industries, Inc., Fizoptika Corp., Al Cielo Inertial Solutions Ltd., Emcore Corporation, Northrop Grumman LITEF GmbH., Nedaero Components, iXBlue SAS, and Optolink LLC.
Global Fiber Optics Gyroscope Market: Regional Segment Analysis
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