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.
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.
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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.
- 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.
- 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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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
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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
- Military & Defense
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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