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.
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.
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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
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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:
- 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
- Military & Defense
- Industrial
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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