The global aerospace industry reached a value of around US$ 350 Bn in 2019. Increased demand for air travel, change in social behaviour, and low interest rates are major factors pushing growth of the aerospace and defence industry, globally, which, in turn, increases the requirement of fiber optic gyroscopes. Demand for fiber optic gyroscopes from sectors such as automotive, transportation & logistics, and robotics is also increasing across the globe. Anticipated shifts in commodity & resource costs is a major economic factor in this market, which is expected to have a vital impact on market growth.
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At present, North America holds the largest revenue share in the global fiber optic gyroscope (FOG) industry, owing to the well-established aerospace and defence industry in the region since decades. Three of the top manufacturers of fiber optic gyroscopes, i.e. Honeywell International Inc., Emcore Corporation, and KVH Industries are headquartered in the U.S.
As per the revised report published by Fact.MR, the fiber optic gyroscope market is anticipated to exceed a valuation of US$ 920 Mn by 2021, and is expected to expand at a CAGR of around 6% over the forecast period of 2021 to 2031.
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Key Takeaways from Market Study
- Fiber optic gyroscopes are typically used for aerospace- and defence-related applications; however, their usage in automotive is also increasing.
- 3-Axis fiber optic gyroscopes account for 48% of sales, and are further expected to grow by 252 BPS over the forecast period.
- The Asia Pacific region, including East Asia, South Asia, and Oceania, accounts for around 27% of global shipments. Asia Pacific is expected to offer around US$ 218 Mn absolute dollar opportunity over the next ten years.
- The global market is moderately concentrated in nature. Around 45% of sales are held by tier-1 companies, including Honeywell International Inc. and Northrop Grumman LITEF GmbH.
- By device, inertial navigation systems hold over 40% of overall market share.
- Automotive and transportation & logistics accounts for over 14% of overall demand.
- The FOG market in China and ASEAN is projected to expand at a CAGR of around 7% through 2031, while that in Japan and Australia at 6%.
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Fiber Optic Gyroscope Market by Category
- Inertial Measurement Units
- Inertial Navigation Systems
- Aerospace and Defense
- Transportation & Logistics
- Other Industrial
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excl. Japan (APEJ)
- Middle East and Africa (MEA)
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Report Benefits & Key Questions Answered
- Fiber Optic Gyroscope Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Fiber Optic Gyroscope Market Historical volume analysis: The report provides a comparison of Fiber Optic Gyroscope Market historical sales and projected sales performance for 2021-2031.
- Fiber Optic Gyroscope Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Fiber Optic Gyroscope Market It carefully gauges the impact of changing healthcare needs of key demographics globally
- Fiber Optic Gyroscope Market Consumption by demographics: The report investigates consumer behavior affecting Fiber Optic Gyroscope Market demand outlook for the assessment period. Effect of their keenness for digital trends on Fiber Optic Gyroscope Market is carefully analyzed
- Post COVID consumer spending on Fiber Optic Gyroscope Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Fiber Optic Gyroscope Market growth.
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