Feb 11, 2021
Aerospace & Defense to Remain Largest End Users of Fiber Optic Gyroscopes through 2031: Fact.MR
by Team Fact.MR
Global demand for fiber optic gyroscopes is estimated to reach a valuation of around US$ 935 Mn in 2021. Leading research and consulting firm, Fact.MR, in its latest study, anticipates the market to expand at a CAGR of over 4% through 2031, as demand surges in the wake of rising defense budgets in both, developing and developed economies, and increasing adoption of automation in industries and homes.
In 2019, the U.S. spent US$ 718.69 billion on military defense. Government policies and investments to strengthen the military sector by various nations is increasing every year. Widespread use of fiber optic gyroscopes in military applications such as missiles flight control, ground detection, Global Positioning System (GPS) tracking, dynamic platform stabilization, environmental observation, security, guided ammunition, and earth observation has rendered the defense industry to be the biggest end user of fiber optic gyroscopes.
Key Takeaways from Fiber Optic Gyroscope Market Study
- North America, especially the U.S., followed by China, due to their huge military spending, will be the largest markets for fiber optic gyroscopes.
- Miniaturization will be an important aspect related to fiber optic gyroscope development.
- High use to be witnessed in GPS technology and ship navigation systems.
- Use in robotics sector surging.
- Tier-1 companies to account for over half of the market share.
“Noise reduction systems being integrated in fiber optic gyroscopes to combat relative intensity noise (RIN),” says a Fact.MR analyst.
'Minimalism and Efficacy'- Aspects to Keep in Mind for Manufacturers
Miniature fiber optic gyroscopes are effectively integrated with high-end industrial applications. Key market players are now adopting innovative technologies to mete out the compactness and size of fiber optic gyroscopes while ensuring efficiency to counteract functionality-related issues linked with reducing the size of these gyroscopes.
Advances in technology will also witness a significant, such as vibration resistance, flexibility, shock resistance, and robustness of fiber optic gyroscopes, when they are employed in inertial navigation systems, enriching end-user experience and performance. Efficacy stretches to the extent of high accuracy at measuring the angular velocity of multiple objects in a vast range of angles. Hence, rapidly-growing adoption of inertial navigation systems in self-driving military vehicles and airborne surveillance systems is ultimately triggering demand for fiber optic gyroscopes in the aerospace & defense industry.
More Valuable Insights on Fiber Optic Gyroscope Market
Fact.MR, in its new offering, presents an unbiased analysis of the global fiber optic gyroscope market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of sensing axis (1-axis, 2-axis, and 3-axis), device (gyrocompasses, inertial measurement units, inertial navigation systems, and others), and vertical (aerospace and defense, automotive, robotics, mining, healthcare, transportation & logistics, and other industrial), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and the Middle East & Africa).
About the ICT Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the ICT team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the Industrial lucidly in 50+ countries for over a decade. The ICT team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – ICT