Fact.MR, Rockville: Fact.MR’s assessment and 10-year outlook on the fiber optics gyroscope market reveals optimistic growth prospects with 1.6x growth during 2021-2031. The study foresees the market account for revenue in excess of US$ 1,000 Mn by the end of 2026. Nature of the fiber optic gyroscope market continue to remain moderately concentrated, wherein over half market share is held by top 2 Tier 1 companies, namely, Honeywell International, Inc., and EMCORE Corporation.
These leading fiber optic gyroscope manufacturing companies are adopting shrewd strategies to increase their share in the market. Honeywell International, Inc. continues to seek bolt-on acquisitions for the organization’s sustainable growth and has recently announced heavy investments in the U.S. market through M&A.
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.
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Procurement of big ticket contracts is the strategy adopted by EMCORE Corporation wherein the company has recently announced two contracts of worth $4 Mn and $18 Mn for inertial navigation systems and high-performance FOGS, respectively. The former was received for a maritime system application and the latter was from Raytheon, a leading U.S. defense contractor company.
Northrop Grumman Litef GmbH, a tier 2 company has made significant investments in past half a decade to strengthen its R&D activities. With a stronghold in the U.S. market, the company is engaged in business expansion by improving economic and political ties with other countries.
Fiber optic gyroscopes (FOG) have prominently replaced the traditional ring laser gyroscopes (RLG) in recent past. While the transmission continues, increasing adoption of microelectromechanical system (MEMS) gyroscopes is likely to hamper the overall sales of fiber optic gyroscope during the forecast period.
According to Fact.MR valuation, North America will continue to dominate the fiber optic gyroscope market and report a healthy CAGR of 5.6% during the forecast period. Multipronged factors such as significant investments in defense, considerable demand for remotely operated vehicles and exponential growth of the aerospace industry are expected to generate revenues worth US$ 407 Mn by 2028 end.
APEJ and Western Europe are expected to follow suit and collectively account for over two-fifth of the total market share. The dynamic growth of the aerospace sector and increasing investments in the military defense will continue to underpin the increasing demand for fiber optic gyroscopes in these regions.
Aerospace and defense sectors present bullish demand prospects for fiber optic gyroscopes for multiple applications. The report shows that aerospace and defense sectors accounted for over 70% revenue share in 2017, and the growth will continue through 2026 at the rate of 1.7x.
Demand for inertial navigation systems remains high in the aerospace sector where these gyroscope systems are finding increasing application in remotely piloted aircraft systems or drones. Apart from their defense application, drones have witnessed rapid commercialization and have now become a prime factor of digital transformation.
Fact.MR study estimates that FOG based on inertial navigation system (INS) devices will grow at a 6.5% CAGR through 2026. Inertial measurement units are estimated to closely follow the trail albeit with US$ 150 Mn lower revenue than INS by 2026.
3-Axis fiber optic gyroscopes will continue to witness leading demand and account for almost half of the total market share by 2026. 3-axis sensing system easily accommodates integrations applied to fiber optic gyroscopes. Study suggests that increasing preference for high-precision integrated fiber optic gyroscope has resulted in a considerable demand for 3-axis sensing systems in the fiber optic gyroscope market.
Global demand for fiber optic gyroscopes is estimated to reach a valuation of around US$ 935 Mn in 2021. 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.
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.
North America, especially the U.S., followed by China, due to their huge military spending, will be the largest markets for fiber optic gyroscopes.
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