Rockville, Dec. 20, 2022 (GLOBE NEWSWIRE) -- According to the most recent analysis released by Fact.MR, a supplier of market research and competitive information, the global fibre optic gyroscope market is anticipated to register at a CAGR of over 6.2% over the forecast period, reaching a market value of US$ 1,760.9 MN by the end of 2032.
The worldwide aerospace and defense industries are being driven by growth in air travel demand, social behavior changes, and low-interest rates, which drive the demand for fibre optic gyroscopes. In addition, demand from the automotive, transportation & logistics, and robotics industries is rising globally. The main economic factor in this industry that could greatly impact the market for fibre optic gyroscopes is expected price fluctuations for resources and commodities.
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In the modern world, the robotics business is rapidly expanding. Robots are anticipated to significantly impact the competitiveness of businesses and nations alike since they may significantly increase productivity and compensate for regional variations in labor costs and availability. Gyro output can be integrated with other sensor inputs to identify the location in robotic applications and can be used to calculate rotation rates, altitude, or heading. Fibre gyros are currently employed in many robots and autonomous vehicles, and many more are likely to be used in the future.
According to a report released by Fact.MR, the global market for fibre optic gyroscopes, is predicted to surpass US$ 968.2 Mn by 2022 and register at an anticipated CAGR of about 6.2% from 2022 to 2032.
Key Takeaways from Market Study
- The global fibre optic gyroscope market is anticipated to reach a market value of US$ 1,760.9 Mn by the end of 2032.
- In the sensing axis segment, the 3-axis segment is projected Y-O-Y growth of 5.3% in 2022.
- In the device type segment, the inertial measurement unit will gain a market share of 29.1% in 2022.
- North America & Europe will have 4.7% and 5.9% Y-O-Y growth by 2022.
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Market Development
Manufacturers are now providing digital FOG, trying to introduce sensors and gyroscopes. By making significant investments in the research and development side of their business and focusing their acquisitions on gaining significant market share, they are shifting their focus to new product offerings.
Strategic mergers and acquisitions have long been a key tactic in the market. Companies have been looking for opportunities to diversify their business to new growth frontiers by acquiring companies that can pose a significant threat to their market dominance.
Competitive Landscape
Prominent players of fiber optic gyroscope include Honeywell International Inc., Emcore Corporation, KVH Industries Inc., Northrop Grumman Litef GmBH, NADAERO Components, iXBlue SAS, Fizoptika Corporation, Optolink LLC and Al Cielo inertial Solution Ltd.
Research projects, such as those carried out by market players at the Micro-Satellite Research Center, School of Aeronautics and Astronautics, Zhejiang University, focused on finding novel ways to design miniaturized fiber optic gyroscopes. The focus is mainly on greater efficiency to counter functionality-related challenges linked to reducing the size of these gyroscopes. Above are prime examples of such innovative developmental activities.
Further, miniature fiber optic gyroscopes can be successfully integrated into high-end industrial applications. The leading professionals in fiber optic gyroscopes are implementing cutting-edge technologies to capitalize on the structural benefits linked to the compactness and size of fiber optic gyroscopes.
Fact.MR has provided detailed information about the price points of key players of Fiber Optic Gyroscope positioned across regions, sales growth, product offering, and speculative technological expansion, in the recently published report.
Key Companies Profiled
- Honeywell International Inc.
- Emcore Corporation
- Honeywell International Inc.
- Emcore Corporation
- Northrop Grumman Litef GmbH
- KVH Industries, Inc.
- Nedaero Components
- iXBlue SAS
- Fizoptika Corp.
- Optolink LLC
- AL Cielo Inertial Solutions Ltd.
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Segmentation of Fiber Optic Gyroscope Industry Research
- By Sensing Axis:
- 1-Axis
- 2-Axis
- 3-Axis
- By Device Type:
- Gyrocompass
- Inertial Navigation System
- Inertial Measurement Unit
- Others
- By Vertical:
- Aerospace & Defence
- Automotive
- Robotics
- Mining
- Healthcare
- Transportation & Logistics
- Other Industrials
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global earth fibre optic gyroscope market, presenting historical market data 2017-2021 and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of Sensing axis (1-Axis, 2-Axis, 3-Axis), by Device type (Gyrocompass, Inertial Navigation System, Inertial Measurement Unit, Others), by vertical (Aerospace & Defence, Automotive, Robotics, Mining, Healthcare, Transportation & Logistics, Other Industrials) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and the Middle East & Africa).
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