NEWARK, Del, May 15, 2023 (GLOBE NEWSWIRE) -- According to a recently published report by Future Market Insights, the global fiber optic gyroscope market is estimated to grow at a CAGR of 8.4% from 2023 to 2033. The market is estimated at US$ 1.6 Billion in 2023. The market is projected to reach US$ 3.6 Billion by 2033.
Certain developing nations have hiked their defense spending. China and Japan are two emerging markets with considerable demand for fiber optics gyroscopes globally. Additional factors contributing to this development include a large citizen base, a spike in research and development efforts, fast industrialization, along with substantial investments in sensor optimization.
Because of the widespread implementation of fiber optic gyroscopes in military uses such as missile flight management, ground discovery, and flexible Global Positioning System (GPS) tracking, the defense industry persists to be one of the biggest end-users of fiber optic gyroscopes. This, utilized with increased defense expenditures in the United States and Europe, will push up demand for fibred optic gyroscopes.
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Key Takeaways:
- From 2018 to 2022, the fiber optic gyroscope market was expected to grow at a CAGR of 6.3%.
- As per the report, the United States accounted for 22.2% of the market in 2022.
- Over the forecast period, the fiber optic gyroscope market in the United Kingdom is expected to expand at a CAGR of 12.7%.
- Over the forecast period, the fiber optic gyroscope market in India is projected to grow at a CAGR of 13.7%.
- The 1 axis segment was anticipated to account for 42.3% of the market in 2022.
Competitive Landscape:
- In November 2022, Advanced Navigation launched its latest offering. The Boreas D70 digital fiber optic gyroscope is a momentum navigation apparatus used for investigating, tracking, and navigation in subsea, marine-based, land, and air purposes.
- In January 2023, Silicon Valley startup Anello Photonics declared the release of the world's earliest silicon photonics optical gyroscope, called "SIPHOG." The system relies on a patented photonic integrated circuit (PIC) layout and is characterized as the 'world's smallest optical gyroscope for stable and precise navigation and presenting for autonomous applications.'
More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the fiber optic gyroscope market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by Sensing Axis (1-Axis, 2-Axis, 3-Axis), Device (Fiber Optics Gyrocompass, Inertial Measurement Units (IMUs), Inertial Navigation Systems), Application (Aeronautics and Aviation, Robotics, Remotely Operated Vehicle Guidance, Military & Defense, Industrial) & Region.
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Market by Categorization:
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
- Unmanned Underwater Vehicle (UUV)
- Unmanned Ground Vehicle (UGV)
- Unmanned Aerial Vehicle (UAV)
- Military & Defense
- Industrial
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Table of Content (ToC):
1. Executive Summary | Fiber Optic Gyroscope Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sensing Axis
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sensing Axis, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sensing Axis, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Sensing Axis, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Sensing Axis, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Device
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Device, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Device, 2023 to 2033
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