Demand for Fiber Optic Gyroscope Is Expected to Expand at a CAGR of around 6% over the Next 10 Years

As per the revised report published by Fact.MR, the Demand for fiber optic gyroscope 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.

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.

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.

“Manufacturers building fiber optic gyroscopes for specific applications are expected to witness an increase in their shares than those companies offering generalized products,”

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%.

As per the revised report published by Fact.MR, the Demand for fiber optic gyroscope 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.

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.

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.

“Manufacturers building fiber optic gyroscopes for specific applications are expected to witness an increase in their shares than those companies offering generalized products,”

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%.