The fiber optic gyroscope market size is projected to reach US$ 1723.54 million by 2031 from US$ 1153.24 million in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. The rise in military expenditure and benefits offered by fiber optic gyroscope are likely to remain key fiber optic gyroscope market trends.
Owing to several benefits of fiber optic gyroscopes, such as small size, lightweight, low power consumption, long life, high reliability, and mass production, various sectors such as aerospace and defense, industrial sectors, and others demand fiber optic gyroscopes. Thus, its demands from various sectors foster its market growth. In addition, the growth in military expenditure worldwide due to the government's focus on strengthening its military sector fuels the demand for fiber optic gyroscopes in remotely operated vehicle guidance applications.
A fiber optic gyroscope is used to measure the angular velocity, which is used in various applications ranging from missile navigation to motion control. Fiber optic gyroscopes have several advantages over other types of gyroscopes, including lightweight, small size, long life, low power consumption, high reliability, and mass production. For the navigation, guidance, and control of missiles, airplanes, robots, cars, spacecraft, etc., it is a particularly important tool.
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Fiber Optic Gyroscope Market: Strategic Insights
Several benefits of fiber optic gyroscopes, which include high rotational rate and high resolution as compared to their substitutes, such as alternatives, such as mechanical gyroscopes and ring laser gyroscopes, fuel its adoption in the defense sector. Owning to its benefits, the market players receive orders that foster the fiber optic gyroscope market. For example, in August 2021, KVH Industries, Inc. (Nasdaq: KVHI), announced that it had received a US$ 7.9 million fiber optic gyro (FOG) order from Escribano, a Spanish defense contractor for its new Guardian 30 remotely controlled turret.
Fiber optic gyroscopes were originally developed for military and defense applications; though, due to their potential benefits over the other types of gyroscopes, they are widely adopted in other industries as well which include commercial and industrial sectors worldwide. There is a rapid demand for fiber optic gyroscopes from the automotive, medical, and robotics industries as well. The mounting demand for technologically advanced solutions to enhance operational efficiency in several industries and the growing trend of industrial automation is further propelling the demand for fiber optic gyroscopes.
Key segments that contributed to the derivation of fiber optic gyroscope market analysis are sensing axis, device, and application.
The geographic scope of the fiber optic gyroscope market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest fiber optic gyroscope market share in 2023. Asia Pacific region is expected to grow with the highest CAGR during the forecast period.
The continuous urge for new technologies for combat and non-combat operations by the defense forces is boosting defense spending in North America. According to the Stockholm International Peace Research Institute (SIPRI), the US, the world’s biggest military spender, military expenditure reached US$ 877 billion in 2022, which was 39 percent of total global military spending and three times more than the amount spent by China, the world’s second-largest spender. Such military spending leads to the demand for advanced technology for reliable and accurate navigation systems in aircraft and missiles, which further demands fiber optic gyroscopes as they offer better accuracy.
The regional trends and factors influencing the Fiber Optic Gyroscope Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Fiber Optic Gyroscope Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1153.24 Million |
| Market Size by 2031 | US$ 1723.54 Million |
| Global CAGR (2023 - 2031) | 5.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Sensing Axis
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Fiber Optic Gyroscope Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Fiber Optic Gyroscope Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Fiber Optic Gyroscope Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Fiber Optic Gyroscope Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global fiber optic gyroscope market was estimated to be US$ 1153.24 million in 2023 and is expected to grow at a CAGR of 5.2% during the forecast period 2023 - 2031.
The rise in military expenditure and benefits offered by fiber optic gyroscope are the major factors that propel the global fiber optic gyroscope market.
Industrial automation is anticipated to play a significant role in the global fiber optic gyroscope market in the coming years.
The key players holding majority shares in the global fiber optic gyroscope market are Advanced Navigation, Cielo Inertial Solutions Ltd., iXblue, Emcore Corporation, and Fizoptika.
The global fiber optic gyroscope market is expected to reach US$ 1723.54 million by 2031.
The incremental growth expected to be recorded for the global fiber optic gyroscope market during the forecast period is US$ 570.30 million.