Asia Pacific Fiber Optic Gyroscope Market to Grow at a CAGR of 5.4% to reach US$ 348.42 Million from 2020 to 2027

The fiber optic gyroscope market in APAC is expected to grow from US$ 230.67 million in 2019 to US$ 348.42 million by 2027; it is estimated to grow at a CAGR of 5.4% from 2020 to 2027.

Australia, China, India, Japan and South Korea and major economies in APAC. Adoption of fiber optic gyroscope in remotely operated vehicle is the major factor driving the growth of the APAC fiber optic gyroscope market. Remotely operated vehicle (ROV) guidance is one of the key application areas of fiber optic gyroscope market and it is projected to be the fast growing application over the forecast period of 2020 to 2027. The growing adoption of ROVs such as unmanned underwater vehicle, unmanned aerial vehicle, and unmanned ground vehicle across industries like oil & gas, energy & power, automotive, defense, and manufacturing is anticipated to drive the future adoption of fiber optic gyroscopes in these industries. In addition to this, the rising miniaturization trend in APAC fiber optic gyroscope market to offer efficient, light-weight, and compact gyroscope offerings and to meet the challenging size and performance demands of today’s industry applications is expected to drive technological advancements in the APAC fiber optic gyroscope market in the coming years. For instance, in the oil and gas sector, ROVs are widely being used for variety of applications such as oil exploration, research activities, undersea construction, and salvage operation and these ROVs need efficient inertial navigation systems for their operation. Hence, the increasing adoption of fiber optic gyroscopes in inertial navigation systems of these ROVs is expected to drive the future growth of APAC fiber optic gyroscope market.

Further, the ongoing COVID-19 is having a negative impact over APAC region.APAC region is one of the crucial regions for the future growth of fiber optic gyroscope market, owing to the presence of a large number of developing countries, positive economic outlook, high industrial presence, and favorable government policies. The high growth rate of urbanization and industrialization in developing countries of APAC region is anticipated to offer ample growth opportunities to the market players operating in the APAC fiber optic gyroscope market, as the investments in both military and civilian infrastructure development is quite high in the region. These factors make APAC a major growth market for the demand of fiber optic gyroscope systems. In addition to this, the increasing number of geopolitical disputes among countries such as India-China, China-Japan, and South Korea-North Korea is further driving the demand for fiber optic gyroscope systems especially in the military sector applications. However, the ongoing COVID-19 outbreak is causing huge disruptions in the growth of various sectors of APAC region.Due to COVID-19 outbreak, the industrial activities and new projects have seen a sharp decline with multiple projects on hold and unavailability of labor due to movement restrictions in various countries. Hence, the ongoing disruptions in supply of raw materials & components and also in demand from China & other Asian countries is expected to impact the growth of APAC fiber optic gyroscope market in coming quarters.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC fiber optic gyroscope market. The APAC fiber optic gyroscope market is expected to grow at a good CAGR during the forecast period.

APAC Fiber Optic Gyroscope Market

APAC Fiber Optic Gyroscope Market Segmentation

APAC Fiber Optic Gyroscope Market – By Sensing Axis

• 1-Axis
• 2-Axis
• 3-Axis

APAC Fiber Optic Gyroscope Market – By Device

• Gyrocompass
• Inertial Measurement Unit
• Inertial Navigation System
• Attitude Heading Reference System

APAC Fiber Optic Gyroscope Market – By Application

• Remotely Operated Vehicle Guidance
• Aeronautics and Aviation
• Robotics
• Industrial
• Defense and Homeland Security
• Tactical Grade Applications

APAC Fiber Optic Gyroscope Market, by Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

APAC Fiber Optic Gyroscope Market - Companies Mentioned

• Advanced Navigation
• Cielo inertial Solutions Ltd
• Emcore Corporation
• Honeywell International Inc
• ixblue  
• KVH Industries, Inc.
• Safran Colibrys SA  

Asia Pacific Fiber Optic Gyroscope Report Scope