Fiber Optic Gyroscope Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

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.

Fiber Optic Gyroscope Market Analysis

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.

Fiber Optic Gyroscope Market Overview

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

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Fiber Optic Gyroscope Market Drivers and Opportunities

Demand from the Defense Sector by the Market Players to Favor Market

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.

Application in other industries – An Opportunity in the Fiber Optic Gyroscope Market

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.

Fiber Optic Gyroscope Market Report Segmentation Analysis

Key segments that contributed to the derivation of fiber optic gyroscope market analysis are sensing axis, device, and application.

• Based on sensing axis, the market is segmented into 1-axis, 2-axis, and 3-axis. The 3-axis segment held a larger market share in 2023.
• By device, the market is segmented into gyrocompass, inertial measurement unit, inertial navigation system, and attitude heading reference system. The inertial measurement unit segment held the largest share of the market in 2023.
• By application, the market is segmented into tactical grade applications, remotely operated vehicle guidance, aeronautics and aviation, robotics, and defense and homeland security. The defense and homeland security segment held the largest share of the market in 2023.

Fiber Optic Gyroscope Market Share Analysis by Geography

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.

Fiber Optic Gyroscope Market Regional Insights

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.

Fiber Optic Gyroscope Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Advanced Navigation
2. Cielo Inertial Solutions Ltd.
3. iXblue
4. Emcore Corporation
5. Fizoptika
6. Honeywell International Inc

Disclaimer: The companies listed above are not ranked in any particular order.

Fiber Optic Gyroscope Market News and Recent Developments

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:

• In January 2024, Advanced Navigation announced their new range of fiber optic gyroscope inertial navigation systems (INS), Boreas. The Boreas is an ultra-high accuracy, strategic-grade INS, offering a 40% reduction in size, weight, power, and cost relative to competing systems. Boreas is the first product to be released that is based on Advanced Navigation’s new DFOG (Digital Fibre Optic Gyroscope) technology, which is the culmination of 25 years of development involving two research institutions. The Boreas is targeted at applications requiring always-available, ultra-high accuracy orientation and navigation, including marine, surveying, subsea, aerospace, robotics, and space. (Source: Advanced Navigation, Press Release, 2024)
• In September 2021, iXblue teams announced the launch of the UmiX Series. This state-of-the-art range of inertial measurement units (IMU) was based on fiber-optic gyroscope (FOG) technology. (Source: iXblue, Press Release, 2021)

Fiber Optic Gyroscope Market Report Coverage and Deliverables

The “Fiber Optic Gyroscope Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles