Fiber Optic Gyroscope Market Forecast, Trends, Scope by 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
Market Size Value in US$ 926.82 Million in 2019 Market Size Value by US$ 1,330.19 Million by 2027 Growth rate CAGR of 4.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Fiber Optic Gyroscope Market: Strategic Insights
| Market Size Value in | US$ 926.82 Million in 2019 |
| Market Size Value by | US$ 1,330.19 Million by 2027 |
| Growth rate | CAGR of 4.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Sensing Axis ; Device ; Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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