The Future Market Insights (FMI) survey on the fiber optic gyroscope market identifies impressive growth opportunities amid rising sales of autonomous vehicles. The report also highlights focus on innovation as key growth strategy adopted by leading fiber optic gyroscope producers
The global Fiber Optic Gyroscope Market demand outlook remains positive, as FMI forecasts its valuation to surpass US$ 1,413 million by the end of 2021.
Owing to increasing application in military & defense and automotive industries, the market for fiber optic gyroscope is expected to grow at a CAGR of 8.3% over the forecast period 2021 to 2031 in comparison to CAGR 6.8% registered between 2016 and 2020. The emergence of autonomous vehicles is one of the primary factors fueling the demand for fiber optic gyroscopes. According to KVH, the inertial measurement units (IMUs), which combines fiber optic gyroscopes with accelerometer components provide highly accurate acceleration data and angular rate to track the exact position of the car.
This aspect has made the use of these gyroscopes indispensable while manufacturing autonomous vehicles, in turn, creating lucrative sales opportunities for the fiber optic gyroscope producers over the forecast period.
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Increasing usage of fiber optic gyroscopes for ground detection, missiles flight control, and dynamic GPS tracking in military applications will create growth opportunities. Coupled with this, the rising demand for better navigation and stabilization platforms in aerospace, battlefield, and undersea environments is estimated to drive growth at around 7.4% in the military and defense domain, as per a study by FMI.
“Fiber optic gyroscope market players are emphasizing on developing innovative products and technologies to cater to increasing demand for better electronic surveillance, RADAR systems, navigation, GPS, and air traffic control (ATC) across the globe,” says the FMI analyst.
Key Takeaways from Fiber Optic Gyroscope Market Study
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Companies operating in the fiber optic gyroscope market are focusing on developing innovative products and forging strategic partnerships with other manufacturers to expand their production and increase the market share.
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Some of the key players operating in the fiber optic gyroscope market profiled by FMI are:
More Insights on the Fiber Optic Gyroscope Market:
The study divulges compelling insights on the global fiber optic gyroscope market with a detailed segmentation on the basis of:
By Sensing Axis:
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