Fiber Optics Gyroscope Market Size, Share, Latest Trends, Analysis & Forecasts 2019-2023
The Fiber Optics Gyroscope Market is expected to reach USD 1,037.0 Million by 2022, at a CAGR of 3.61% between 2016 and 2022. The fiber optics gyroscope market is majorly driven by the increasing defense expenditure globally. Moreover, the overall fiber optics gyroscope market is driven by factors such as the huge demand for remotely operated vehicles guidance and growing adoption of automation in industries and homes. For this study, the base year considered is 2015 and the market forecast provided is between 2016 and 2022.
Market Ecosystem:
This report provides valuable insights regarding the ecosystem of the fiber optics gyroscope market such as component manufacturers (EMCORE Corporation (U.S.) and Honeywell International, Inc. (U.S.)); system/device providers (iXBlue SAS (France), Fizoptika Corp. (Russia), and KVH Industries, Inc. (U.S.)); and application areas (Colibrys Ltd. (Switzerland)). This study answers several questions of stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments.
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The fiber optics gyroscope market has also been segmented on the basis of sensing axis into 1 axis, 2 axes, and 3 axes. Of all the available sensing axis, the market for 3-axis fiber optics gyroscopes held the largest share in 2015 and the same trend is expected to continue by 2022 owing to the growing level of integration. Manufacturers are working towards integrating several functionalities in one system to reduce the number of components per device and to reduce the size and weight of the overall product. 3-Axis fiber optics gyroscopes are highly suitable for such integration.
North America is expected to hold the largest share of the fiber optics gyroscope market in 2022. Presence of major players, increasing investments toward the development of advanced sensors, and increasing expenditure in defense sectors by the U.S. are driving the growth of the fiber optics gyroscope market in North America.
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