Europe Fiber Optic Gyroscope Market, By Sensing Axis (1- Axis, 2-Axis, 3- axis), Device (Inertial Navigation System, Inertial Measurement Units, Gyrocompass, Attitude Heading Reference System), Application (Tactical Grade Applications, Remotely Operated Vehicle Guidance, Aeronautics and Aviation, Robotics, Defense and Homeland Security, Industrial), Country (Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Rest of Europe) Industry Trends and Forecast to 2029.
Market Analysis and Insights: Europe Fiber Optic Gyroscope Market
The fiber optic gyroscope market is expected to witness market growth at a rate of 4.1% in the forecast period of 2022 to 2029, and is estimated to reach the value of USD 532.26 million by 2029. Data Bridge Market Research report on fiber optic gyroscope market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in healthcare sector globally is escalating the growth of fiber optic gyroscope market.
A fiber optic gyroscope refers to the device that is utilized for numerous purposes, such as weapons stabilization, antenna stabilization, camera stabilization, sight stabilization, and gun stabilization, among others in aircraft, helicopters and remotely operated vehicles. Fiber optic gyroscopes are deployed in industrial and robotics applications, such as ground vehicles, or RF antenna stabilization, and training simulator stabilization.
The rise in the defense expenditure across the region acts as one of the major factors driving the growth of fiber optic gyroscope market. The use of the device in several important applications such as navigation and positioning systems, stabilization equipment and angular velocity sensors, and adoption of drones and unmanned aerial vehicles (UAVs) in the defense and commercial sectors accelerate the market growth. The adoption of inertial navigation systems in unmanned military vehicles and airborne surveillance systems, and increased defense investments in numerous developing and developed economies further influence the market. Additionally, surge in disposable income, growth of e-commerce and retail sector, growth in population, rapid urbanization and digitization and adoption of automation in industries and homes positively affect the fiber optic gyroscope market. Furthermore, use of fiber optic gyroscope for measurement while drilling (MWD) processes in the oil industry and high demand of remotely operated vehicles extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
On the other hand, high investment and low cost-benefit ratio, and increase in demand for advanced microelectromechanical systems gyroscopes are expected to obstruct the market growth. Highly complex and time-consuming manufacturing process is projected to challenge the fiber optic gyroscope market in the forecast period of 2022-2029.
This fiber optic gyroscope market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on fiber optic gyroscope market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Europe Fiber Optic Gyroscope Market Scope and Market Size
The fiber optic gyroscope market is segmented on the basis of sensing axis, device and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, the fiber optic gyroscope market is segmented into 1- axis, 2- axis and 3- axis.
- On the basis of device, the fiber optic gyroscope market has been segmented into inertial navigation system, inertial measurement units, gyrocompass and attitude heading reference system.
- On the basis of application, the fiber optic gyroscope market has been segmented into tactical grade applications, remotely operated vehicle guidance, aeronautics and aviation, robotics, defense and homeland security and industrial. Remotely operated vehicle guidance is further segmented into unmanned ground vehicle, unmanned underwater vehicle and unmanned aerial vehicle.
Europe Fiber Optic Gyroscope Market Country Level Analysis
The fiber optic gyroscope market is analyzed and market size insights and trends are provided by country, sensing axis, device and application as referenced above.
The countries covered in the Europe fiber optic gyroscope market report are Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland and Rest of Europe.
Germany dominates the Europe fiber optic gyroscope market due to the technological advancements within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Europe Fiber Optic Gyroscope Market Share Analysis
The fiber optic gyroscope market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to fiber optic gyroscope market.
Some of the major players operating in the fiber optic gyroscope market report are iXblue, Sentesh Malta FP (Fizoptika Product) Ltd., Optolink LLC, Nedaero Components and Northrop Grumman LITEF GmbH, among others.