Global Fiber Optic Gyroscope Market By Sensing Axis (1- Axis, 2-Axis, 3- axis), By Device (Inertial Navigation System, Inertial Measurement Units, Gyrocompass, Attitude Heading Reference System), By Application (Defense And Homeland Security, Aeronautics And Aviation, Tactical Grade Application {Unmanned Ground Vehicle, Unmanned Underwater Vehicle, Unmanned Aerial Vehicle}, Remotely Operated Vehicle Guidance, Industrial, Robotics), By Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)- Industry Trends and Forecast to 2025
Global Fiber Optic Gyroscope Market is expected to reach USD 1,675.87 Million by 2025 from USD 1,318.56 Million in 2017, at a CAGR of 3.3% in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
The major factors driving the growth of this market are the effective integration due to compact designing and miniaturization, growing demand for remotely operated vehicle and increased acceptance of fiber optic gyroscopes in industrial areas. On the other hand, availability of alternatives may hinder the growth of the market.
Market Segmentation: Global Fiber Optic Gyroscope Market
- The global fiber optic gyroscope market is segmented based on sensing axis into three notable segments; 1- axis, 2- axis and 3- axis. The fiber optic gyroscope market is dominated by 1- axis with 55.7% market share in 2017 and 3-Axis is expected to grow at the highest CAGR of 4.1% in the forecast period.
- The global fiber optic gyroscope market is segmented based on device into four notable segments system; inertial navigation system, inertial measurement units, gyrocompass and attitude heading reference system.
- The global fiber optic gyroscope market is segmented based on application into six notable segments system; defense and homeland security, aeronautics and aviation, tactical grade application, remotely operated vehicle guidance, industrial and robotics. Tactical grade application is further sub segmented into three types unmanned ground vehicle, unmanned underwater vehicle and unmanned aerial vehicle.
Key Drivers: Global Fiber Optic Gyroscope Market
- Some of the major factors driving the market for global fiber optic gyroscope are effective integration due to compact designing and miniaturization, growing demand for remotely operated vehicle and increased acceptance of fiber optic gyroscopes in industrial areas.
- Availability of alternatives is the factor which may hinder the growth of this market.
- Utilization of fiber optic gyroscope for measuring drilling (MWD) processes in the oil industry will drive the market in future.
Key Points: Global Fiber Optic Gyroscope Market
- Honeywell International Inc. is going to dominate the fiber optic gyroscope market following with KVH Industries, Inc. and EMCORE Corporation along with others such as NEDAERO, Safran Colibrys SA, iXblue, Al Cielo Inertial Solutions Ltd., Northrop Grumman LITEF GmbH, Fizoptika Corporation and OPTOLINK LLC among others.
- Defense and Homeland Security market is growing with the highest CAGR
- 1- Axis is driving the market with highest market share
- 1- Axis segment is dominating the fiber optic gyroscope market
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