Global Fiber Optic Gyroscope Market, By Sensing Axis (1-Axis, 2-Axis and 3-Axis), Device (Gyrocompass, Inertial Measurement Unit, Inertial Navigation System and Attitude Heading Reference System), Application (Tactical Grade Applications, Remotely Operated Vehicle Guidance, Aeronautics and Aviation, Robotics, Defense and Homeland Security and Industrial) - Industry Trends and Forecast to 2030.
Fiber Optic Gyroscope Market Analysis and Size
The major factors that are expected to boost the growth of the global fiber optic gyroscope market in the forecast period of 2023 to 2030, are the rise in the adoption of automation in homes and industries. Furthermore, the expenditure on defense around the world is further anticipated to propel the growth of the global fiber optic gyroscope market. Moreover, the growing need of remotely operated vehicles is further estimated to cushion the growth of the global fiber optic gyroscope market.
Data Bridge Market Research analyses that the global fiber optic gyroscope market was valued at USD 1,062.00 million in 2022, and is expected to reach USD 1,862.00 million by 2030, registering a CAGR of 3.2% during the forecast period of 2023-2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Fiber Optic Gyroscope Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Sensing Axis (1-Axis, 2-Axis and 3-Axis), Device (Gyrocompass, Inertial Measurement Unit, Inertial Navigation System and Attitude Heading Reference System), Application (Tactical Grade Applications, Remotely Operated Vehicle Guidance, Aeronautics and Aviation, Robotics, Defense and Homeland Security and Industrial)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa
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Market Players Covered
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Honeywell International, Inc. (U.S.), Emcore Corporation (U.S.), Optolink LL (U.S.), C, KVH Industries, Inc. (U.S.),, Al Cielo Inertial Solutions Ltd (U.S.), Nedaero Components, (U.S.)
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Market Opportunities
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Market Definition
Gyroscope is a spinning wheel and disc through which it is free to allow any alignment by the axis of rotation. Gyroscope is also an instrument used for path detection. The fibre optics gyroscope uses the sagnac effect to senses rotation. The fiber optic gyroscope is utilized for measurement during drilling procedure in the oil industry will further provide potential opportunities for the growth of the fiber optic gyroscope market in the coming years.
Global Fiber Optic Gyroscope Market Dynamics
Driver
- Rise in the Adoption of Automation in Homes and Industries
The major factors that are expected to boost and grow the global fiber optic gyroscope market in the forecast period of 2023 to 2030, are the rise in the adoption of automation in homes and industries. Furthermore, the expenditure on defense around the world is further anticipated to propel the growth of the fiber optic gyroscope market. Moreover, the growing need of remotely operated vehicles is further estimated to cushion the growth of the fiber optic gyroscope market. On the other hand, the growing demand of advanced microelectromechanical systems gyroscopes and follows a process which consumes time is further is projected to impede the growth of the global fiber optic gyroscope market.
Opportunity
- Drilling Procedure in the Oil Industry
The fiber optic gyroscope is utilized for measurement during drilling procedure in the oil industry will further provide potential opportunities for the growth of the global fiber optic gyroscope market in the coming years. However, the rise in the investment might further challenge the growth of the global fiber optic gyroscope market in the near future.
Challenge/Restraint
- Complex, Expensive, and Time-Consuming Production Procedure
There is an enormous demand for fiber optics gyroscope in the global market, the complex, expensive, and time-consuming production procedure is a major prohibiting factor that creates restrictions in practicing fiber optics gyroscope, and this impedes its market expansion to some extent.
This global 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, geographic expansions, technological innovations in the market. To gain more info on global 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.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In November 2022, Advanced Navigation released its most recent product. The Boreas D70 digital fiber optic gyroscope is a momentum navigation apparatus used for surveying, tracking, and navigation in subsea, underwater, land, and air usages
Global Fiber Optic Gyroscope Market Scope
The global fiber optic gyroscope market, is segmented on the basis of sensing axis, device and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Sensing Axis
- 1-axis
- 2-axis
- 3-axis
Device
- Gyrocompass
- Inertial Measurement Unit
- Inertial Navigation System
- Attitude Heading Reference System
Application
- Tactical Grade Applications
- Remotely Operated Vehicle Guidance
- Aeronautics And Aviation
- Robotics
- Defense and Homeland Security
- Industrial
Global Fiber Optic Gyroscope Market Region Analysis/Insights
The global fiber optic gyroscope market is segmented on the basis of sensing axis, device and application as referenced above.
The countries covered in the global fiber optic gyroscope market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa
Asia-Pacific dominates the global fiber optic gyroscope market due to the rise in the countries with high demand for fiber optic gyroscopes. Furthermore, the growing population base and augmented number of research and development activities will further boost the growth of the global fiber optic gyroscope market in the region during the forecast period of 2023 to 2030.
North America is projected to observe significant amount of growth in the global fiber optic gyroscope market due to the rise in the of development technology advancement. Moreover, the continuous need for latest technology compasses and turn coordinators is further anticipated to propel the growth of the global fiber optic gyroscope market in the region in the forecasted years of 2023 to 2030.
The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.
Competitive Landscape and Global Fiber Optic Gyroscope Market Share Analysis
The global fiber optic gyroscope market competitive landscape provides details of competitors. 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, and application dominance. The above data points provided are only related to the companies' focus related to the global fiber optic gyroscope market.
Some of the major players operating in the global fiber optic gyroscope market are:
- Honeywell International, Inc. (U.S.)
- Emcore Corporation (U.S.)
- Optolink LL (U.S.)
- KVH Industries, Inc. (U.S.)
- Al Cielo Inertial Solutions Ltd (U.S.)
- Nedaero Components, (U.S.)
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