NEW YORK, Feb. 12, 2021 /PRNewswire/ -- Award-winning market research company Fact.MR has recently published the global fiber optic gyroscope market report. As per its analysis, Fact.MR forecasts a moderate yet steady expansion for 2021, as key aerospace hubs recover from the coronavirus pandemic. A gradual incline is expected, as countries resume international flight operations, thereby, restoring disequilibrium across key aerospace verticals. A CAGR exceeding 4% is anticipated for the market through 2031.
According to the International Air Transport Association (IATA), revenues are likely to rebound to around 50% of the pre-pandemic levels, assuming that global inoculation procedures acquire swift pace. This is expected to widen the berth for new fiber optic gyroscope sales, as aircraft manufacturers invest in advanced motion sensing and other navigational components. Furthermore, applications across other verticals, most notably the automotive segment, is also forecast to widen revenue pools.
In China, unmanned aerial vehicles manufacturer EHang is planning to initiate commercial air-taxi services from 2021, with trials by electric vertical take-off and landing vehicles acquire pace. Wider urban deployment is expected by 2023. Likewise, Japanese orbital debris company Astroscale Inc. is planning to unravel the ELSA-d capture demonstration to mitigate the ever growing risk of low Earth orbit debris collisions.
"Multiple applications of fiber optic gyroscopes across key verticals is prompting manufacturers to widen their portfolio offerings, leading to an expansion of their revenue pools for the upcoming forecast period," remarks the Fact.MR analyst.
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Key Takeaways from Fact.MR's Fiber Optic Gyroscope Market Study
- By vertical, aerospace and defense to remain the primary application area; robotics to emerge a highly lucrative segment
- 3-axis sensing fiber optic gyroscopes to account for a major chunk of the market share
- By device, inertial navigation systems to hold major sway, owing to the need for monitoring the position, orientation and velocity of aircraft
- US to emerge as the largest fiber optic gyroscope market, attributed to high budgetary allocation for the aerospace and defense sector
- Heightened military expenditure to broaden UK growth prospects through 2031
- Germany likely to expand at a CAGR of approximately 4% through 2031 amid extensive adoption in cars for automatic motion and GPS control
- India and China to generate major revenue pools, attributed to escalating political upheavals, prompting an increase in defense spending
Robotics to Open Up New Expansion Frontiers
The fiber optic gyroscope market is poised to experience further upswing amid a burgeoning robotics industry. Estimates suggest a 15% increase in worldwide robot shipments through 2031, as the demand for automated workflow across key industries acquires precedence.
Studies have concluded that gyro output is highly effective in determining rotation rates, altitude, orientation and navigation. In recent years, robotic management of fiber gyro management has increased manifold, which is expected to prevail across the forecast period.
Competitive Landscape
Key fiber optic gyroscope manufacturers as profiled by Fact.MR include Honeywell International Inc., Nedaero Components, Northrop Grumman Litef GmbH and Optolink LLC among others. Primary expansion strategies include new product launches, specifically for the aerospace industry, as well as collaborations, acquisitions and mergers.
In 2018, Nedaero Components introduced its range of Fiber Optic Rate Sensor FOG, a small palm-sized rate sensor to be mounted across gyroscopes for aerospace industrial players. The FOG60 model is successfully certified for a commercial airline program, helping achieve flight stabilization and altitude control of aircraft, helicopters, drones and missiles.
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In 2019, Optolink LLC exhibited its SRS-1000 fiber optic gyroscope at the 14th International Aviation and Space Salon MAKS 2019 organized from August 27 to September 1 in Moscow. The gyroscope is designed to operate as a part of movement-controlling complexes and navigation systems for spacecraft.
More Valuable Insights on Fiber Optic Gyroscope Market
Fact.MR, in its new offering, presents an unbiased analysis of the global fiber optic gyroscope market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of sensing axis (1-axis, 2-axis, and 3-axis), device (gyrocompasses, inertial measurement units, inertial navigation systems, and others), and vertical (aerospace and defense, automotive, robotics, mining, healthcare, transportation & logistics, and other industrial), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and the Middle East & Africa).
Key Questions Covered in Report
- What are the Challenges Faced by Fiber Optic Gyroscope Manufacturers?
- What Makes the U.S. the Biggest Fibre Optic Gyroscope Market?
- Why are Asian Countries Such as China and India are Expected to Hold a Major Market Share?
- What is contributing to the Sales of Fiber Optic Gyroscopes in Navigation Systems?
- What is the Scope of Fiber Optic Gyroscopes in the Robotics Industry?
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