PUBLISHER: The Business Research Company | PRODUCT CODE: 1465778
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465778
A fiber optic gyroscope (FOG) serves as a highly precise rotation sensor employed in navigation and guidance systems for vehicles, including aircraft, spacecraft, and ships. This advanced sensor utilizes the principle of light interference within optical fibers to accurately and reliably detect rotational movements. It finds application in a variety of contexts where precise navigation and control systems are essential.
Fiber optic gyroscopes come in several types, including gyrocompasses, inertial navigation systems, inertial measurement units, and others. Gyrocompasses, for instance, function as non-magnetic compasses, utilizing a rapidly spinning disk and the Earth's rotation to ascertain the heading of a vehicle. These gyroscopes operate across different sensing axes such as 1-axis, 2-axis, and 3-axis, catering to a range of applications including tactical-grade uses, guidance for remotely operated vehicles, aeronautics and aviation, robotics, defense and homeland security, as well as industrial applications.
The fiber optics gyroscope market research report is one of a series of new reports from The Business Research Company that provides fiber optics gyroscope market statistics, including fiber optics gyroscope industry global market size, regional shares, competitors with a fiber optics gyroscope market share, detailed fiber optics gyroscope market segments, market trends and opportunities, and any further data you may need to thrive in the fiber optics gyroscope industry. This fiber optics gyroscope market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The fiber optics gyroscope market size has grown strongly in recent years. It will grow from $1.17 billion in 2023 to $1.27 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to rising automation industry, increased homeland security, rising demand for technologically advanced solutions, rapid growth of unmanned vehicles in defense and civilian applications, growing demand for commercial and military aircraft.
The fiber optics gyroscope market size is expected to see strong growth in the next few years. It will grow to $1.70 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be linked to an escalating requirement for precise motion control and robotics, a rising demand for accurate navigation and positioning systems, the expansion of the defense sector, an increased need for advanced guidance and control systems, and a growing demand for accurate navigation systems. Significant trends expected in the forecast period encompass technological advancements in fiber optic gyroscopes, the integration of fiber optic gyroscopes with autonomous vehicles, the adoption of fiber optic gyroscopes in emerging economies, progress in gyroscope technologies, and developments in the defense and aviation industry.
The growing demand for precise motion control and robotics is anticipated to drive the expansion of the fiber optics gyroscope market. Precise motion control involves accurately managing the movement of robotic assets for autonomous or semi-autonomous task execution with reliability and precision. Robotics, encompassing design, construction, operation, and utilization of robots, is witnessing increased demand for efficiency, accuracy, and automation across various industries. Fiber optic gyroscopes, known for providing stable and accurate angular rate measurements, play a crucial role in enhancing precision in motion control and robotics applications. Notably, the International Federation of Robotics reported a 31% increase in global industrial robot installations, from 394,000 units in 2020 to 517,385 units in 2021. The rising need for precise motion control and robotics, particularly in Asia, is fueling the growth of the fiber optic gyroscope market.
Leading companies in the fiber optics gyroscope market are actively developing innovative products to gain a competitive advantage. One notable advancement is the introduction of digital fiber-optic gyroscope inertial navigation systems, which leverage fiber-optic gyroscopes for measuring angular rates and inertial sensors for precise acceleration measurements. In October 2022, Advanced Navigation launched the Boreas D70, a digital fiber-optic gyroscope inertial navigation system that boasts a 40% reduction in size, weight, power, and cost compared to similar systems. Equipped with ultra-fast gyro compassing, AI-based fusion algorithms, dual-antenna real-time kinematic positioning, and a rich data-access web interface, the Boreas D70 offers high-performance metrics. Such innovations contribute to the competitive landscape in the fiber optics gyroscope market.
In August 2022, EMCORE Corporation completed the acquisition of KVH Industries's fiber optic gyroscope (FOG) and inertial navigation systems (INS) business segments for $55 million. EMCORE, a US-based provider of advanced inertial navigation products, aims to expand its customer base, including the U.S. Army, terrestrial applications, and new opportunities in the industrial autonomy market. The acquisition positions EMCORE as a key player in the fiber optics gyroscope market, leveraging the expertise and product portfolio gained from KVH Industries Inc., a US-based manufacturer of fiber optic gyroscope products. This strategic move aligns with EMCORE's growth objectives and enhances its market presence in the inertial navigation sector.
Major companies operating in the fiber optics gyroscope market are Northrop Grumman Corporation, Honeywell International Inc., Safran S.A, TDK Corporation, STMicroelectronics, Murata Manufacturing Co. Ltd., NXP Semiconductor, SAAB AB, Trimble Inc., Epson America Inc., iXBlue SAS, EMCORE Corporation, Luna Innovations, Advanced Navigation, Cielo Inertial Solutions Ltd., Furukawa (OFS), Fibernetics LLC, Silicon Sensing Systems Limited, Tamagawa Seiki Co. Ltd., Colibrys Ltd, Fizoptika Corporation, Nyfors Teknologi AB, NedAero Components B.V, Optolink LLC, FIBERPRO Inc., Ericco International
North America was the largest region in the fiber optics gyroscope market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fiber optics gyroscope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the fiber optics gyroscope market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The fiber optic gyroscope market consists of sales of precision measurement systems, stabilization systems, navigation systems, and inertial navigation systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Fiber Optics Gyroscope Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fiber optics gyroscope market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fiber optics gyroscope ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The fiber optics gyroscope market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.