According to a recently published report by Future Market Insights, the global fiber optic gyroscope market is estimated to grow at a CAGR of 8.4% from 2023 to 2033. The market is estimated at US$ 1.6 billion in 2023. The market is projected to reach US$ 3.6 billion by 2033.
Certain developing nations have hiked their defense spending. China and Japan are two emerging markets with considerable demand for fiber optics gyroscopes globally. Additional factors contributing to this development include a large citizen base, a spike in research and development efforts, fast industrialization, along with substantial investments in sensor optimization.
Because of the widespread implementation of fiber optic gyroscopes in military uses such as missile flight management, ground discovering and flexible Global Positioning System (GPS) tracking, the defense industry persists to be one of the biggest end-users of fiber optic gyroscopes. This, utilized with increased defense expenditures in the United States and Europe, will push up demand for fibred optic gyroscopes.
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Key Takeaways from the Market Study
- From 2018 to 2022, the fiber optic gyroscope market was expected to grow at a CAGR of 6.3%.
- As per the report, the United States accounted for 22.2% of the market in 2022.
- Over the forecast period, the fiber optic gyroscope market in the United Kingdom is expected to expand at a CAGR of 12.7%.
- Over the forecast period, the fiber optic gyroscope market in India is projected to grow at a CAGR of 13.7%.
- The 1 axis segment was anticipated to account for 42.3% of the market in 2022.
“Several emerging economies have increased their defense spending. China and Japan are two developing countries with significant global demand for fiber optics gyroscopes. Other factors contributing to this growth include a large population base, an increase in R&D activities, rapid industrialization, and significant investment in sensor advancement,” says the FMI analyst.
Competitive Landscape
- In November 2022, Advanced Navigation launched its latest offering. The Boreas D70 digital fiber optic gyroscope is a momentum navigation apparatus used for investigating, marine-based, land, and air purposes.
- In January 2023, Silicon Valley startup Anello Photonics declared the release of the world’s earliest silicon photonics optical gyroscope, called “SIPHOG.” The system relies on a patented photonic integrated circuit (PIC) layout and is characterized as the “world’s smallest optical gyroscope for stable and precise navigation and presenting for autonomous applications.”
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the fiber optic gyroscope market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by Sensing Axis (1-Axis, 2-Axis, 3-Axis), Device (Fiber Optics Gyrocompass, Inertial Measurement Units (IMUs), Inertial Navigation Systems), Application (Aeronautics and Aviation, Robotics, Remotely Operated Vehicle Guidance, Military & Defense, Industrial) & Region
Fiber Optic Gyroscope Market by Category
By Sensing Axis:
- 1-Axis
- 2-Axis
- 3-Axis
By Device:
- Fiber Optics Gyrocompass
- Inertial Measurement Units (IMUs)
- Inertial Navigation Systems
- Others
By Application:
- Aeronautics and Aviation
- Robotics
- Remotely Operated Vehicle Guidance
- Unmanned Underwater Vehicle (UUV)
- Unmanned Ground Vehicle (UGV)
- Unmanned Aerial Vehicle (UAV)
- Military & Defense
- Industrial
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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