Market Introduction
A fiber optic gyroscope is used in aircrafts, helicopters and remotely operated vehicles for various applications such as sight stabilisation, gun stabilisation, missile stabilisation, antenna stabilisation, and camera stabilisation among many others. In addition to aerospace and defense applications, fiber optic gyroscopes are also being utilized in industrial and robotics applications including optics or RF antenna stabilization, ground vehicles, robots, and training simulator stabilization among other industrial purposes. The APAC will experience a prominent market growth in the coming years due to some emerging economies that have increased its defense budget. China and Japan are two emerging countries with a huge demand for fiber optics gyroscope in the APAC region. Other factors that attribute this growth are a large population base, an increased number of R&D activities, rapid industrialization, and high investment to improve the sensors. Moreover, as Japan is well known as the automobile industry's manufacturing hub, driverless vehicles' new development plan gives rise to the adoption of fiber-optic-gyroscopes. Furthermore, the increased enforcement of regulations from countries like China, Japan, and South Korea, has encouraged companies to invest. Thus, end-user companies are willing to invest in measuring orientation in several devices monitoring systems for their safety, encouraging market growth. Also, adoption of fiber optic gyroscope in remotely operated vehicle is the major factor driving the growth of the APAC fiber optic gyroscope market. However, the ongoing COVID-19 outbreak is causing huge disruptions in the growth of various sectors of APAC region. Due to COVID-19 outbreak, the industrial activities and new projects have seen a sharp decline with multiple projects on hold and unavailability of labor due to movement restrictions in various countries. Hence, the ongoing disruptions in supply of raw materials & components and also in demand from China & other Asian countries is expected to impact the growth of APAC fiber optic gyroscope market in coming quarters.
Market Overview and Dynamics
The fiber optic gyroscope market in APAC is expected to grow from US$ 230.67 million in 2019 to US$ 348.42 million by 2027; it is estimated to grow at a CAGR of 5.4% from 2020 to 2027. The defense spending across countries is growing at an unprecedented rate in the past few years. According to SIPRI, the China is the largest defense spender across APAC with US$ 261 billion followed by India with US$ 71.1 billion. The increasing geopolitical tensions and trade wars among major countries is driving the high investments in defense sector. Also, the commercial aviation industry is growing at a steady pace. As per Airbus’s market forecast from 2019 to 2038, the long term growth outlook of APAC aviation industry is quite positive and it is projected that the air traffic will double in next fifteen years with an averages traffic growth rate of 4.3% per annum. However, the COVID-19 outbreak has affected the projected growth rate in past few months but the long term growth is expected to be positive owing to factors such as rising demand of air travel in developing countries, rising middle class, increasing consumer spending, and evolving business models of airlines. The developing nations across APAC, are expected to account for the major share of future aviation industry growth. The fiber optic gyroscopes are being widely used in APAC aerospace and defense industry for diverse applications including navigation systems, inertial measuring units, gun stabilization, attitude heading reference system, sight stabilization, missile stabilization, gyrocompass, camera stabilization, and antenna stabilization among many others. Hence, the rising defense expenditure levels across countries and growing aviation industry is anticipated to drive the adoption of fiber optics gyroscopes across APAC.
Key Market Segments
In terms of sensing axis, the 3-axis segment accounted for the largest share of the APAC fiber optic gyroscope market in 2019. Based on device, inertial navigation system held the largest market share in 2019. In terms of application, the defense and homeland security segment held a larger market share of the APAC fiber optic gyroscope market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the fiber optic gyroscope market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Advanced Navigation; Emcore Corporation; Cielo inertial Solutions Ltd; Honeywell International Inc; ixblue; KVH Industries, Inc.; Safran Colibrys SA.
Reasons to buy report
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- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC fiber optic gyroscope market
- Obtain market revenue forecast for fiber optic gyroscope market by various segments from 2020-2027 in APAC region.
APAC Fiber Optic Gyroscope Market Segmentation
APAC Fiber Optic Gyroscope Market - By Sensing Axis
- 1-Axis
- 2-Axis
- 3-Axis
APAC Fiber Optic Gyroscope Market - By Device
- Gyrocompass
- Inertial Measurement Unit
- Inertial Navigation System
- Attitude Heading Reference System
APAC Fiber Optic Gyroscope Market - By Application
- Remotely Operated Vehicle Guidance
- Aeronautics and Aviation
- Robotics
- Industrial
- Defense and Homeland Security
- Tactical Grade Applications
APAC Fiber Optic Gyroscope Market - By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Fiber Optic Gyroscope Market - Company Profiles
- Advanced Navigation
- Cielo inertial Solutions Ltd
- Emcore Corporation
- Honeywell International Inc
- ixblue
- KVH Industries, Inc.
- Safran Colibrys SA