Market Introduction
A fiber optic gyroscope is used for numerous purposes, such as sight stabilization, weapons stabilization, gun stabilization, antenna stabilization, and camera stabilization, among many others, in aircraft, helicopters and remotely operated vehicles. Fiber optic gyroscopes are also used in industrial and robotics applications, including optics or RF antenna stabilization, ground vehicles, robots and training simulator stabilization, in addition to aerospace and defense applications. The rising demand for unmanned vehicles also drives the growth of the market in Europe. Each country in Europe has its regulations on UAVs; however, EASA has proposed a central framework for the whole European region. Most of the commercial UAV market is focused in larger countries such as Germany, France, Italy, Spain, UK, and Switzerland. Although Switzerland is comparatively smaller in terms of geography, the country is home to UAV industry leaders such as Pix4D and senseFly and the Unmanned Traffic Management Association. All of these countries, except UK, have to follow EASA's proposed regulatory framework in the future. Apart from the countries mentioned above, other countries in the European region, Russia, are expected to experience high growth in the military UAV market. This growth is attributed to the country's significant expenditure of military & defense. Also, Increasing requirement of fiber optic gyroscopes among various industrial applications in Europe region is expected to create a significant demand for fiber optic gyroscope in the coming years, which is further anticipated to drive the Europe fiber optic gyroscope market.
Furthermore, COVID-19outbreak has severely affected Europe. Presently, Russia, Spain, France, the UK, Italy, and Germany are some of the worst affected member states in Europe due to COVID-19 outbreak. The region is a major manufacturing and industrial hub for sectors such as automotive, aviation, construction, energy, and power. However, due to COVID outbreak, a large number of businesses in the region are facing financial challenges as they either had to suspend their operations or reduce their activities in a substantial manner, owing to government imposed restrictions and lack of manpower. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slump in 2020 in various industries including Europe fiber optic gyroscope market and it is most likely to continue in 2021 as well. Various member states in Europe, such as Italy, Spain, France, the UK, and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus. European countries represent a major market for fiber optic gyroscopes and hence, provides growth owing to the presence of a strong civil and military aviation sector, and strict safety regulations in various industries. The lockdown has affected new industrial projects and investments in various European countries, thus impacting the demand for fiber optic gyroscope systems in this region. In addition to this, the disruptions in raw materials and electronic component supply from China and other countries are further anticipated to aggravate the supply problems faced by fiber optic gyroscope manufacturers operating in Europe hence directly affecting the Europe fiber optic gyroscope market.
Market Overview and Dynamics
The fiber optic gyroscope market in Europe is expected to grow from US$ 255.64 million in 2019 to US$ 356.89 million by 2027; it is estimated to grow at a CAGR of 4.4% from 2020 to 2027. In the Europe fiber optic gyroscope market is expected to be the fast growing region in terms of market growth rate over the forecast period of 2020 to 2027. The growing trend of process automation across industries coupled with rising military expenditure are some of the key factors that are fueling the demand for advanced solutions such as fiber optic gyroscopes in military, commercial, and industrial sectors in the Europe region. Based on these factors. Huge population growth, rising disposable income, rapid urbanization & industrialization, high adoption of advanced technology solutions, favorable government policies to boost industrial growth, growing military & commercial aviation sectors, and high investments in R&D activities are some of the other key factors that are driving the growth of fiber optic gyroscope market in the Europe region. Hence, the growing automation trend and adoption of advanced technology solutions across various end users is anticipated to offer ample growth opportunities to fiber optic gyroscope manufactures operating the Europe region over the forecast period of 2020 to 2027.
Key Market Segments
In terms of sensing axis, the 3-axis segment accounted for the largest share of the Europe 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 Europe 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 Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Emcore Corporation; Fizoptika; Honeywell International Inc; ixblue; KVH Industries, Inc.; NEDAERO; Optolink RPC LLC; 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 Europe fiber optic gyroscope market
- Obtain market revenue forecast for fiber optic gyroscope market by various segments from 2020-2027 in Europe region.
Europe Fiber Optic Gyroscope Market Segmentation
Europe Fiber Optic Gyroscope Market - By Sensing Axis
- 1-Axis
- 2-Axis
- 3-Axis
Europe Fiber Optic Gyroscope Market - By Device
- Gyrocompass
- Inertial Measurement Unit
- Inertial Navigation System
- Attitude Heading Reference System
Europe Fiber Optic Gyroscope Market - By Application
- Remotely Operated Vehicle Guidance
- Aeronautics and Aviation
- Robotics
- Industrial
- Defense and Homeland Security
- Tactical Grade Applications
Europe Fiber Optic Gyroscope Market - By Country
- France
- Germany
- Italy
- Russia
- UK
- Rest of Europe
Europe Fiber Optic Gyroscope Market - Company Profiles
- Emcore Corporation
- Fizoptika
- Honeywell International Inc
- ixblue
- KVH Industries, Inc.
- NEDAERO
- Optolink RPC LLC
- Safran Colibrys SA