fiber optic gyroscope Market

The global fiber optic gyroscope market was valued at US$ 926.82 million in 2019 and is projected to reach US$ 1,330.19 million by 2027; it is expected to grow at a CAGR of 4.8% during 2020–2027.

However, the ongoing COVID-19 pandemic is currently hampering the growth rate of the global market, and the effect is likely to persist in early 2021 owing to disruptions in global supply chains, decrease in demand and production, and negative impact on economic as well as industrial growth of major countries in regions such as North America, Europe, and Asia Pacific.

Fiber optic gyroscopesare used in aircraft, helicopters, and remotely operated vehicles for sight stabilization, gun stabilization, missile stabilization, antenna stabilization, and camera stabilization, among other applications. In addition to these applications in the aerospace &defense industry, these gyroscopes are also being used in industrial and robotics applications, including optics or RF antenna stabilization, and ground vehicle, robot, and training simulator stabilization. These gyroscopes use Sagnac effect and have no moving parts, which makes them highly suitable for high-shock applications, complex space applications, fiber optic gyrocompasses, missile inertial navigation systems, remotelyoperated and autonomous vehicles, and surveying equipment. Benefits of fiber optic gyroscopes such as high rotational rate, no moving parts, and higher resolution over other alternatives—such as mechanical gyroscopes and ring laser gyroscopes—are driving their adoption in aerospace& defense, and industrial sectors.

The fiber optic gyroscope market in Asia Pacific is expected grow at the fastest CAGR during 2020–2027. The growing trend of process automation across the industrial sectorand rising military expenditure in Asian countries such as China and Indiaare a few of the key factors fueling the demand for advanced solutions such as fiber optic gyroscopes in the region.

Overall size of the fiber optic gyroscopemarket has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the fiber optic gyroscope marketwith respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the fiber optic gyroscope market. Advanced Navigation, Cielo inertial Solutions Ltd, iXblue, EMCORE Corporation, FIZOPTIKA, Honeywell International Inc., KVH Industries, Inc., NEDAERO,