Constant Need For Latest Technology Compasses And Turn Coordinators Is Driving Demand For Fiber Optic Gyroscopes

Since its inception in 1975, fiber optic gyroscope (FOG) has steadily improved in performance and manufacturing capacities.

Now a mainstream, high-volume manufactured product with performance approaching Ring Laser Gyros (RLG), FOGs offer many advantages over competing technologies in terms of reliability, cost, and complexity.

Widespread use of fiber optic gyroscopes in military applications such as missiles flight control, ground detection, and dynamic GPS tracking has made the defense industry one of the biggest end users of fiber optic gyroscopes.

Miniaturization is an ongoing trend in this space, with researchers from organizations such as Micro-Satellite Research Center, School of Aeronautics and Astronautics, and Zhejiang University focused on the same.

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At present, North America holds the largest revenue share in the global fiber optic gyroscope (FOG) industry, owing to the well-established aerospace and defence industry in the region since decades. Three of the top manufacturers of fiber optic gyroscopes, i.e. Honeywell International Inc., Emcore Corporation, and KVH Industries are headquartered in the U.S.

As per the revised report published by Fact.MR, the fiber optic gyroscope market is anticipated to exceed a valuation of US$ 920 Mn by 2021, and is expected to expand at a CAGR of around 6% over the forecast period of 2021 to 2031.

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Key Takeaways from Market Study

• Fiber optic gyroscopes are typically used for aerospace- and defence-related applications; however, their usage in automotive is also increasing.
• 3-Axis fiber optic gyroscopes account for 48% of sales, and are further expected to grow by 252 BPS over the forecast period.
• The Asia Pacific region, including East Asia, South Asia, and Oceania, accounts for around 27% of global shipments. Asia Pacific is expected to offer around US$ 218 Mn absolute dollar opportunity over the next ten years.
• The global market is moderately concentrated in nature. Around 45% of sales are held by tier-1 companies, including Honeywell International Inc. and Northrop Grumman LITEF GmbH.
• By device, inertial navigation systems hold over 40% of overall market share.
• Automotive and transportation & logistics accounts for over 14% of overall demand.
• The FOG market in China and ASEAN is projected to expand at a CAGR of around 7% through 2031, while that in Japan and Australia at 6%.

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Fiber Optic Gyroscope Market by Category

Sensing Axis

• 1-Axis
• 2-Axis
• 3-Axis

Device

• Gyrocompasses
• Inertial Measurement Units
• Inertial Navigation Systems
• Others

Vertical

• Aerospace and Defense
• Automotive
• Robotics
• Mining
• Healthcare
• Transportation & Logistics
• Other Industrial

Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excl. Japan (APEJ)
• Japan
• Middle East and Africa (MEA)

Report Benefits & Key Questions Answered

• Fiber Optic Gyroscope Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
• Fiber Optic Gyroscope Market Historical volume analysis: The report provides a comparison of Fiber Optic Gyroscope Market historical sales and projected sales performance for 2021-2031.
• Fiber Optic Gyroscope Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Fiber Optic Gyroscope Market It carefully gauges the impact of changing healthcare needs of key demographics globally
• Fiber Optic Gyroscope Market Consumption by demographics: The report investigates consumer behavior affecting Fiber Optic Gyroscope Market demand outlook for the assessment period. Effect of their keenness for digital trends on Fiber Optic Gyroscope Market is  carefully analyzed
• Post COVID consumer spending on Fiber Optic Gyroscope Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Fiber Optic Gyroscope Market growth.

For More Insights- https://www.einpresswire.com/article/556949458/which-recent-trends-are-increasing-demand-for-halogen-automotive-lighting-latest-study

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