Fiber Optic Gyroscope Market Size, Trends and Growth Analysis by 2027

In 2019, the global fiber optic gyroscope market was valued at approximately US$ 926.82 million and is anticipated to grow to around US$ 1,330.19 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.8% from 2020 to 2027.

Nevertheless, the ongoing COVID-19 pandemic has significantly impacted the growth trajectory of the global market. The repercussions are expected to linger into early 2021 due to disruptions in global supply chains, a decline in both demand and production, and adverse effects on the economic and industrial growth of major regions, including North America, Europe, and Asia Pacific.

Fiber optic gyroscopes find applications in various fields such as aviation, including aircraft and helicopters, as well as in remotely operated vehicles. They are utilized for stabilizing sights, guns, missiles, antennas, and cameras, among other uses. Beyond the aerospace and defense sectors, these gyroscopes are increasingly employed in industrial and robotics applications, which include stabilizing optics or RF antennas, ground vehicles, robots, and training simulators. Utilizing the Sagnac effect, fiber optic gyroscopes are devoid of moving parts, making them exceptionally suitable for high-shock environments, complex space missions, fiber optic gyrocompasses, missile inertial navigation systems, autonomous vehicles, and surveying instruments. The advantages of fiber optic gyroscopes, such as their high rotational rates, absence of moving components, and superior resolution compared to alternatives like mechanical gyroscopes and ring laser gyroscopes, are propelling their adoption in both the aerospace and defense sectors as well as in industrial applications.

The fiber optic gyroscope market in the Asia Pacific region is projected to experience the highest CAGR during the period from 2020 to 2027. This growth is driven by the increasing trend of process automation within the industrial sector and the rising military budgets in Asian nations, particularly China and India, which are key factors contributing to the demand for advanced technologies like fiber optic gyroscopes in this area.

The overall size of the fiber optic gyroscope market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aids in providing an overview and forecast for the fiber optic gyroscope market across all segments. Additionally, numerous primary interviews have been conducted with industry stakeholders and experts to validate the findings and to gain deeper analytical insights into the subject matter. Participants in this research included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the fiber optic gyroscope market. Notable companies involved in this sector include Advanced Navigation, Cielo Inertial Solutions Ltd, iXblue, EMCORE Corporation, FIZOPTIKA, Honeywell International Inc., KVH Industries, Inc., and NEDAERO.