Market Introduction
A fiber optic gyroscope is used in aircrafts, helicopters and remotely operated vehicles for various applications such as sight stabilization, gun stabilization, missile stabilization, antenna stabilization, and camera stabilization 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. These gyroscopes uses Sagnac effect and have no moving parts which makes them highly suitable for high-shock applications, complex space applications, fiber optic gyrocompasses, inertial navigation systems of missiles, remotely-operated and autonomous vehicles, and surveying equipment. The benefits offered by these gyroscopes such as high rotational rate, no moving parts, and higher resolution over other alternatives such as mechanical gyroscopes and ring laser gyroscope are driving the adoption of these gyroscopes in aerospace, defense, and industrial sectors. In addition to this, the rising military expenditure in North America owing to increasing geopolitical tensions among major countries coupled with growing adoption of these gyroscopes in remotely operated vehicles guidance applications are further fuelling the growth of North America fiber optic gyroscope market. Also, fiber optic gyroscopes are witnessing high demand among various industrial applications is expected to create a significant demand for fiber optic gyroscope in the coming years, which is further anticipated to drive the North America fiber optic gyroscope market.
Furthermore, COVID-19 is having a very devastating impact over the North America region. North America held the largest share of fiber optic gyroscope market owing to the presence of country such as the US, where investments and expenditure on military sector is quite high. Additionally, the presence of some of the largest fiber optic gyroscope systems manufacturers, military equipment manufacturers, and aircraft manufactures in the region are contributing to the growth of fiber optic gyroscope market. Hence, North America is one of the most important regions for the growth and demand of fiber optic gyroscope devices owing to favorable government policies to boost military sector and presence of huge military base, especially in developed countries such as the US and Canada. Hence, any impact on the growth of these sectors is expected to affect the economic growth of the region in a negative manner including North America fiber optic gyroscope market. At present, the US is the worst affected country due to COVID-19 outbreak. The US is one of the largest markets for fiber optic gyroscope especially in military sector owing to stringent government/industry regulations regarding safety standards and growing number of attacks. The unprecedented increase in the number of confirmed cases and rising reported deaths in the country is affecting both supply and demand of fiber optic gyroscope equipment due to supply chain disruptions across the region. The ongoing slump in commercial infrastructure development activities and new defense projects across the US, Canada, and Mexico is impacting the demand of North America fiber optic gyroscope market. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the fiber optic gyroscope market growth in North America region in a negative manner for the next few quarters.
Market Overview and Dynamics
The fiber optic gyroscope market in North America is expected to grow from US$ 339.04 million in 2019 to US$ 489.88 million by 2027; it is estimated to grow at a CAGR of 4.9% from 2020 to 2027. Remotely operated vehicle (ROV) guidance is one of the key application areas of fiber optic gyroscope market and it is projected to be the fastest growing application over the forecast period of 2020 to 2027. The growing adoption of ROVs such as unmanned underwater vehicle, unmanned aerial vehicle, and unmanned ground vehicle across industries like oil & gas, energy & power, automotive, defense, and manufacturing is anticipated to drive the future adoption of fiber optic gyroscopes in these industries. In addition to this, the rising miniaturization trend in fiber optic gyroscope market to offer efficient, light-weight, and compact gyroscope offerings and to meet the challenging size and performance demands of today’s industry applications is expected to drive technological advancements in the North America fiber optic gyroscope market in the coming years.
Key Market Segments
In terms of sensing axis, the 3-axis segment accounted for the largest share of the North America fiber optic gyroscope market in 2019. Based on device, inertial navigation system held the largest market share in 2019 for North America fiber optic gyroscope market. In terms of application, the defense and homeland security segment held a larger market share of the North America 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 North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cielo Inertial Solutions Ltd.; Emcore Corporation; ixblue; Honeywell International Inc; KVH Industries, Inc.; Safran Colibrys SA.
Reasons to buy report
- To understand the North America fiber optic gyroscope market landscape and identify market segments that are most likely to guarantee a strong return
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- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America fiber optic gyroscope market
- Obtain market revenue forecast for fiber optic gyroscope market by various segments from 2020-2027 in North America region.
North America Fiber Optic Gyroscope Market Segmentation
North America Fiber Optic Gyroscope Market - By Sensing Axis
- 1-Axis
- 2-Axis
- 3-Axis
North America Fiber Optic Gyroscope Market - By Device
- Gyrocompass
- Inertial Measurement Unit
- Inertial Navigation System
- Attitude Heading Reference System
North America Fiber Optic Gyroscope Market - By Application
- Remotely Operated Vehicle Guidance
- Aeronautics and Aviation
- Robotics
- Industrial
- Defense and Homeland Security
- Tactical Grade Applications
North America Fiber Optic Gyroscope Market - By Country
- US
- Canada
- Mexico
North America Fiber Optic Gyroscope Market - Company Profiles
- Cielo Inertial Solutions Ltd.
- Emcore Corporation
- ixblue
- Honeywell International Inc
- KVH Industries, Inc.
- Safran Colibrys SA