(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 24, 2021, 08:02 /Comserve / -- Fiber Optic Gyroscope Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Fiber Optic Gyroscope Market is expected to grow at a CAGR of 5.7% over the forecast period 2020 to 2025. Fiber optic gyroscope-based inertial navigation systems exhibit a high output rate and attain high accuracy at measuring the angular velocity of multiple objects in a vast range of angles. This entails the rapidly-growing adoption of inertial navigation systems in unmanned military vehicles and airborne surveillance systems, ultimately triggering demand for fiber optic gyroscopes in the aerospace & defense industry.
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- The rapidly rising adoption of drones and unmanned aerial vehicles (UAVs) in the defense and commercial sectors has been recognized as a primary driver in the market. The number of small hobbyist drones registered in the United States totaled 1.1 million units in 2019, according to the Federal Aviation Administration (FAA). Commercial drone registrations totaled about 412,000 in 2019.
- Additionally, the significant factors that positively influence the fiber optics gyroscope (FOG) market are increased defense investments in numerous developing and developed economies and the rising adoption of automation in industries and homes. For instance, In 2019, the United States spent around 718.69 billion U.S. dollars on its military. This figure was an increase from 2000 when U.S. military spending amounted to USD 466.76 billion.
Key Market Trends
Aerospace and Defense Segment to Dominate the Market
- Widespread use of fiber optic gyroscopes in military applications, such as missiles flight control, ground detection, and dynamic Global Positioning System (GPS) tracking, has made the defense industry to remain one of the biggest end-user of fiber optic gyroscope. This, coupled with surging investments in the defense sector, like that in the U.S. and Europe, will continue to increase the demand for fiber optic gyroscope.
- UAVs are capable of performing a variety of missions supporting military and intelligence purposes and also a variety of civil purposes. This technology is used for sensing the motion of different aviation applications such as angular, velocity, and speed, among others. Such beneficial features and increasing uses create market demand, which is expected to boost the Fiber Optics Gyroscope market growth.
- There will be a massive requirement of small UAVs by the defense services in the coming years. For instance, currently, the IAF is planning to join hands with an Israeli firm to upgrade the UAVs of the three services under a project worth over Rs 5,000 crore to enhance their snooping capabilities; consequently, the IAF would be capable of operating these aircraft from far-off distances and control them through the satellite communication system.
Asia-Pacific to Witness a Significant Growth Rate
- The Asia Pacific will experience a prominent market growth in the coming years due to some emerging economies that have increased its defense budget. China and Japan are two emerging countries with a huge demand for fiber optics gyroscope in the Asia Pacific region. Other factors that attribute this growth are large population base, increased number of R & D activities, rapid industrialization, and high investment for the improvement of the sensors.
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- Moreover, as Japan is well known as the automobile industry's manufacturing hub, driverless vehicles' new development plan is giving rise to the adoption of fiber-optic-gyroscopes. Furthermore, the increased enforcement of regulations from countries like China, Japan, and South Korea, has encouraged companies to invest. Thus, end-user companies are willing to invest in the measurement of orientation in several devices monitoring systems for their safety, encouraging market growth.
The Fiber Optic Gyroscope market is moderately competitive and consists of several major players. In terms of market share, few of these players currently dominate the market. The rapid rise of unmanned vehicles and technological advancements provides lucrative opportunities to the market vendors. Overall, the competitive rivalry among the existing competitors is moderate. Moving forward, the innovation strategy of companies is boosting the demand of the market. Moreover, higher complexity, time-consuming manufacturing, and high investment and low cost-benefit ratio restricted the entry of new players to manufacturer fiber optics gyroscope.
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Marker Drivers
4.2.1 Rapid Growth of Unmanned Vehicle in Defense and Civilian Applications
4.2.2 Expanding Defense Expenditure Globally
4.3 Market Restraints
4.3.1 Substantial Rise in Complexity Challenging the Market Demand
4.3.2 Increasing Demand for Advanced Microelectromechanical Systems Gyroscopes
4.4 Market Opportunities
4.4.1 Application of Fiber Optic Gyroscope for Measurement While Drilling (MWD) Processes in the Oil Industry
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Industry Value Chain Analysis
4.7 Impact of COVID-19 on the Fiber Optic Gyroscope Market
5 MARKET SEGMENTATION
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