Apart from increased defense budget in several developed and developing economies, the growing adoption of automation in homes and industries is the primary factors that is positively influencing the demand for fiber optics gyroscope during the forecast period.
Albany, NY -- (SBWIRE) -- 04/06/2017 -- Global Fiber Optics Gyroscope Market: Overview
A fiber optic gyroscope (FOG) helps in sensing the orientation of an object and provides very precise rotational rate information. Since fiber optic gyroscope doesn't rely on inertial resistance to movement and has no moving parts, it has quickly become a dependable option over mechanical gyroscope such as the classic spinning-mass gyroscope. Fiber optic gyroscope finds application in the inertial navigation systems of guided missiles, autonomous underwater vehicles, remotely operated vehicles, and surveying. With increasing security issues across the world, several countries have extended their defense budgets, which is projected to escalated the demand in the global fiber optics gyroscope market and expand it at a healthy CAGR during the forecast period of 2017 to 2025.
Global Fiber Optics Gyroscope Market: Key Trends
Apart from increased defense budget in several developed and developing economies, the growing adoption of automation in homes and industries is the primary factors that is positively influencing the demand for fiber optics gyroscope during the forecast period. For satellite antenna positioning, navigation, and other applications, the demand for equipment optimized with intelligent sensors is escalating. Growing popularity and development of the concept of remotely operated vehicles and the use of FOG for measurement while drilling processes in the oil industry is another factors augmenting the demand in this market.
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A few major applications of fiber optics gyroscope in the defense sector are dynamic global positioning system (GPS) tracking, missiles flight control, dynamic platform stabilization, ground detection, environmental observation, security, guided ammunition, and earth observation. Conversely, complexity and time constraints pertaining to the manufacturing process is challenging the market from attaining its full potential. High investment required for research and development as well as low cost-benefit ratio are other two factors challenging the growth rate of the global market for fiber optics gyroscope.
Global Fiber Optics Gyroscope Market: Market Potential
Out of various product segments of the market including attitude heading reference system, gyrocompass, inertial measurement unit, and inertial navigation system, the latter segment is most profitable. This is because inertial navigation system a commercial control solution that is reliably accurate and can be customized to a large variety of autonomous and manned or unmanned marine, aerial, and ground applications. This commercialization of FOG is anticipated open new opportunities for the players in the global market for fiber optics gyroscope.
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Global Fiber Optics Gyroscope Market: Regional Outlook
North America currently is the most important region for the players in this market, with technologically advanced country of the U.S. serving most of the demand from the region with vast defense budget and growing popularity of home automation. However, Asia Pacific is projected to expand at the most prominent growth rate during the forecast period, primarily gaining from several emerging economies who have extended their defense budget. China and Japan are two most lucrative country-wide markets for FOG in Asia Pacific. Large population base, rapid industrialization, increased number of R&D activities, and high investment for the development of sensors are some factors driving the demand from Asia Pacific region.
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Global Fiber Optics Gyroscope Market: Competitive Analysis
Honeywell International Inc., EMCORE Corporation, Colibrys Ltd., Northrop Grumman LITEF GmbH, KVH Industries, Inc., Nedaero Components, Fizoptika Corp., iXBlue SAS, Al Cielo Inertial Solutions Ltd., and Optolink LLC are some of the leading companies in the global fiber optics gyroscope market. Product innovation is the primary strategy adopted by these players in order to serve their clients as well as stretch their geographical outreach.
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