Ring Laser Gyroscope Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 05/08/2018 -- Gyroscopes have been used for a long time in calculating angular rotation of a broad range of platforms ranging from naval ships to aircrafts and spacecrafts. Ring laser gyroscopes are primarily implemented in defense applications owing to their excellent measurement accuracy and of moving parts that are in mechanical gyroscopes. Manufacturers are involved in revolutionizing the technology of ring laser gyroscopes so as to minimize the problems such as injection locking associated with these devices. Although dithering has been employed by many manufacturers to minimize the locking errors, it results in increasing the weight of these devices. The global ring laser gyroscope market is anticipated to reach a market value of US$ 948.3 Mn by 2026, expanding at a compound annual growth rate of 3.5% during the forecast period 2018 to 2026.
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The global ring laser gyroscope market is largely driven by factors such as rising demand from defense applications focused on upgrading the existing navigation systems onboard the ships, and increasing spending on development of new defense vessels. Furthermore, incorporation of advance technology in unmanned aerial and underwater vehicles is supplementing the growth of the ring laser gyroscope market due to integration of ring laser gyroscopes in these vessels. Another factor supporting the growth of the ring laser gyroscope market is the rising demand from commercial applications, primarily commercial aircrafts and space exploration vehicles, fueled by inertial navigation system upgrade in commercial aircrafts and development of advanced ring laser gyroscopes for spacecraft.
The global ring laser gyroscope market has been segmented based on number of axis, application, end-user, and geography. Based on number of axis, the market is segmented into single axis and multi axes ring laser gyroscopes, among which single axis gyroscopes are anticipated to be the fastest growing market segment due to increasing demand from commercial applications. Based on application, the global ring laser gyroscope market is categorized into platform stabilization, missile navigation, aeronautics navigation, submarine navigation, and satellite navigation, among which satellite navigation is anticipated to dominate the market in terms of growth rate during the forecast period.
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Based on end-user, the market has been segmented into defense, commercial, and spacecraft. Spacecraft segment is anticipated to witness prominent growth rate during the forecast period. In terms of geography, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The global market in 2017 was dominated by North America owing to increased defense spending to upgrade the inertial navigation units onboard the naval vessels and defense aircrafts.
The market for ring laser gyroscopes is analyzed to be highly competitive with manufacturers focused on developing ring laser gyroscopes with reduced size and weight along with high precision and accuracy demanded from aerial applications. As a result of this, major players are engaged in extensive research and development to cater to the highly competitive market. Moreover, it has been observed that major defense contractors and government operated defense organizations, for instance Defense Research and Development Organization (DRDO) of India, are dominating the market in many parts of the globe.