Ring Laser Gyroscope Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global ring laser gyroscope market is expected to reach market value of US$ 948.3 Mn by 2026, expanding at a CAGR of 3.5% from 2018 to 2026. According to the research study, the Asia Pacific market is expected to register prominent CAGR of 4.9% during the forecast period propelled by growing demand from the defense and commercial sector and increasing demand for advanced inertial navigation systems in aircraft, naval ships, and submarines.
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Some of the major factors driving the global ring laser gyroscope market includes increased demand for advanced navigation systems in aircraft applications and rapid growth of robotics and space vehicles.There is a growing trend of using laser gyroscopes for developing and upgrading inertial navigation systems to incorporate better accuracy as compared to FOG based navigation systems or other satellite based navigation systems.
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Additionally, ring laser gyroscopes have various advantages such as compact size and being lightweight (owing to extensive research and development during the last decade and ongoing R&D activities), which are suitable for aircraft application, thus finding increasing adoption in aerial applications.
Defense organizations of major economies across the globe are investing to upgrade the existing defense vessels and in the development of new and advanced aircrafts, and unmanned vehicles. This is anticipated to passively drive the ring laser gyroscope market during the forecast period.