Report : Asia Pacific Fiber Optic Gyroscope Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Sensing Axis (1-Axis, 2-Axis, and 3-Axis), Device (Gyrocompass, Inertial Measurement Unit, Inertial Navigation System, and Attitude Heading Reference System), and Application (Remotely Operated Vehicle Guidance, Aeronautics and Aviation, Robotics, Industrial, Defense and Homeland Security, and Tactical Grade Applications)
Defense and Homeland Security Segment to Dominate APAC Fiber Optic Gyroscope Market during 2019–2027
According to The Insight Partners market research study on “APAC Fiber Optic Gyroscope Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Sensing Axis, Device and Application” is expected to reach US$ 348.42 million by 2027 from US$ 230.67 million in 2019. The market is estimated to grow at a CAGR of 5.4% from 2020 to 2027. The report provides trends prevailing in the APAC fiber optic gyroscope market along with the drivers and restraints pertaining to the market growth. Adoption of fiber optic gyroscope in remotely operated vehicle is the major factor driving the growth of the APAC fiber optic gyroscope market. However, issues associated with presence of alternate solutions hinders the growth of APAC fiber optic gyroscope market.
The APAC market for fiber optic gyroscope is segmented into sensing axis, device, application, and country. Based on sensing axis, the APAC fiber optic gyroscope market is divided into 1-axis, 2-axis, and 3-axis. In terms of revenue, the 3-axis segment is projected to be the largest segment over the forecast period from 2020 to 2027. On the basis of device, the market is segmented into gyrocompass, inertial measurement unit, inertial navigation system, and attitude heading reference system. The inertial navigation system segment contributed a substantial share in 2019, and it is also anticipated to be the fastest growing device type in the APAC fiber optic gyroscope market. Based on application, the Europe fiber optic gyroscope market is segmented into remotely operated vehicle guidance, aeronautics & aviation, robotics, industrial, defense and homeland security, and tactical grade applications. The defense and homeland security segment held the largest share in 2019 whereas remotely operated vehicle guidance segment is anticipated to be fastest growing segment.
Also the the ongoing COVID-19 outbreak is causing huge disruptions in the growth of various sectors in the APAC region. Due to the COVID-19 outbreak, industrial activities and new projects have seen a sharp decline with multiple projects on hold and unavailability of labor due to movement restrictions in various countries. Due to the ongoing disruptions in supply of raw materials & components the demand from China and other Asian countries is expected to decrease and impact the growth of APAC fiber optic gyroscope market in coming quarters.
Advanced Navigation; Emcore Corporation; Cielo inertial Solutions Ltd; Honeywell International Inc; ixblue ; KVH Industries, Inc.; Safran Colibrys SA are among the leading companies in the APAC fiber optic gyroscope market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020 iXblue, declared the introduction of new range of cost-effective FOG-based INS dedicated to land and air mobile mapping applications, the Atlans Series.
The report segments the APAC Fiber Optic Gyroscope Market follows:
APAC Fiber Optic Gyroscope Market – By Application
APAC Fiber Optic Gyroscope Market – By Country