Report : Fiber Optic Gyroscope Market Forecast to 2027 - COVID-19 Impact and Global 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)
According to our latest market study on “Fiber Optic Gyroscope Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” the market was valued at US$ 926.82 million in 2019, and it is expected to grow at a CAGR of 4.8% during 2020–2027 to reach US$ 1,330.19 million by 2027.
The fiber optic gyroscope market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The fiber optic gyroscope market is led by North America in 2019, followed by Europe and APAC. The growth of the market in North America is mainly driven by the presence of leading market players such as Honeywell International Inc., EMCORE Corporation, and KVH Industries, Inc. in the region. In addition, elevated spending toward increasing military strength, especially in the US; high adoption of advanced navigation and measurement systems; and presence of large aircraft manufacturers and remotely operated vehicle manufacturers are among the key factors fueling the adoption of fiber optic gyroscopes in North America. The projected growth of the European fiber optic gyroscope market during the forecast period is ascribed to the presence of strong aerospace and defense sector in the region. Russia, the UK, Italy, France, and Germany are among the major countries with high investments in military sector in the region.
APAC is anticipated to register the highest CAGR of 5.4% in the fiber optic gyroscope market during the forecast period. The fiber optic gyroscope market in this region is mainly driven by increasing investments in defense sector, growing geopolitical tensions between countries such as India and China, and favorable government initiatives to boost investments in industrial sector. Moreover, other developing regions such as the MEA and SAM are present ample growth opportunities for the growth of the global fiber optic gyroscope market players during 2020–2027.
Impact of COVID-19 on Europe Fiber Optic Gyroscope Market
Presently, Russia, Spain, France, the UK, Italy, and Germany are a few of the worst-affected member states in the European region due to COVID-19 outbreak. The region is a major manufacturing hub for sectors such as automotive, transportation, aviation, construction, energy, and power. However, due to COVID-19 outbreak, businesses in the region are facing financial challenges as they either had to suspend their operations or substantially reduce their activities owing to restrictions imposed by governments as well as the lack of manpower. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region has been witnessing economic slump in 2020, which is likely to continue in 2021 as well. Various member states in Europe such as Italy, Spain, France, the UK, and Germany have implemented drastic measures and travel restrictions to limit the spread of COVID-19. European countries pose high fiber optic gyroscope demand owing to the presence of a strong civil and military aviation sector, and stringent safety regulations in various industries. However, the pandemic-led lockdown has affected new industrial projects and investments in various European countries, thus impacting the demand of fiber optic gyroscopes systems in this region. In addition to this, the disruptions in raw materials and electronic component supply from China and other countries is further anticipated to aggravate the supply problems faced by fiber optic gyroscope manufacturers operating in this region.
The global fiber optic gyroscope market has been segmented as follows:
Fiber Optic Gyroscope Market – by Region