Report : Middle East & Africa 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)
Remotely Operated Vehicle Guidance Segment is Expected to be Fastest Growing During Forecast Period for MEA Region
According to a new market research study on “MEA 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$ 82.52 million by 2027 from US$ 61.30 million in 2019. The market is estimated to grow at a CAGR of 3.9% from 2020 to 2027. The report provides trends prevailing in the MEA fiber optic gyroscope market along with the drivers and restraints pertaining to the market growth. Developing countries to raise new opportunities for fiber optic gyroscope is the major factor driving the growth of the MEA fiber optic gyroscope market. However, issues associated with existence of multiple substitute solutions hinders the growth of MEA fiber optic gyroscope market.
The market for MEA fiber optic gyroscope is segmented into sensing axis, device, application, and country. Based on sensing axis, the MEA 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 MEA fiber optic gyroscope market. Based on application, the MEA 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, ongoing COVID-19 outbreak is causing drastic impact across the MEA region. Among the MEA countries, Iran has the highest number of COVID-19 confirmed cases and deaths, followed by countries such as Saudi Arabia, Iraq, Israel, Qatar, Egypt, and Kuwait. The outbreak is impacting the economic and industrial growth of the region in a substantial manner. The region comprises many growing economies which are prospective markets for fiber optic gyroscope providers, owing to the huge investments in infrastructure development, military expenditure, and growing manufacturing & construction industries. Due to these factors, the demand for fiber optic gyroscope solutions in anticipated to be high in the region. However, the ongoing COVID-19 outbreak may hinder this demand in coming quarters due to decline in industrial activities and investments. Also, there is already a pressure on oil-based economies in this region due to falling and uncertain oil prices. In addition to this, the factory lockdowns, business shutdowns, and travel bans are further aggravating the economic problems of the countries present in the MEA region. Hence, the estimated decline in MEA’s economic growth and impact of COVID-19 on growth of various industries in the region is expected to negatively impact the demand for fiber optic gyroscope systems in 2020 and 2021.
Cielo inertial Solutions Ltd, Honeywell International Inc, KVH Industries, Inc., NEDAERO, Safran Colibrys SA are among the leading companies in the MEA 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 Apollo Micro Systems signed MOU with Cielo Inertial Solutions Ltd which discovered the potential of integrating their respective capabilities in order to promote and pursue opportunities for the marketing sale and production of IMUs.
The report segments the MEA Fiber Optic Gyroscope Market follows:
MEA Fiber Optic Gyroscope Market – By Sensing Axis
MEA Fiber Optic Gyroscope Market – By Device
- Inertial Measurement Unit
- Inertial Navigation System
- Attitude Heading Reference System
MEA Fiber Optic Gyroscope Market – By Application
- Remotely Operated Vehicle Guidance
- Aeronautics and Aviation
- Defense and Homeland Security
- Tactical Grade Applications
MEA Fiber Optic Gyroscope Market – By Country
- Saudi Arabia
- South Africa
- Rest of MEA
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