North America Fiber Optic Gyroscope Market
A fiber optic gyroscope is used in aircrafts, helicopters and remotely operated vehicles for various applications such as sight stabilization, gun stabilization, missile stabilization, antenna stabilization, and camera stabilization among many others. In addition to aerospace and defense applications, fiber optic gyroscopes are also being utilized in industrial and robotics applications including optics or RF antenna stabilization, ground vehicles, robots, and training simulator stabilization among other industrial purposes. These gyroscopes uses Sagnac effect and have no moving parts which makes them highly suitable for high-shock applications, complex space applications, fiber optic gyrocompasses, inertial navigation systems of missiles, remotely-operated and autonomous vehicles, and surveying equipment. The benefits offered by these gyroscopes such as high rotational rate, no moving parts, and higher resolution over other alternatives such as mechanical gyroscopes and ring laser gyroscope are driving the adoption of these gyroscopes in aerospace, defense, and industrial sectors. In addition to this, the rising military expenditure in North America owing to increasing geopolitical tensions among major countries coupled with growing adoption of these gyroscopes in remotely operated vehicles guidance applications are further fuelling the growth of North America fiber optic gyroscope market. Also, fiber optic gyroscopes are witnessing high demand among various industrial applications is expected to create a significant demand for fiber optic gyroscope in the coming years, which is further anticipated to drive the North America fiber optic gyroscope market.
Furthermore, COVID-19 is having a very devastating impact over the North America region. North America held the largest share of fiber optic gyroscope market owing to the presence of country such as the US, where investments and expenditure on military sector is quite high. Additionally, the presence of some of the largest fiber optic gyroscope systems manufacturers, military equipment manufacturers, and aircraft manufactures in the region are contributing to the growth of fiber optic gyroscope market. Hence, North America is one of the most important regions for the growth and demand of fiber optic gyroscope devices owing to favorable government policies to boost military sector and presence of huge military base, especially in developed countries such as the US and Canada. Hence, any impact on the growth of these sectors is expected to affect the economic growth of the region in a negative manner including North America fiber optic gyroscope market. At present, the US is the worst affected country due to COVID-19 outbreak. The US is one of the largest markets for fiber optic gyroscope especially in military sector owing to stringent government/industry regulations regarding safety standards and growing number of attacks. The unprecedented increase in the number of confirmed cases and rising reported deaths in the country is affecting both supply and demand of fiber optic gyroscope equipment due to supply chain disruptions across the region. The ongoing slump in commercial infrastructure development activities and new defense projects across the US, Canada, and Mexico is impacting the demand of North America fiber optic gyroscope market. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the fiber optic gyroscope market growth in North America region in a negative manner for the next few quarters.
Strategic insights for the North America Fiber Optic Gyroscope provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 339.04 Million |
| Market Size by 2027 | US$ 489.88 Million |
| Global CAGR (2020 - 2027) | 4.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Sensing Axis
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Fiber Optic Gyroscope refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The fiber optic gyroscope market in North America is expected to grow from US$ 339.04 million in 2019 to US$ 489.88 million by 2027; it is estimated to grow at a CAGR of 4.9% from 2020 to 2027. Remotely operated vehicle (ROV) guidance is one of the key application areas of fiber optic gyroscope market and it is projected to be the fastest growing application over the forecast period of 2020 to 2027. The growing adoption of ROVs such as unmanned underwater vehicle, unmanned aerial vehicle, and unmanned ground vehicle across industries like oil & gas, energy & power, automotive, defense, and manufacturing is anticipated to drive the future adoption of fiber optic gyroscopes in these industries. In addition to this, the rising miniaturization trend in fiber optic gyroscope market to offer efficient, light-weight, and compact gyroscope offerings and to meet the challenging size and performance demands of today’s industry applications is expected to drive technological advancements in the North America fiber optic gyroscope market in the coming years.
In terms of sensing axis, the 3-axis segment accounted for the largest share of the North America fiber optic gyroscope market in 2019. Based on device, inertial navigation system held the largest market share in 2019 for North America fiber optic gyroscope market. In terms of application, the defense and homeland security segment held a larger market share of the North America fiber optic gyroscope market in 2019.
A few major primary and secondary sources referred to for preparing this report on the fiber optic gyroscope market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cielo Inertial Solutions Ltd.; Emcore Corporation; ixblue; Honeywell International Inc; KVH Industries, Inc.; Safran Colibrys SA.
The North America Fiber Optic Gyroscope Market is valued at US$ 339.04 Million in 2019, it is projected to reach US$ 489.88 Million by 2027.
As per our report North America Fiber Optic Gyroscope Market, the market size is valued at US$ 339.04 Million in 2019, projecting it to reach US$ 489.88 Million by 2027. This translates to a CAGR of approximately 4.9% during the forecast period.
The North America Fiber Optic Gyroscope Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Fiber Optic Gyroscope Market report:
The North America Fiber Optic Gyroscope Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Fiber Optic Gyroscope Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Fiber Optic Gyroscope Market value chain can benefit from the information contained in a comprehensive market report.
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