Fiber Optics Gyroscope Remains Highly Sought-After for Military and Defense Applications; Global Demand to Surge at 8.3% through 2031: Future Market Insights Survey

Fiber Optics Gyroscope Remains Highly Sought-After for Military and Defense Applications; Global Demand to Surge at 8.3% through 2031: Future Market Insights Survey

PR Newswire

DUBAI, U.A.E, July 13, 2021

The Future Market Insights (FMI) survey on the fiber optic gyroscope market identifies impressive growth opportunities amid rising sales of autonomous vehicles. The report also highlights focus on innovation as key growth strategy adopted by leading fiber optic gyroscope producers

DUBAI, U.A.E, July 13, 2021 /PRNewswire/ -- The global fiber optic gyroscope market demand outlook remains positive, as FMI forecasts its valuation to surpass US$ 1,413 million by the end of 2021.

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Owing to increasing application in military & defense and automotive industries, the market for fiber optic gyroscope is expected to grow at a CAGR of 8.3% over the forecast period 2021 to 2031 in comparison to CAGR 6.8% registered between 2016 and 2020.

The emergence of autonomous vehicles is one of the primary factors fueling the demand for fiber optic gyroscopes. According to KVH, the inertial measurement units (IMUs), which combines fiber optic gyroscopes with accelerometer components provide highly accurate acceleration data and angular rate to track the exact position of the car.

This aspect has made the use of these gyroscopes indispensable while manufacturing autonomous vehicles, in turn, creating lucrative sales opportunities for the fiber optic gyroscope producers over the forecast period.

Increasing usage of fiber optic gyroscopes for ground detection, missiles flight control, and dynamic GPS tracking in military applications will create growth opportunities. Coupled with this, the rising demand for better navigation and stabilization platforms in aerospace, battlefield, and undersea environments is estimated to drive growth at around 7.4% in the military and defense domain, as per a study by FMI.

"Fiber optic gyroscope market players are emphasizing on developing innovative products and technologies to cater to increasing demand for better electronic surveillance, RADAR systems, navigation, GPS,  and air traffic control (ATC) across the globe," says the FMI analyst.

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Key Takeaways from Fiber Optic Gyroscope Market Study

Key Drivers

Key Restraints

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Competitive Landscape

Companies operating in the fiber optic gyroscope market are focusing on developing innovative products and forging strategic partnerships with other manufacturers to expand their production and increase the market share.

Some of the key players operating in the fiber optic gyroscope market profiled by FMI are:

More Insights on the Fiber Optic Gyroscope Market:

FMI provides an unbiased analysis of the fiber optic gyroscope market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global fiber optic gyroscope market with a detailed segmentation on the basis of:

By Sensing Axis:

By Device:

By Application:

By Region:

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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