According to the market research report "Fiber Optics Gyroscope Market by Sensing Axis (1, 2, and 3), Device (Gyrocompass, Inertial Measurement Unit, Inertial Navigation System, and Attitude Heading Reference System), Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to be worth USD 1,037.0 Million by 2022, at a CAGR of 3.61% between 2016 and 2022.
The major driver for the growth of the fiber optics gyroscope market is the increasing defense expenditure globally. The overall fiber optics gyroscope market is driven by factors such as the huge demand for remotely operated vehicles guidance and growing adoption of automation in industries and homes.
Demand for inertial navigation systems expected to drive the growth of the fiber optics gyroscope market. The market for inertial navigation systems is expected to grow at the highest CAGR between 2016 and 2022. Inertial navigation system is a commercial off-the-shelf navigation and control solution, which uses sensor fusion to deliver reliable, high-accuracy navigation and control to a wide variety of unmanned, autonomous, and manned aerial, ground, and marine applications. The demand for fiber optics gyroscope in these systems would boost fiber optics gyroscope market in the near future.
3-axis fiber optics gyroscope expected to hold the largest share between 2016 and 2022. Of all the available sensing axis, the market for 3-axis fiber optics gyroscopes held the largest share in 2015 and the same trend is expected to continue by 2022 owing to the growing level of integration. Manufacturers are working towards integrating several functionalities in one system to reduce the number of components per device and to reduce the size and weight of the overall product. 3-Axis fiber optics gyroscopes are highly suitable for such integration.
Asia-Pacific witness the highest growth between 2016 and 2022. The fiber optics gyroscope market in Asia-Pacific (APAC) is expected to grow at the highest CAGR between 2016 and 2022. The reason for this growth is the huge population base, increasing investments for the development of sensors, a large number of research and development (R&D) activities, and increasing focus on industrial applications in this region. In APAC, the fiber optics gyroscope market is majorly driven by China and Japan because of the rapidly increasing industrialization in these countries. Therefore, the fiber optics gyroscope market in APAC is expected to grow rapidly between 2016 and 2022.
The key players in the ecosystem of the fiber optics gyroscope market profiled in this report are EMCORE Corporation (U.S.), Honeywell International, Inc. (U.S.), Colibrys Ltd. (Switzerland), KVH Industries, Inc. (U.S.), Northrop Grumman LITEF GmbH (Germany), Nedaero Components (Netherlands), iXblue SAS (France), Fizoiptika Corp. (Russia), Optolink LLC (Russia), and Al Cielo Inertial Solutions Ltd. (Israel).
Browse 66 market data Tables and 56 Figures spread through 141 Pages and in-depth TOC on "Fiber Optics Gyroscope Market" at http://www.marketsandmarkets.com/Market-Reports/fiber-optic-gyroscope-market-99825571.html
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