Inertial Navigation Systems to Account for Over 44% of the Fiber Optic Gyroscope Market in 2021: FMI Report
According to newly released data from fiber optic gyroscope (FOG) market analysis, the market will grow at a CAGR of 8.3% from 2021-2031, with revenue totaling US$ 1,413.2 Mn by the end of 2021. As per Future Market Insights (FMI), driven by increasing adoption of fiber optic gyroscope in robotics and remotely operated vehicles, the market will continue gaining momentum through the forecast period.
Fiber Optics Gyroscope Market
A recent market study published by Future Market Insights (FMI) on the fiber optic gyrosco...
Robotics is a fast-growing industry. Because robots can sharply improve productivity and offset regional differences in labor costs and availability, they are likely have a major impact on the competitiveness of companies and countries alike.
Measurement of rotational movement is one element in the control of robotic devices. Fiber optic gyroscopes are beginning to replace conventional momentum based techniques.
For robotic applications, gyro output can be used to determine rotation rates, altitude, or heading, and can be combined with other sensor inputs to determine position.
FOG technology is gaining importance as means for improving dead-reckoning accuracy in mobile robots. A wide range of robots and autonomous vehicles are currently used in fiber gyros, and many more are likely to be used in the future.
Key Takeaways: Fiber Optic Gyroscope Market
- 1-Axis segment is dominating the global fiber optic gyroscopes market. The segment is estimated to register a market share of 42.8% by the end of 2021. However, 3-Axis segment is estimated to grow at the fastest rate, emerging dominant by the end of the forecast period.
- Inertial navigation systems segment is dominating the global fiber optics gyroscope market. The segment is estimated to register a market share of 44.5% by the end of 2021, owing to increasing advancement in technology pertaining to navigation systems.
- The remotely operated vehicle guidance application segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 11.0% during the forecast period.
- The U.S. will emerge as a leading market, backed by presence of several leading players. FMI forecasts it to account for 81.5% of North America market in 2021.
- Demand in the U.K. is projected to rise at 10.1% in 2021, thanks to increasing budget allocated towards military and defense.
“Fiber optic gyroscopes are essential for fully autonomous vehicle control. FOGs and FOG-based IMUs will become key parts of the sensor mechanisms essential for accurate autonomous car performance. Considering this, focus on increasing autonomous vehicle production will bode well for the market in the coming years,” says FMI Analyst.
COVID-19 Impact Analysis on Fiber Optic Gyroscope Market
The spread of COVID-19 pandemic gripped the globe in the start of 2020. Governments all over the world have ramped up their measures to quickly respond to the COVID-19 pandemic. Technology industry is one of the most affected industry due to this pandemic and has forced organizations to reconsider their business strategies and operating plans for the post-pandemic world.
The COVID-19 pandemic has impacted the sales of semiconductor companies. The gyroscope manufacturing industry has also shown negative trends in response to the impact of COVID-19. The pandemic has disrupted most of the supply chain facilities in various industries, the FOG supply chains that mostly located in developed Asia and American regions has also got interrupted due to the impact of pandemic. The estimated sales of FOG sensors has dropped by 5% to 7% during the course of pandemic in Q1-Q2 2020. However, the global market has totally recovered soon and is estimated return to normal growth by Q4, 2021.
Emergence of Unmanned Aerial Vehicles (UAVs)
Unmanned aviation vehicles (UAVs) are also named as autonomous drones that performs scouting missions. A UAV is used to perform multiple tasks, including mapping, target tracking, and offensive neutralizing. The most important module of the UAV is its autopilot mode, which allows its remote control. For enabling autopilot mode in UAVs, several types of sensors are required.
The main functional component of the autopilot is an Inertial Measurement Unit (IMU), composed of 3-axis FOGs and 3-axis accelerometers. Integration of these sensors improves the drone flight functionalities. UAVs are basically been used in military and defense sectors to locate enemies at cross-border regions. UAV manufacturers are integrating FOGs for building functionalities to measure angular velocity and linear movement.
Who is Winning?
As competition continues soaring, manufacturers are expected to focus on mergers & acquisitions to maintain their global presence. For instance, in June 2019, EMCORE Corporation acquired Systron Donner Inertial, which supplies products like MEMS Inertial Sensors & Systems. This acquisition helped company to increase its FOG product pipeline and enhances its product offering.
Some of the leading players profiled in the report are KVH Industries, Inc., EMCORE Corporation, FIBERPRO, Inc., Saab, Honeywell, Tamagawa Seiki Co., Ltd., Optolink, NedAero Components B.V, iXblue, Fizoptika, Safran, Cielo Inertial Solutions, Ericco International, Fibernetics LLC, and Northrop Grumman Sperry Marine B.V.
More Valuable Insights on Fiber Optic Gyroscope Market
FMI’s report on the fiber optic gyroscope market is segmented into four major sections such as fiber optic gyroscope by sensing axis (1-Axis, 2-Axis, and 3-Axis), device (Fiber Optic Gyrocompass, Inertial Measurement Units (IMUs), Inertial Navigation Systems, and Others), application (aeronautics and aviation, robotics, remotely operated vehicle guidance (Unmanned Underwater Vehicle (UUV), Unmanned Ground Vehicle (UGV), and Unmanned Aerial Vehicle (UAV)), military & defense, industrial, others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the fiber optic gyroscopes market.
About Electronics, Semiconductor and ICT Division at Future Market Insights
Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on software, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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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