The ring laser gyroscope market is estimated to grow by more than 6.3% CAGR from 2021-2031 owing to increasing growth of aerospace and defense industry across the globe over the years.
Ring laser gyroscope used to calculate angular rotation of a wide range of platforms such as spacecraft, aircrafts, and naval ships. Ring laser gyroscopes are used in moving parts of mechanical gyroscopes and it provides excellent accuracy, thus RLGs are majorly used in defense applications.
According to latest research by Future Market Insights, ring laser gyroscope market is set to witness higher growth during 2021-2031.
The market will show significant growth in coming years, owing to factors such as incorporation of advanced technology, increasing spending on new defence vessels, and rising demand from commercial applications. However, the increasing manufacturing costs and complexity related with RLG restrains the growth of the ring laser gyroscope market.
What is Driving Demand for Ring Laser Gyroscope Market?
The aviation industry is key consumer of Inertial Navigation System (INS) systems. INS systems is a self-contained navigation technique which provides gyroscopes and accelerometers to track the orientation and position of an object relative to a known velocity, starting point, and orientation. The technological innovations in gyroscopes enhances performance of the INS system.
Thus increasing demand for the INS systems in aviation industry ultimately fuels the growth of the ring laser gyroscope market. INS system also used in spacecraft and commercial aircrafts. Thus rising demand of the INS system from space exploration vehicles, primarily commercial aircrafts and commercial applications propels the demand for the ring laser gyroscope market.
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Growing demand fromdefense applications and adoption of Unmanned Aerial Vehicles (UAVs) & drones is driving the adoption of Ring Laser Gyroscope Market
The adoption of Unmanned Aerial Vehicles (UAVs) and drones in the commercial and defense sector has increased over the years. In recent years, adoption of ring laser gyroscope in defense applications has increased. It helps to upgrade present navigation systems onboard the ships, and also helps to develop the new defense vessels.
Thus growing demand from defense applications and adoption of UAVs and drones fuels the growth of the ring laser gyroscope market. Furthermore, incorporation of advanced technology in underwater vehicles and unmanned aerial vehicles augments the growth of the ring laser gyroscope market.
North America Ring Laser Gyroscope Market Outlook
North America is anticipated to constitute a highest growth in the ring laser gyroscope market over the forecasted period.
The North America shows significant growth in ring laser gyroscope market owing to rising adoption of RLGs in military applications such as GPS, navigation, electronic surveillance, and ATC (Air Traffic Control), RADAR systems, and many more.
U.S. military spending spends $934 billion second-largest item in the federal budget after Social Security. From which $705 billion spends by the department of defense alone.
Over the years, US spends much amount of their budget on military applications which ultimately propels the demand of ring laser gyroscope market in North America region.
North America has massive presence of ring laser gyroscope providers such as Honeywell International Inc., FOG Software Group, EMCORE Corporation, and KVH Industries, Inc. Presence of such key vendors in the North America region propels the demand for the ring laser gyroscope market.
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Europe Demand Outlook for Ring Laser Gyroscope Market
Europe is the second largest contributor to Ring Laser Gyroscope market and would grow at higher CAGR, owing to more spending on defense among other European countries. France, Germany, Italy, France, and U.K. are the dominating economies in Europe region.
For an instance, in 2020, the developed economy in Europe region U.K. has increases its defense budget to $21.9 Bn for spending on shipbuilding, space, and cyber.
Adoption of advance technology like automation in industries, increasing aviation industry warehouses, buildings and homes drives the demand for RLG market in UK. Also growing demand for advanced aerospace technologies propels the demand for ring laser gyroscope market in Europe region.
The stringent government regulations and annual budget in defense sector in major economies such as France, Germany, Italy, United Kingdom, and Spain has been one of the major driving factor for the growth of the ring laser gyroscope market in Europe region.
Who are the Major vendors of Ring Laser Gyroscope Market?
Some of the leading vendors and companies of ring laser gyroscope including
These key vendors have adopted various organic/inorganic strategies, to increase customer base at global market. They spends millions of dollars into product research and development to carry off the needs of their customers for ring laser gyroscope market.
Furthermore, many companies are focusing on new product launch to enhance their product offering.
For instance, In March 2020, Northrop Grumman Sperry Marine B.V. announced partnership with U.S. navy. The company provides the new-generation AN/WSN-7B ring laser gyro systems to US navy. The new system provides a form, fit and function replacement for the aging AN/WSN-2 gyrocompass on U.S. Navy submarines and surface ships.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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