Market Size of Fiber Optic Gyroscope Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fiber Optic Gyroscope Market Analysis
The Fiber Optic Gyroscope Market is expected to grow at a CAGR of 5.7% over the forecast period 2021 - 2026. Fiber optic gyroscope-based inertial navigation systems exhibit a high output rate and attain high accuracy at measuring the angular velocity of multiple objects in a vast range of angles. This entails the rapidly-growing adoption of inertial navigation systems in unmanned military vehicles and airborne surveillance systems, ultimately triggering demand for fiber optic gyroscopes in the aerospace & defense industry.
- The rapidly rising adoption of drones and unmanned aerial vehicles (UAVs) in the defense and commercial sectors has been recognized as a primary driver in the market. The number of small hobbyist drones registered in the United States totaled 1.1 million units in 2019, according to the Federal Aviation Administration (FAA). Commercial drone registrations totaled about 412,000 in 2019.
- Additionally, the significant factors that positively influence the fiber optics gyroscope (FOG) market are increased defense investments in numerous developing and developed economies and the rising adoption of automation in industries and homes. For instance, In 2019, the United States spent around 718.69 billion U.S. dollars on its military. This figure was an increase from 2000 when U.S. military spending amounted to USD 466.76 billion.
- Countries like Israel has been at the forefront of military application development. Israeli drone companies are also leading the way for autonomous solutions for enterprises with Tel Aviv-based Airobotics, hence boosting the fiber optic gyroscope market. Moreover, the fiber optic gyroscope employed for measuring purposes during the drilling processes in the oil sector and the growing recognition and development of remotely operated vehicles, also boosting the market.
- Although demand and necessity of fiber optics gyroscope in the market can be seen significantly, complicated, expensive, and time taking manufacturing process is a major restraining factor that generates restriction in practicing fiber optics gyroscope, and this hinders its market growth to a certain extent.
