Market Trends of Fiber Optic Gyroscope Industry
This section covers the major market trends shaping the Fiber Optic Gyroscope Market according to our research experts:
Aerospace and Defense Segment to Dominate the Market
- Widespread use of fiber optic gyroscopes in military applications, such as missiles flight control, ground detection, and dynamic Global Positioning System (GPS) tracking, has made the defense industry to remain one of the biggest end-user of fiber optic gyroscope. This, coupled with surging investments in the defense sector, like that in the U.S. and Europe, will continue to increase the demand for fiber optic gyroscope.
- UAVs are capable of performing a variety of missions supporting military and intelligence purposes and also a variety of civil purposes. This technology is used for sensing the motion of different aviation applications such as angular, velocity, and speed, among others. Such beneficial features and increasing uses create market demand, which is expected to boost the Fiber Optics Gyroscope market growth.
- There will be a massive requirement of small UAVs by the defense services in the coming years. For instance, currently, the IAF is planning to join hands with an Israeli firm to upgrade the UAVs of the three services under a project worth over Rs 5,000 crore to enhance their snooping capabilities; consequently, the IAF would be capable of operating these aircraft from far-off distances and control them through the satellite communication system.
- Owing to the increased investments in the aerospace and defense sector, the market presents lucrative opportunities for the market vendors, hence boosting the growth. For instance, according to Issuu, Inc., the global R&D spending in the aerospace and defense sector is anticipated to increase to USD 32 billion in 2019. Also, in 2018, the US Department of Defense invested USD 4.5 billion as against USD 3.8 billion in 2014 on unmanned aerial systems.
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Asia-Pacific to Witness a Significant Growth Rate
- The Asia Pacific will experience a prominent market growth in the coming years due to some emerging economies that have increased its defense budget. China and Japan are two emerging countries with a huge demand for fiber optics gyroscope in the Asia Pacific region. Other factors that attribute this growth are large population base, increased number of R&D activities, rapid industrialization, and high investment for the improvement of the sensors.
- Moreover, as Japan is well known as the automobile industry's manufacturing hub, driverless vehicles' new development plan is giving rise to the adoption of fiber-optic-gyroscopes. Furthermore, the increased enforcement of regulations from countries like China, Japan, and South Korea, has encouraged companies to invest. Thus, end-user companies are willing to invest in the measurement of orientation in several devices monitoring systems for their safety, encouraging market growth.
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