According to an updated study provided by Fact.MR, the fibre optic gyroscope market is estimated to reach a value of US$ 920 million by 2021, and is expected to grow at a CAGR of roughly 6% from 2021 to 2031. In 2019, the global aerospace sector was valued at roughly US$ 350 billion. Increased demand for air travel, changes in social behaviour, and low interest rates are all driving global expansion in the aerospace and defence industry, which drives up demand for 3-Axis Fiber Optic Gyroscope.
Fiber optic gyroscopes are in high demand in industries such as automotive, transportation & logistics, and robots around the world. A major economic element in this industry is predicted fluctuations in commodity and resource costs, which will have a significant impact on market growth.
North America now has the greatest revenue share in the global fibre optic gyroscope (FOG) sector, owing to the region’s long-standing aerospace and defence industries. Honeywell International Inc., Emcore Corporation, and KVH Industries, three of the main manufacturers of 3-Axis Fiber Optic Gyroscope, are all based in the United States.
3-Axis Fiber Optic Gyroscope Market: Key Takeaways
- Fiber optic gyroscopes are most commonly utilised in aerospace and defence applications, but their use in automotive is growing.
- Fiber optic gyroscopes with three axes account for 48% of sales and are predicted to expand by 252 BPS during the forecast period.
- The Asia Pacific region, which encompasses East Asia, South Asia, and Oceania, accounts for over 27% of global shipping. Over the next ten years, Asia Pacific is estimated to offer roughly US$ 218 million in absolute dollar opportunity.
- The global market has a modest level of concentration. Tier-1 firms, such as Honeywell International Inc. and Northrop Grumman LITEF GmbH, account for about 45 percent of sales.
- Inertial navigation systems account for more than 40% of the entire market share by device.
- Over 14% of total demand is accounted for by automotive and transportation and logistics.
- Through 2031, the FOG market in China and ASEAN is expected to grow at a CAGR of roughly 7%, while that in Japan and Australia is expected to grow at 6%.
According to a Fact.MR analyst, “manufacturers creating 3-Axis Fiber Optic Gyroscope for specific applications are projected to see an increase in their shares than those offering generalised devices.”
What are the Challenges Faced by Fiber Optic Gyroscope Manufacturers?
FOGs, like all other gyroscope technologies, require initial calibration, which varies depending on the detailed design (determining which indication corresponds to zero angular velocity).
In high-end applications, higher decibels of measurement noise associated with 3-Axis Fiber Optic Gyroscope continue to reduce their efficiency.
They are associated with high relative intensity noise (RIN) and poor operational efficiency, and as a result, they have failed to make an impact on the industry.
Because noise level has become one of the most significant performance factors for 3-Axis Fiber Optic Gyroscope, manufacturers are being forced to add noise reduction technologies in 3-Axis Fiber Optic Gyroscope to eliminate noise from various sources.
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