Asia Pacific Fiber Optic Gyroscope Market
A fiber optic gyroscope is used in aircrafts, helicopters and remotely operated vehicles for various applications such as sight stabilisation, gun stabilisation, missile stabilisation, antenna stabilisation, and camera stabilisation among many others. In addition to aerospace and defense applications, fiber optic gyroscopes are also being utilized in industrial and robotics applications including optics or RF antenna stabilization, ground vehicles, robots, and training simulator stabilization among other industrial purposes. The APAC 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 APAC region. Other factors that attribute this growth are a large population base, an increased number of R&D activities, rapid industrialization, and high investment to improve the sensors. Moreover, as Japan is well known as the automobile industry's manufacturing hub, driverless vehicles' new development plan gives 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 measuring orientation in several devices monitoring systems for their safety, encouraging market growth. Also, adoption of fiber optic gyroscope in remotely operated vehicle is the major factor driving the growth of the APAC fiber optic gyroscope market. However, the ongoing COVID-19 outbreak is causing huge disruptions in the growth of various sectors of APAC region. Due to COVID-19 outbreak, the industrial activities and new projects have seen a sharp decline with multiple projects on hold and unavailability of labor due to movement restrictions in various countries. Hence, the ongoing disruptions in supply of raw materials & components and also in demand from China & other Asian countries is expected to impact the growth of APAC fiber optic gyroscope market in coming quarters.
Strategic insights for the Asia Pacific Fiber Optic Gyroscope provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 230.67 Million |
| Market Size by 2027 | US$ 348.42 Million |
| Global CAGR (2020 - 2027) | 5.4% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Sensing Axis
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Fiber Optic Gyroscope refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The fiber optic gyroscope market in APAC is expected to grow from US$ 230.67 million in 2019 to US$ 348.42 million by 2027; it is estimated to grow at a CAGR of 5.4% from 2020 to 2027. The defense spending across countries is growing at an unprecedented rate in the past few years. According to SIPRI, the China is the largest defense spender across APAC with US$ 261 billion followed by India with US$ 71.1 billion. The increasing geopolitical tensions and trade wars among major countries is driving the high investments in defense sector. Also, the commercial aviation industry is growing at a steady pace. As per Airbus’s market forecast from 2019 to 2038, the long term growth outlook of APAC aviation industry is quite positive and it is projected that the air traffic will double in next fifteen years with an averages traffic growth rate of 4.3% per annum. However, the COVID-19 outbreak has affected the projected growth rate in past few months but the long term growth is expected to be positive owing to factors such as rising demand of air travel in developing countries, rising middle class, increasing consumer spending, and evolving business models of airlines. The developing nations across APAC, are expected to account for the major share of future aviation industry growth. The fiber optic gyroscopes are being widely used in APAC aerospace and defense industry for diverse applications including navigation systems, inertial measuring units, gun stabilization, attitude heading reference system, sight stabilization, missile stabilization, gyrocompass, camera stabilization, and antenna stabilization among many others. Hence, the rising defense expenditure levels across countries and growing aviation industry is anticipated to drive the adoption of fiber optics gyroscopes across APAC.
In terms of sensing axis, the 3-axis segment accounted for the largest share of the APAC fiber optic gyroscope market in 2019. Based on device, inertial navigation system held the largest market share in 2019. In terms of application, the defense and homeland security segment held a larger market share of the APAC fiber optic gyroscope market in 2019.
A few major primary and secondary sources referred to for preparing this report on the fiber optic gyroscope market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Advanced Navigation; Emcore Corporation; Cielo inertial Solutions Ltd; Honeywell International Inc; ixblue; KVH Industries, Inc.; Safran Colibrys SA.
The Asia Pacific Fiber Optic Gyroscope Market is valued at US$ 230.67 Million in 2019, it is projected to reach US$ 348.42 Million by 2027.
As per our report Asia Pacific Fiber Optic Gyroscope Market, the market size is valued at US$ 230.67 Million in 2019, projecting it to reach US$ 348.42 Million by 2027. This translates to a CAGR of approximately 5.4% during the forecast period.
The Asia Pacific Fiber Optic Gyroscope Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Fiber Optic Gyroscope Market report:
The Asia Pacific Fiber Optic Gyroscope Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Fiber Optic Gyroscope Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Fiber Optic Gyroscope Market value chain can benefit from the information contained in a comprehensive market report.
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