Europe Fiber Optic Gyroscope Market
A fiber optic gyroscope is used for numerous purposes, such as sight stabilization, weapons stabilization, gun stabilization, antenna stabilization, and camera stabilization, among many others, in aircraft, helicopters and remotely operated vehicles. Fiber optic gyroscopes are also used in industrial and robotics applications, including optics or RF antenna stabilization, ground vehicles, robots and training simulator stabilization, in addition to aerospace and defense applications. The rising demand for unmanned vehicles also drives the growth of the market in Europe. Each country in Europe has its regulations on UAVs; however, EASA has proposed a central framework for the whole European region. Most of the commercial UAV market is focused in larger countries such as Germany, France, Italy, Spain, UK, and Switzerland. Although Switzerland is comparatively smaller in terms of geography, the country is home to UAV industry leaders such as Pix4D and senseFly and the Unmanned Traffic Management Association. All of these countries, except UK, have to follow EASA's proposed regulatory framework in the future. Apart from the countries mentioned above, other countries in the European region, Russia, are expected to experience high growth in the military UAV market. This growth is attributed to the country's significant expenditure of military & defense. Also, Increasing requirement of fiber optic gyroscopes among various industrial applications in Europe region is expected to create a significant demand for fiber optic gyroscope in the coming years, which is further anticipated to drive the Europe fiber optic gyroscope market.
Furthermore, COVID-19outbreak has severely affected Europe. Presently, Russia, Spain, France, the UK, Italy, and Germany are some of the worst affected member states in Europe due to COVID-19 outbreak. The region is a major manufacturing and industrial hub for sectors such as automotive, aviation, construction, energy, and power. However, due to COVID outbreak, a large number of businesses in the region are facing financial challenges as they either had to suspend their operations or reduce their activities in a substantial manner, owing to government imposed restrictions and lack of manpower. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slump in 2020 in various industries including Europe fiber optic gyroscope market and it is most likely to continue in 2021 as well. Various member states in Europe, such as Italy, Spain, France, the UK, and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus. European countries represent a major market for fiber optic gyroscopes and hence, provides growth owing to the presence of a strong civil and military aviation sector, and strict safety regulations in various industries. The lockdown has affected new industrial projects and investments in various European countries, thus impacting the demand for fiber optic gyroscope systems in this region. In addition to this, the disruptions in raw materials and electronic component supply from China and other countries are further anticipated to aggravate the supply problems faced by fiber optic gyroscope manufacturers operating in Europe hence directly affecting the Europe fiber optic gyroscope market.
Strategic insights for the Europe 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$ 255.64 Million |
| Market Size by 2027 | US$ 356.89 Million |
| Global CAGR (2020 - 2027) | 4.4% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Sensing Axis
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe 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 Europe is expected to grow from US$ 255.64 million in 2019 to US$ 356.89 million by 2027; it is estimated to grow at a CAGR of 4.4% from 2020 to 2027. In the Europe fiber optic gyroscope market is expected to be the fast growing region in terms of market growth rate over the forecast period of 2020 to 2027. The growing trend of process automation across industries coupled with rising military expenditure are some of the key factors that are fueling the demand for advanced solutions such as fiber optic gyroscopes in military, commercial, and industrial sectors in the Europe region. Based on these factors. Huge population growth, rising disposable income, rapid urbanization & industrialization, high adoption of advanced technology solutions, favorable government policies to boost industrial growth, growing military & commercial aviation sectors, and high investments in R&D activities are some of the other key factors that are driving the growth of fiber optic gyroscope market in the Europe region. Hence, the growing automation trend and adoption of advanced technology solutions across various end users is anticipated to offer ample growth opportunities to fiber optic gyroscope manufactures operating the Europe region over the forecast period of 2020 to 2027.
In terms of sensing axis, the 3-axis segment accounted for the largest share of the Europe 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 Europe 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 Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Emcore Corporation; Fizoptika; Honeywell International Inc; ixblue; KVH Industries, Inc.; NEDAERO; Optolink RPC LLC; Safran Colibrys SA.
The Europe Fiber Optic Gyroscope Market is valued at US$ 255.64 Million in 2019, it is projected to reach US$ 356.89 Million by 2027.
As per our report Europe Fiber Optic Gyroscope Market, the market size is valued at US$ 255.64 Million in 2019, projecting it to reach US$ 356.89 Million by 2027. This translates to a CAGR of approximately 4.4% during the forecast period.
The Europe 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 Europe Fiber Optic Gyroscope Market report:
The Europe Fiber Optic Gyroscope Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Fiber Optic Gyroscope Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Fiber Optic Gyroscope Market value chain can benefit from the information contained in a comprehensive market report.
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