Middle East & Africa Fiber Optic Gyroscope Market
The MEA fiber optic gyroscopes market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The region is expected to witness a rapid rise in marketing and industrialization activities, further boosting various industries' growth. The Gulf countries are economically developed, whereas African countries are yet to match these countries' economic conditions. Despite the obstacles, such as rising unemployment rates and uncertain oil prices, countries such as the UAE, Saudi Arabia, and South Africa are at the forefront of adopting advanced transformative technologies, such as artificial intelligence, IoT, and cellular technologies. Moreover, the Middle East and African countries are extensively spending on their military. Thus, UAVs' procurement for the military is anticipated to notice a high demand in this region. Adoption of fiber optic gyroscope in remotely operated vehicle is expected to create a significant demand for fiber optic gyroscope in the coming years, which is further anticipated to drive the MEA fiber optic gyroscope market. Furthermore, ongoing COVID-19 outbreak is causing drastic impact across the MEA region. Among the MEA countries, Iran has the highest number of COVID-19 confirmed cases and deaths, followed by countries such as Saudi Arabia, Iraq, Israel, Qatar, Egypt, and Kuwait. The outbreak is impacting the economic and industrial growth of the region in a substantial manner. The region comprises many growing economies which are prospective markets for fiber optic gyroscope providers, owing to the huge investments in infrastructure development, military expenditure, and growing manufacturing & construction industries. Due to these factors, the demand for fiber optic gyroscope solutions in anticipated to be high in the region. However, the ongoing COVID-19 outbreak may hinder this demand in coming quarters due to decline in industrial activities and investments. Also, there is already a pressure on oil-based economies in this region due to falling and uncertain oil prices. In addition to this, the factory lockdowns, business shutdowns, and travel bans are further aggravating the economic problems of the countries present in the MEA region. Hence, the estimated decline in MEA’s economic growth and impact of COVID-19 on growth of various industries in the region is expected to negatively impact the demand for fiber optic gyroscope systems in 2020 and 2021.
Strategic insights for the Middle East & Africa 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$ 61.30 Million |
| Market Size by 2027 | US$ 82.52 Million |
| Global CAGR (2020 - 2027) | 3.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Sensing Axis
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa 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 MEA is expected to grow from US$ 61.30 million in 2019 to US$ 82.52 million by 2027; it is estimated to grow at a CAGR of 3.9% from 2020 to 2027. Fiber Optic Gyroscopes were initially developed for use in military and defense applications, however due to potential benefits offered by these gyroscopes over their mechanical counterparts, they are being widely adopted in commercial and industrial sectors. Automotive, medical, and robotics among others are some of the key sectors where the demand for fiber optic gyroscopes has been increasing at an impressive pace. The rising demand for technologically advanced solutions to increase operational efficiency in various industries and increasing trend of industry automation is further driving the demand for fiber optic gyroscopes across industries. In majority of industrial applications such as factory transport systems, handling robots, and surveying equipment, gyroscopes are being used for real time stabilization and navigation purposes. The continuous advancements in gyroscope technologies and performance enhancements in parameters such as angle random walk, bias offset error, bias instability, temperature sensitivity, and shock & vibration sensitivity are some of the factors that are anticipated to drive the adoption of fiber optic gyroscopes in diverse industrial and commercial applications over the forecast period of 2020 to 2027.
In terms of sensing axis, the 3-axis segment accounted for the largest share of the MEA 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 MEA 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 MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cielo inertial Solutions Ltd; Honeywell International Inc; KVH Industries, Inc.; NEDAERO; Safran Colibrys SA.
The Middle East & Africa Fiber Optic Gyroscope Market is valued at US$ 61.30 Million in 2019, it is projected to reach US$ 82.52 Million by 2027.
As per our report Middle East & Africa Fiber Optic Gyroscope Market, the market size is valued at US$ 61.30 Million in 2019, projecting it to reach US$ 82.52 Million by 2027. This translates to a CAGR of approximately 3.9% during the forecast period.
The Middle East & Africa 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 Middle East & Africa Fiber Optic Gyroscope Market report:
The Middle East & Africa Fiber Optic Gyroscope Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Fiber Optic Gyroscope Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Fiber Optic Gyroscope Market value chain can benefit from the information contained in a comprehensive market report.
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