MEA Fiber Optic Gyroscope Market is expected to reach US$ 82.52 million by 2027 from US$ 61.30 million in 2019. The market is estimated to grow at a CAGR of 3.9% from 2020 to 2027.
The report provides trends prevailing in the MEA fiber optic gyroscope market along with the drivers and restraints pertaining to the market growth. Developing countries to raise new opportunities for fiber optic gyroscope is the major factor driving the growth of the MEA fiber optic gyroscope market. However, issues associated with existence of multiple substitute solutions hinders the growth of MEA fiber optic gyroscope market.
The market for MEA fiber optic gyroscope is segmented into sensing axis, device, application, and country. Based on sensing axis, the MEA fiber optic gyroscope market is divided into 1-axis, 2-axis, and 3-axis. In terms of revenue, the 3-axis segment is projected to be the largest segment over the forecast period from 2020 to 2027.
On the basis of device, the market is segmented into gyrocompass, inertial measurement unit, inertial navigation system, and attitude heading reference system. The inertial navigation system segment contributed a substantial share in 2019, and it is also anticipated to be the fastest growing device type in the MEA fiber optic gyroscope market.
Based on application, the MEA fiber optic gyroscope market is segmented into remotely operated vehicle guidance, aeronautics & aviation, robotics, industrial, defense and homeland security, and tactical grade applications. The defense and homeland security segment held the largest share in 2019 whereas remotely operated vehicle guidance segment is anticipated to be fastest growing segment.
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.
Cielo inertial Solutions Ltd, Honeywell International Inc, KVH Industries, Inc., NEDAERO, Safran Colibrys SA are among the leading companies in the MEA fiber optic gyroscope market.
The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020 Apollo Micro Systems signed MOU with Cielo Inertial Solutions Ltd which discovered the potential of integrating their respective capabilities in order to promote and pursue opportunities for the marketing sale and production of IMUs.
- Escalating Defense Spending and Progressing Aviation Industry in MEA
- Several Industrial Applications Demanding Fiber Optic Gyroscopes
- Existence of Multiple Substitute Solutions
- Developing Countries to Raise New Opportunities
- Adoption among Remotely Operated Vehicles
- Cielo inertial Solutions Ltd
- Honeywell International Inc
- KVH Industries, Inc.
- Safran Colibrys SA
For more information about this report visit https://www.researchandmarkets.com/r/ikyk2s
Laura Wood, Senior Press Manager
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