What is Global Fibre-Optic Gyroscope Market?
The Global Fibre-Optic Gyroscope Market is a vast and dynamic sector that has been gaining significant attention in recent years. This market revolves around the production, distribution, and use of fibre-optic gyroscopes, which are devices that use the interference of light to detect mechanical rotation. These gyroscopes are known for their high precision and reliability, making them an essential component in various industries. The global market for these devices was valued at a substantial US$ 609 million in 2022. This value is expected to see a considerable increase, reaching an estimated US$ 815 million by 2029. This growth trajectory, which represents a Compound Annual Growth Rate (CAGR) of 4.2% from 2023 to 2029, is a testament to the increasing demand and expanding applications of fibre-optic gyroscopes.
Single-Axis, Multi-Axis in the Global Fibre-Optic Gyroscope Market:
The Global Fibre-Optic Gyroscope Market is segmented into Single-Axis and Multi-Axis based on the type of gyroscope. The Single-Axis segment holds the lion's share in this market, accounting for over 80% of the total market. Single-Axis gyroscopes are widely used due to their simplicity, cost-effectiveness, and suitability for a wide range of applications. On the other hand, Multi-Axis gyroscopes, although less prevalent, are gaining traction due to their ability to measure or maintain orientation in multiple directions. These gyroscopes are more complex and expensive but offer higher precision and versatility, making them ideal for advanced applications.
Defence, Aviation and Space, Ship and Submarine, Others in the Global Fibre-Optic Gyroscope Market:
The Global Fibre-Optic Gyroscope Market finds its applications in various sectors including Defence, Aviation and Space, Ship and Submarine, among others. In the Defence sector, these gyroscopes are used in navigation systems, missile guidance, and other military equipment for their high precision and reliability. In the Aviation and Space sector, they are used in aircraft navigation systems, space vehicles, and satellites for orientation and navigation purposes. In the Ship and Submarine sector, they are used for navigation and orientation in underwater vehicles and ships. Other applications include industrial, commercial, and research purposes where high precision rotation detection is required.
Global Fibre-Optic Gyroscope Market Outlook:
The market outlook for the Global Fibre-Optic Gyroscope Market is promising. As of 2022, the market was valued at US$ 609 million and is projected to reach US$ 815 million by 2029. This represents a CAGR of 4.2% during the forecast period from 2023 to 2029. The market is dominated by the top five manufacturers who collectively hold a market share of over 50%. The largest segment of the market is the Single-Axis gyroscopes, which account for over 80% of the market. This dominance can be attributed to their simplicity, cost-effectiveness, and wide range of applications.
| Report Metric | Details |
| Report Name | Fibre-Optic Gyroscope Market |
| Accounted market size in 2023 | US$ 636.8 million |
| Forecasted market size in 2029 | US$ 815 million |
| CAGR | 4.2 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Northrop Grumman, KVH Industries, Safran, Honeywell, Kearfott, AVIC, Optolink, iXblue, L3 Harris, Fizoptika CJSC, JAE, Emcore, Civitanavi, Mitsubishi Precision |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
