The United States accounted for 22.2% of the market in 2022. Over the forecast period, the fiber optic gyroscope market in the United Kingdom is expected to expand at a CAGR of 12.7%.
According to a new Future Market Insights study, the worldwide fibre optic gyroscope market is expected to develop at an 8.4% CAGR from 2023 to 2033. In 2023, the market is expected to be worth US$ 1.6 billion. By 2033, the market is expected to be worth US$ 3.6 billion.
Certain emerging countries have increased their defence budget. China and Japan are two emerging markets with significant demand for fibre optics gyroscopes worldwide. A broad citizen base, an increase in research and development initiatives, rapid industrialization, and significant investments in sensor optimisation are all elements contributing to this development.
Because of the widespread implementation of fiber optic gyroscopes in military uses such as missile flight management, ground discovering and flexible Global Positioning System (GPS) tracking, the defense industry persists to be one of the biggest end-users of fiber optic gyroscopes. This, utilized with increased defense expenditures in the United States and Europe, will push up demand for fibred optic gyroscopes.
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Key Takeaways from the Market Study
“Several emerging economies have increased their defense spending. China and Japan are two developing countries with significant global demand for fiber optics gyroscopes. Other factors contributing to this growth include a large population base, an increase in R&D activities, rapid industrialization, and significant investment in sensor advancement,” says the FMI analyst.
Competitive Landscape
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the fiber optic gyroscope market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by Sensing Axis (1-Axis, 2-Axis, 3-Axis), Device (Fiber Optics Gyrocompass, Inertial Measurement Units (IMUs), Inertial Navigation Systems), Application (Aeronautics and Aviation, Robotics, Remotely Operated Vehicle Guidance, Military & Defense, Industrial) & Region
Fiber Optic Gyroscope Market by Category
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 11, 2023