North America Fiber Optic Gyroscope Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Sensing Axis, Device, and Application

According to a new market research study on “North America Fiber Optic Gyroscope Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Sensing Axis, Device and Application” is expected to reach US$ 489.88 million by 2027 from US$ 339.04 million in 2019. The market is estimated to grow at a CAGR of 4.9% from 2020 to 2027. The report provides trends prevailing in the North America fiber optic gyroscope market along with the drivers and restraints pertaining to the market growth. Increasing defense spending and growing aviation industry is the major factor driving the growth of the North America fiber optic gyroscope market. However, issues associated with abundant availability of other options hinders the growth of North America fiber optic gyroscope market.

The North America fiber optic gyroscope market is segmented into sensing axis, device, application and country. Based on sensing axis, the North America 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 North America fiber optic gyroscope market. Based on application, the North America fiber optic gyroscope market is segmented into remotely operated vehicle guidance, aeronautics and 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.

Also the ongoing COVID-19is having a very devastating impact over the North America region. North America held the largest share of fiber optic gyroscope market owing to the presence of country such as the US, where investments and expenditure on military sector is quite high. Additionally, the presence of some of the largest fiber optic gyroscope systems manufacturers, military equipment manufacturers, and aircraft manufactures in the region are contributing to the growth of fiber optic gyroscope market. Hence, North America is one of the most important regions for the growth and demand of fiber optic gyroscope devices owing to favorable government policies to boost military sector and presence of huge military base, especially in developed countries such as the US and Canada. Hence, any impact on the growth of these sectors is expected to affect the economic growth of the region in a negative manner including North America fiber optic gyroscope market. At present, the US is the worst affected country due to COVID-19 outbreak. The US is one of the largest markets for fiber optic gyroscope especially in military sector owing to stringent government/industry regulations regarding safety standards and growing number of attacks. The unprecedented increase in the number of confirmed cases and rising reported deaths in the country is affecting both supply and demand of fiber optic gyroscope equipment due to supply chain disruptions across the region. The ongoing slump in commercial infrastructure development activities and new defense projects across the US, Canada, and Mexico is impacting the demand of fiber optic gyroscope in respective countries. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the fiber optic gyroscope market growth in North America region in a negative manner for the next few quarters.

Cielo Inertial Solutions Ltd.; Emcore Corporation; ixblue; Honeywell International Inc; KVH Industries, Inc.; Safran Colibrys SA are among the leading companies in the North America 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.

The report segments the North America Fiber Optic Gyroscope Market as follows:

North America Fiber Optic Gyroscope Market - By Sensing Axis

• 1-Axis
• 2-Axis
• 3-Axis

North America Fiber Optic Gyroscope Market - By Device

• Gyrocompass
• Inertial Measurement Unit
• Inertial Navigation System
• Attitude Heading Reference System

North America Fiber Optic Gyroscope Market - By Application

• Remotely Operated Vehicle Guidance
• Aeronautics and Aviation
• Robotics
• Industrial
• Defense and Homeland Security
• Tactical Grade Applications

North America Fiber Optic Gyroscope Market - By Country

• US
• Canada
• Mexico

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