According to a new market research study on “MEA 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$ 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.
Also, 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.
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.
The report segments the MEA Fiber Optic Gyroscope Market as follows:
MEA Fiber Optic Gyroscope Market - By Sensing Axis
MEA Fiber Optic Gyroscope Market - By Device
MEA Fiber Optic Gyroscope Market - By Application
MEA Fiber Optic Gyroscope Market - By Country
Reasons to Buy
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.
Also, 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.
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.
The report segments the MEA Fiber Optic Gyroscope Market as follows:
MEA Fiber Optic Gyroscope Market - By Sensing Axis
- 1-Axis
- 2-Axis
- 3-Axis
MEA Fiber Optic Gyroscope Market - By Device
- Gyrocompass
- Inertial Measurement Unit
- Inertial Navigation System
- Attitude Heading Reference System
MEA Fiber Optic Gyroscope Market - By Application
- Remotely Operated Vehicle Guidance
- Aeronautics and Aviation
- Robotics
- Industrial
- Defense and Homeland Security
- Tactical Grade Applications
MEA Fiber Optic Gyroscope Market - By Country
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the MEA fiber optic gyroscope market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the MEA fiber optic gyroscope market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the fiber optic gyroscope market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. MEA Fiber Optic Gyroscope Market Landscape
5. MEA Fiber Optic Gyroscope -Market Dynamics
6. Fiber Optic Gyroscope Market - MEA Analysis
7. MEA Fiber Optic Gyroscope Market Analysis - by Sensing Axis
8. MEA Fiber Optic Gyroscope Market Analysis - by Device
9. MEA Fiber Optic Gyroscope Market Analysis -By Application
10. MEA Fiber Optic Gyroscope Market - Country Analysis
11. MEA Fiber Optic Gyroscope Market- COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profile
14. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cielo inertial Solutions Ltd
- Honeywell International Inc
- KVH Industries, Inc.
- NEDAERO
- Safran Colibrys SA