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

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

  • November 2020 •
  • 122 pages •
  • Report ID: 5999645 •
  • Format: PDF
The fiber optic gyroscope market in APAC is expected to grow from US$ 230.67 million in 2019 to US$ 348.42 million by 2027; it is estimated to grow at a CAGR of 5.4% from 2020 to 2027. APAC is expected to be the fastest growing region in terms of market growth rate over the forecast period of 2020 to 2027. Growing trend of process automation across industries and rising military expenditure in Asian countries, such as China and India, are fueling the demand for advanced solutions, such as fiber optic gyroscopes, in military, commercial, and industrial sectors in the APAC region. Based on these factors, China, India, Japan, South Korea, and several Southeast Asian countries are anticipated to be the largest and fastest growing markets for the adoption of fiber optic gyroscope in the coming years. Huge population growth, rise in disposable income, rapid urbanization & industrialization, increase in adoption of advanced technology solutions, favorable government policies to boost industrial growth, growing military & commercial aviation sectors, and high investments in R&D activities are some of the other key factors that are driving the growth of fiber optic gyroscope market in the APAC region. Hence, growing automation trend and rising adoption of advanced technology solutions across various end users is anticipated to offer ample growth opportunities to fiber optic gyroscope manufacturers operating the APAC region over the forecast period of 2020 to 2027. Adoption of fiber optic gyroscope in remotely operated vehicles is among the other factors expected to positively influence the demand for fiber optic gyroscopes in APAC.

In terms of application, the defense and homeland security segment led the APAC fiber optic gyroscope market in 2019.The APAC fiber optic gyroscope market presents lucrative opportunities for market vendors due to increased investments in the aerospace and defense sectors.

The defense sector applications of fiber optic gyroscopes include flight control of missiles, dynamic GPS tracking, dynamic stabilization of platforms, ground detection, guided ammunition, safety, environmental observation, and earth observation. The widespread use of fiber optic gyroscopes has made the defense industry one of the largest end users of fiber optic gyroscopes.
APAC is one of the crucial regions for the future growth of fiber optic gyroscope market, owing to the presence of a large number of developing countries, positive economic outlook, high industrial presence, and favorable government policies.The high growth rate of urbanization and industrialization in developing countries of APAC is anticipated to offer ample growth opportunities to the market players operating in the APAC fiber optic gyroscope market, as the investments in both military and civilian infrastructure development are quite high in the region.

In addition to this, increasing number of geopolitical disputes among countries, such as India-China, China-Japan, and South Korea-North Korea, is further driving the demand for fiber optic gyroscope systems, especially in the military sector applications.However, the ongoing COVID-19 outbreak is causing huge disruptions in the growth of various sectors in the APAC region.

Due to the COVID-19 outbreak, industrial activities and new projects have seen a sharp decline with multiple projects on hold and unavailability of labor due to movement restrictions in various countries. Due to the ongoing disruptions in supply of raw materials & components the demand from China and other Asian countries is expected to decrease and impact the growth of APAC fiber optic gyroscope market in coming quarters.
The overall APAC fiber optic gyroscope market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC fiber optic gyroscope market.

The process also serves the purpose of obtaining overview and forecast for the APAC fiber optic gyroscope market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC fiber optic gyroscope market. Advanced Navigation; Emcore Corporation; Cielo inertial Solutions Ltd; Honeywell International Inc.; ixblue; KVH Industries, Inc.; and Safran Colibrys SA are among the key players operating in the APAC fiber optic gyroscope market.
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