The fiber optic gyroscope market in Europe is expected to grow from US$ 255.64 million in 2019 to US$ 356.89 million by 2027; it is estimated to grow at a CAGR of 4.4% from 2020 to 2027. The defense spending across countries is growing at an unprecedented rate since the past few years. The commercial aviation industry is growing at a steady pace. As per Airbus’ market forecast for 2019–2038, the long term growth outlook of Europe aviation industry is quite positive and it is projected that the air traffic would double in next 15 years with an average traffic growth rate of 4.3% per annum. The developing countries across Europe are expected to account for the major share of future aviation industry growth. Fiber optic gyroscopes are being widely used in Europe aerospace and defense industry for diverse applications including navigation systems, inertial measuring units, gun stabilization, attitude heading reference system, sight stabilization, missile stabilization, gyrocompass, camera stabilization, and antenna stabilization. Rising defense expenditure levels across countries and growing aviation industry are anticipated to boost the Europe fiber optic gyroscope market. Increasing requirement of fiber optic gyroscopes among various industrial applications is among the other factors expected to positively influence the Europe fiber optic gyroscope market. In terms of device, the inertial navigation system segment led the Europe fiber optic gyroscope market in 2019.An inertial navigation system is a navigation device that uses motion sensors (accelerometers), computer, and rotation sensors (gyroscopes) to continuously calculate the orientation, position, and velocity (direction and speed of motion) of a moving object without the need for external references.
The rising market initiatives and strategies for motion sensors (accelerometers), adopted by the market players are significant factors contributing to the INS segment’s growth thus impacting the Europe fiber optic gyroscope market. The strategy adopted by EMCORE Corporation is the procurement of large ticket contracts in which the company has recently announced two contracts worth US$ 4 million and US$18 million for inertial navigation systems and high-performance FOGS, respectively. The ongoing COVID-19 outbreak has severely affected Europe.Presently, Russia, Spain, France, the UK, Italy, and Germany are some of the worst affected member states in Europe due to COVID-19 outbreak.
The region is a major manufacturing and industrial hub for sectors such as automotive, aviation, construction, energy, and power.However, due to COVID outbreak, a large number of businesses in the region are facing financial challenges as they either had to suspend their operations or reduce their activities in a substantial manner, owing to government imposed restrictions and lack of manpower.
Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slump in 2020 in various industries including Europe fiber optic gyroscope market and it is most likely to continue in 2021 as well.Various member states in Europe, such as Italy, Spain, France, the UK, and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus.
European countries represent a major market for fiber optic gyroscopes and hence, provides growth owing to the presence of a strong civil and military aviation sector, and strict safety regulations in various industries. The lockdown has affected new industrial projects and investments in various European countries, thus impacting the demand for fiber optic gyroscope systems in this region. In addition to this, the disruptions in raw materials and electronic component supply from China and other countries are further anticipated to aggravate the supply problems faced by fiber optic gyroscope manufacturers operating in Europe hence directly affecting the Europe fiber optic gyroscope market.
The overall Europe 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 Europe fiber optic gyroscope market.
The process also serves the purpose of obtaining overview and forecast for the Europe 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 Europe fiber optic gyroscope market. Emcore Corporation; Fizoptika; Honeywell International Inc.; ixblue; KVH Industries, Inc.; NEDAERO; Optolink RPC LLC; and Safran Colibrys SA are among the key players operating in the Europe fiber optic gyroscope market.
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