Market Introduction The MEA fiber optic gyroscopes market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA.The region is expected to witness a rapid rise in marketing and industrialization activities, further boosting various industries’ growth.
The Gulf countries are economically developed, whereas African countries are yet to match these countries’ economic conditions.Despite the obstacles, such as rising unemployment rates and uncertain oil prices, countries such as the UAE, Saudi Arabia, and South Africa are at the forefront of adopting advanced transformative technologies, such as artificial intelligence, IoT, and cellular technologies.
Moreover, the Middle East and African countries are extensively spending on their military.Thus, UAVs’ procurement for the military is anticipated to notice a high demand in this region.
Adoption of fiber optic gyroscope in remotely operated vehicle is expected to create a significant demand for fiber optic gyroscope in the coming years, which is further anticipated to drive the MEA fiber optic gyroscope market. Furthermore, 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.
Market Overview and Dynamics The fiber optic gyroscope market in MEA is expected to grow from US$ 61.30 million in 2019 to US$ 82.52 million by 2027; it is estimated to grow at a CAGR of 3.9% from 2020 to 2027. Fiber Optic Gyroscopes were initially developed for use in military and defense applications, however due to potential benefits offered by these gyroscopes over their mechanical counterparts, they are being widely adopted in commercial and industrial sectors. Automotive, medical, and robotics among others are some of the key sectors where the demand for fiber optic gyroscopes has been increasing at an impressive pace. The rising demand for technologically advanced solutions to increase operational efficiency in various industries and increasing trend of industry automation is further driving the demand for fiber optic gyroscopes across industries. In majority of industrial applications such as factory transport systems, handling robots, and surveying equipment, gyroscopes are being used for real time stabilization and navigation purposes. The continuous advancements in gyroscope technologies and performance enhancements in parameters such as angle random walk, bias offset error, bias instability, temperature sensitivity, and shock & vibration sensitivity are some of the factors that are anticipated to drive the adoption of fiber optic gyroscopes in diverse industrial and commercial applications over the forecast period of 2020 to 2027.
Key Market Segments In terms of sensing axis, the 3-axis segment accounted for the largest share of the MEA fiber optic gyroscope market in 2019.Based on device, inertial navigation system held the largest market share in 2019.
In terms of application, the defense and homeland security segment held a larger market share of the MEA fiber optic gyroscope market in 2019.
Major Sources and Companies Listed A few major primary and secondary sources referred to for preparing this report on the fiber optic gyroscope market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cielo inertial Solutions Ltd; Honeywell International Inc; KVH Industries, Inc.; NEDAERO; Safran Colibrys SA.
MEA Fiber Optic Gyroscope Market Segmentation 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 MEA Fiber Optic Gyroscope Market - Company Profiles • Cielo inertial Solutions Ltd • Honeywell International Inc • KVH Industries, Inc. • NEDAERO • Safran Colibrys SA
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