LONDON, Feb. 14, 2017 /PRNewswire/ -- "Fiber optics gyroscope market to grow at a CAGR of 3.61% between 2016 and 2022"
The fiber optics gyroscope market is expected to reach USD 1,037.0 million by 2022, at a CAGR of 3.61% between 2016 and 2022. The major reason for the growth of the fiber optics gyroscope is the increasing defense expenditure globally owing to the growing demand for equipment optimized with several intelligent sensors for navigation, satellite antenna positioning, and other applications. Highly complex and time-consuming manufacturing process is a major restraining factor for the growth of the fiber optics gyroscope market.
"Defense and homeland security application is a driving factor for the fiber optics gyroscope market and held the largest market share in 2015"
The defense sector uses different equipment that is optimized with several intelligent sensors for navigation, satellite antenna positioning, and other applications. Some of the major applications in this sector provided by fiber optics gyroscopes are missiles flight control, dynamic global positioning system (GPS) tracking, dynamic platform stabilization, environmental observation, ground detection, and guided ammunition, security, and earth observation applications among others. These factors are expected to propel the growth of the fiber optics gyroscope market for the defense and homeland security application.
"Asia-Pacific expected to be the fastest-growing market"
This report covers the fiber optics gyroscope market in North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). The fiber optics gyroscope market in APAC is expected to grow at the highest CAGR between 2016 and 2022. North America is the largest region for the fiber optics gyroscope market. The growing industrial and home automation and the huge defense expenditure by the U.S. government are some of the important factors that have contributed to the growth of the fiber optics gyroscope market in this region.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 – 35%, Tier 2 – 25%, and Tier 3 – 40%
- By Designation: C-Level Executives – 25%, Directors – 35%, and Others – 40%
- By Region: North America – 25%, Europe – 35%, APAC – 35%, and RoW – 5%
The key players in the fiber optics gyroscope market profiled in this report are EMCORE Corporation (U.S.), Honeywell International, Inc. (U.S.), Colibrys Ltd. (Switzerland), KVH Industries, Inc. (U.S.), Northrop Grumman LITEF GmbH (Germany), Nedaero Components (Netherlands), iXBlue SAS (France), Fizoptika Corp. (Russia), Optolink LLC (Russia), and Al Cielo Inertial Solutions Ltd. (Israel).