Tier-1 Companies Account for Over 50% Market Revenue Share
Majority share of the fiber optic gyroscope market, over 50%, will remain collectively hinged by Tier 1 companies, while Tier 2 and Tier 3 companies witness challenges apropos of capital investment for scaling up their business in the fiber optic gyroscope market. Nature of the fiber optic gyroscope market continues to remain moderately concentrated, and characterized by oligopolistic competition. The need for high initial investment remains a major barrier to entry in the fiber optic gyroscope market, which underpins consolidation of the market among few leading players.
Tier 1 market players will continue to witness promising growth prospects, with their patented fiber optic gyroscope technologies, which help them to introduce advanced fiber optic gyroscopes that feature improved functionality, reliability and durability. Extensive adoption of fiber optic gyroscope in complex application entails demand for high-end product offerings from end-users, which further implies products of Tier 1 players with technological and capital vigor to remain sought-after.
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Fiber Optic Gyroscope Sales to Ride Coattails of Ballooning Defense Budgets Worldwide
The European Commission allocated over €90 million for the European Defense Fund from the EU budget for 2017-19, which increased up to €13 billion for the span of 2021-2027. Likewise for the U.S., the budget for defense increased from around US$ 606 billion in 2017 to US$ 639.1 billion in a year, and the President’s FY2019 budget request for national defense includes nearly US$ 726 billion. Widespread use of fiber optic gyroscopes in military applications, such as missiles flight control, ground detection, and dynamic Global Positioning System (GPS) tracking, has made defense industry to remain one of the biggest end-user of fiber optic gyroscope. This coupled with surging investments in the defense sector, as that in the U.S. and Europe, will continue to proliferate demand for fiber optic gyroscope.
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Miniaturization – An Ongoing Trend in the Fiber Optic Gyroscope Development
Miniaturized fiber optic gyroscopes offer highly effective integration in high-end industrial applications. Key industry experts apropos of fiber optic gyroscope are adopting innovative technologies to leverage the structural advantages associated with the compactness and size of fiber optic gyroscopes. Research efforts, such as those by researchers from Micro-Satellite Research Center, School of Aeronautics and Astronautics, Zhejiang University, focused toward discovering novel methods for designing miniaturized fiber optic gyroscopes with greater efficiency, to offset functionality related challenges linked with reducing size of these gyroscopes, are primary examples of such innovative developmental activities.
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Relative Intensity Noise Remains a Key Challenge in Use of Fiber Optic Gyroscopes
Higher decibels of measurement noise associated with fiber optic gyroscopes continue to remain a key confinement to their efficiency in high-end applications. Fiber optic gyroscopes, commonly used in inertial guidance systems, are associated with high relative intensity noise (RIN), and exhibit poor operational efficiency, thereby impeding their penetration into the marketplace.. As the noise level has become one of the most important performance parameter of fiber optic gyroscopes for end-users, it is forcing manufacturers to include high-cost noise reduction systems for eliminating noise from various sources in fiber optic gyroscopes. Use of fiber ring resonator (FRR) to reduce relative intensity noise is one such advancement in the fiber optic cable market.
Fiber Optic Gyroscope – Most-Trusted, Non-Mechanical Performance Booster in Modern Inertial Navigation Systems
Growth prospects of the fiber optic gyroscope market witness a significant impact of advanced operational features, such as vibration resistance, flexibility, and shock resistance, and robustness of fiber optic gyroscopes when they are employed in inertial navigation systems. As fiber optic gyroscopes minus the mechanical components of traditional gyroscopes, it enables end-users to enhance the performance characteristics of fiber optic gyroscope-based inertial navigation systems.
Fiber optic gyroscope-based inertial navigation systems exhibit high output rate and attains high accuracy at measuring angular velocity of multiple objects in a vast range of angles. This entails the rapidly-growing adoption of inertial navigation systems in unmanned military vehicles and airborne surveillance systems, ultimately triggering demand for fiber optic gyroscopes in the aerospace & defense industry.
The Fact.MR report presents comprehensive information about the latest developments in the fiber optic gyroscope market. Readers can find segment in the report with detailed information about the leading players in the fiber optic gyroscope market, which includes detailed profile of the company, important financial information, regional penetration of the company, and the latest company developments.
New entrants in the fiber optic gyroscope market to track developments in critical strategies of market leaders and their competitors while modifying their business strategies accordingly and gain an edge in the fiber optic gyroscope market in coming years. Some of the companies profiled in the Fact.MR report are Emcore Corporation, Honeywell International, Inc., KVH Industries, Inc., Northrop Grumman Litef GmbH, Nedaero Components, Ixblue SAS, Fizoptika Corp., Optolink LLC, and AL Cielo Inertial Solutions Ltd.
EMCORE Corporation introduced its EN-150 Inertial Measurement/Navigation Unit, which is highly suitable for dismounted soldiers and weaponry, platform stabilization, and unmanned aerial vehicles where is GPS is not available. It replaces Ring Laser Inertial Measurement Units (IMU) with smaller size and high performance fiber optic gyroscope-based inertial measurement units and expands its current product portfolio.
Another player in the fiber optic gyroscope market, KVH Industries, Inc. recently launched its new fiber optic gyroscope-based IMU with 25g accelerometer. The new IMU is designed for dynamic applications with high levels of shock, vibration, and acceleration. Furthermore, the company collaborated with VectorNav Technologies LLC, a provider of embedded navigation solution, to combine the reliability and precision KVH’s fiber optic gyroscope-based IMU with high-performance navigation systems by VectorNav to capitalize on a wide range of its industrial applications.
The fiber optic gyroscope market is expected to witness the trend of a majority of market players, such as Honeywell International, Inc., Nedaero Components, Northrop Grumman Litef GmbH, and Optolink LLC, focusing on supplying fiber optic gyroscopes that are suitable for the aerospace and defense industry. Growth dynamics of the aerospace and defense industry are likely to make a significant impact on the manufacturing strategies of market players and competitive environment in the fiber optic gyroscope market in the upcoming years.
Additional Questions Answered
The report provides detailed information about growth prospects of the fiber optic gyroscope market to help readers to understand the minute details about the historical, current, and future growth parameters of the market. The report also answers the critical questions about the market development for readers, which can help them to make appropriate business decisions while entering the fiber optic gyroscope market. Some the questions answered in the Fact.MR report include
- Which end-user industry accounts for the largest share in the revenue of the fiber optic gyroscope market and why?
- What are the recent strategic developments in the leading manufacturers in the fiber optic gyroscope market?
- Why is the demand for inertial navigation system the highest among other types of fiber optic gyroscopes?
- How will the North American fiber optic gyroscope market grow during the period 2018-2026?
- Which end-user industries are leading stakeholders in the fiber optic gyroscope market capitalizing on?