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

According to a new market research study on “Europe Fiber Optic Gyroscope Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Sensing Axis, Device and Application” is expected to reach US$ 356.89 million by 2027 from US$ 255.64 million in 2019. The market is estimated to grow at a CAGR of 4.4% from 2020 to 2027. The report provides trends prevailing in the Europe fiber optic gyroscope market along with the drivers and restraints pertaining to the market growth. Increasing requirement of fiber optic gyroscopes among various industrial applications is the major factor driving the growth of the Europe fiber optic gyroscope market. However, issues associated with availability of substitute solutions hinders the growth of Europe fiber optic gyroscope market.

The Europe market for fiber optic gyroscope is segmented into sensing axis, device, application, and country. Based on sensing axis, the Europe fiber optic gyroscope market is divided into 1-axis, 2-axis, and 3-axis. In terms of revenue, the 3-axis segment is projected to be the largest segment over the forecast period from 2020 to 2027. On the basis of device, the market is segmented into gyrocompass, inertial measurement unit, inertial navigation system, and attitude heading reference system. The inertial navigation system segment contributed a substantial share in 2019, and it is also anticipated to be the fastest growing device type in the Europe fiber optic gyroscope market. Based on application, the Europe fiber optic gyroscope market is segmented into remotely operated vehicle guidance, aeronautics & aviation, robotics, industrial, defense and homeland security, and tactical grade applications. The defense and homeland security segment held the largest share in 2019 whereas remotely operated vehicle guidance segment is anticipated to be fastest growing segment.

Also 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 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.

Emcore Corporation; Fizoptika; Honeywell International Inc; ixblue ; KVH Industries, Inc.; NEDAERO; Optolink RPC LLC; Safran Colibrys SA are among the leading companies in the Europe fiber optic gyroscope market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, NEDAERO Introduced FOG80N series offering design which has led to FOG70 and FOG80N, whereby FOG80N has a stability @ room temperature of 0.2 °/hr.

The report segments the Europe Fiber Optic Gyroscope Market as follows:

Europe Fiber Optic Gyroscope Market - By Sensing Axis

• 1-Axis
• 2-Axis
• 3-Axis

Europe Fiber Optic Gyroscope Market - By Device

• Gyrocompass
• Inertial Measurement Unit
• Inertial Navigation System
• Attitude Heading Reference System

Europe Fiber Optic Gyroscope Market - By Application

• Remotely Operated Vehicle Guidance
• Aeronautics and Aviation
• Robotics
• Industrial
• Defense and Homeland Security
• Tactical Grade Applications

Europe Fiber Optic Gyroscope Market - By Country

• France
• Germany
• Italy
• Russia
• UK
• Rest of Europe

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