Fiber Optic Gyroscope Market Outlook 2021 Pricing Strategy, Industry Latest News, Top Company Analysis, Research Report Analysis and Share by Forecast 2031
The global fiber optic gyroscope market demand outlook remains positive, as FMI forecasts its valuation to surpass US$ 1,413 million by the end of 2021. Owing to increasing application in military & defense and automotive industries, the market for fiber optic gyroscope is expected to grow at a CAGR of 8.3% over the forecast period 2021 to 2031 in comparison to CAGR 6.8% registered between 2016 and 2020. The emergence of autonomous vehicles is one of the primary factors fueling the demand for fiber optic gyroscopes. According to KVH, the inertial measurement units (IMUs), which combines fiber optic gyroscopes with accelerometer components provide highly accurate acceleration data and angular rate to track the exact position of the car. This aspect has made the use of these gyroscopes indispensable while manufacturing autonomous vehicles, in turn, creating lucrative sales opportunities for the fiber optic gyroscope producers over the forecast period. Requ...