Ring Laser Gyroscope Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Number of Axis (Single Axis, Multi-Axis); By Application (Platform stabilization, Missile navigation, Aeronautics navigation, and Submarine navigation), By End User (Aviation & Marine (Air based (Aircraft, Drones), Marine-based), Spacecraft) and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
Global Ring Laser Gyroscope Market Size & Forecast
The Global Ring Laser Gyroscope market was valued at USD 812.3 million in 2023 and is expected to grow at a strong CAGR of around 3.21% during the forecast period (2024-2032) owing to rising demand for Ring Laser Gyroscope in the aircraft industry across the globe.
Global Ring Laser Gyroscope Market Analysis
Ring laser gyroscopes are small, lightweight, radiation-tolerant, and compact devices placed within aircraft, spaceships, marine systems, missiles, etc. These devices help vehicles for course correction in air and space with the help of a narrowbody light waveform traveling a path, created by using mirrors. Some of the key applications of ring laser gyroscopes are in autonomous systems, autonomous agriculture, aerospace, defense, marine, subsea, etc.
The Global Ring Laser Gyroscope market was valued at USD 812.3 million in 2023 and is expected to grow at a strong CAGR of around 3.21% during the forecast period (2024-2032). One of the key factors that have contributed to the growth of the laser ring gyroscope market is the high demand for commercial and military aircraft. Considering the rising demand for commercial aircraft especially in the emerging regions of Asia-Pacific, Middle East, Africa, Latin America, etc., the demand for new commercial jets by the leading airlines has extensively grown. This increased demand for commercial aviation in the regions has promoted the production of aircraft further leading to the demand of ring laser gyroscope as it is one of the crucial instruments in the cockpit assisting in the directional movement of the aircraft. For instance, in 2023, Interglobe Aviation (Indigo) announced to purchase of 500 Airbus A320 aircraft with a total cost of USD 55 billion.
In another instance, Air India another airline from India announced its finalization of the order of 470 aircraft including 250 airplanes from Airbus and 220 from Boeing. The total order comprises 400 narrowbody and 70 widebody jets. The total cost of the order is estimated to be around USD 70 billion.
With the high purchase of commercial jets from the developing regions the demand for ring laser gyroscopes from the OEMs would significantly rise. Additionally, the rising fleet of commercial aircraft in the region would also lead to the increased demand for ring laser gyroscopes for aircraft maintenance, repair, and overhaul activities.
Global Ring Laser Gyroscope Market Trends
This section discusses the key market trends that are influencing the various segments of the Global Ring Laser Gyroscope Market as identified by our team of research experts.
Increased Adoption in the Autonomous Vehicles
The demand for ring laser gyroscopes for autonomous vehicles such as autonomous cars, robots, and drone-based package delivery systems. Many companies such as Amazon, Tesla, BYD, Waymo, etc. are working on similar technologies due to which particular autonomous vehicles and drone delivery technologies have extensively supported the demand for ring laser gyroscope market. Furthermore, the focus on reducing the dependence on driver-based delivery and transportation through autonomous trucks, autonomous cars, drone delivery systems, etc., for precision and offering vehicle orientation and movement, the ring laser gyroscope demand is anticipated to be turbocharged during the forthcoming years i.e., 2024-2032.
With the growing need for predictive path determination, providing accurate real-time data on the vehicle’s orientation and movement, the demand for Ring Laser Gyroscope in this particular category is anticipated to find rapid growth, subsequently improving its market in the coming years.
North America is Expected to Hold Major Market Share During Forecast Period
The North America Ring Laser Gyroscope market has held the major market share across the globe. One of the key factors that have contributed to the growth is the presence of the largest commercial and military aircraft fleet requiring new aircraft for operational expansions. The North American aviation industry is further anticipated to rise due to massive orders being placed by the leading aviation companies in recent years. For instance, in 2024, American Airlines ordered 260 new aircraft from Airbus, Boeing and Embraer. With the massive purchase, the airline is looking forward to expanding its international operations for trans-Atlantic operations.
Boeing is one of the key manufacturers with a vast list of unfilled orders, YTD deliveries, etc. For instance, according to Boeing, the total unfilled orders for 737, 767, 777, and 787 models were 4763, 96, 539, and 790 units until 5/31/2024.
Considering the vast unfilled orders that are to be delivered in the coming years, the demand for Ring Laser Gyroscope is anticipated to rise in the forecasted years, i.e., 2024-2032.
Global Ring Laser Gyroscope Industry Overview
The Global Ring Laser Gyroscope market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Thales, Collins Aerospace, Honeywell International Inc., Kearfott Corporation, Silicon Sensing System Limited, Northrop Grumman, Optics Blazer AG, Safran SA, Teledyne CDL, and EMCORE.
Global Ring Laser Gyroscope Market News
- In 2024, the government of the Czech Republic signed a deal with the government of the US to buy 24 new F35 jets. The total worth of the deal would be USD 6.6 billion, to be delivered between 2031 to 2035.
- In 2024, Korean Aerospace Industries (KAI), signed an agreement with the Defense Acquisition Program Administration (DAPA) to initiate the production of KF-21 fighter jets.
- In January 2024, the French government announced the purchase of 42 additional Rafale Jets with a total cost of USD 5.5 billion. The respective aircraft will be delivered between 2027 to 2032.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Global Ring Laser Gyroscope Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Ring Laser Gyroscope market were the three major steps undertaken to create and analyze the adoption of Global Ring Laser Gyroscope in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Ring Laser Gyroscope market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Global Ring Laser Gyroscope market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Global Ring Laser Gyroscope market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by number of axis, by application, and by end user. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Ring Laser Gyroscope market. Further, we conducted factor analysis using dependent and independent variables such as by number of axis, by application, and by end user in the Global Ring Laser Gyroscope market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Ring Laser Gyroscope market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Ring Laser Gyroscope market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Ring Laser Gyroscope market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Global Ring Laser Gyroscope market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Ring Laser Gyroscope market. Data was split into several segments and sub-segments after studying various parameters and trends by number of axis, by application, and by end user in the Global Ring Laser Gyroscope market.
The main objective of the Global Ring Laser Gyroscope Market Study
The current & future market trends of the Global Ring Laser Gyroscope market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Global Ring Laser Gyroscope market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of by number of axis, by application, and by end user.
- Define and analyze the regulatory framework for Global Ring Laser Gyroscope
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Global Ring Laser Gyroscope market for the major regions.
- Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
- Company profiles of the Global Ring Laser Gyroscope market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Global Ring Laser Gyroscope market?
Q2: What is the driving factor for the growth of the Global Ring Laser Gyroscope market?
Q3: Which segment has the largest share of the Global Ring Laser Gyroscope market by number of axis?
Q4: Which region will dominate the Global Ring Laser Gyroscope market?
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