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NEW YORK, Feb. 12, 2021 /PRNewswire/ -- Award-winning market research company Fact.MR has recently published the global fiber optic gyroscope market report. As per its analysis, Fact.MR forecasts a moderate yet steady expansion for 2021, as key aerospace hubs recover from the coronavirus pandemic. A gradual incline is expected, as countries resume international flight operations, thereby, restoring disequilibrium across key aerospace verticals. A CAGR exceeding 4% is anticipated for the market through 2031.
According to the International Air Transport Association (IATA), revenues are likely to rebound to around 50% of the pre-pandemic levels, assuming that global inoculation procedures acquire swift pace. This is expected to widen the berth for new fiber optic gyroscope sales, as aircraft manufacturers invest in advanced motion sensing and other navigational components. Furthermore, applications across other verticals, most notably the automotive segment, is also forecast to widen revenue pools.