Optical spectrum analyzer market is considerably gaining from the rising demand in the IT and telecommunication industry. According to a new study by Future Market Insights (FMI), the market will continue exhibiting steady growth since the optical spectrum analyzer is an important tool in signal discrimination that finds application across diverse industries starting from IT to aerospace.
The telecom industry has expanded exponentially in the last few years, which has, in turn, created lucrative prospects for the growth of the market.
An optical spectrum analyzer is highly sought-after in the telecommunication industry. It is used to determine occupied bandwidth and track interference sources. The growth in the IT and telecommunication industry is forecast to fuel the demand for optical spectrum analyzers in the coming years. The market also is expected to gain from the rising demand in medical & healthcare, energy & utilities, and other end-use industries.
According to Future Market Insights (FMI), the global optical spectrum analyzer market is set to grow at 5.7% CAGR during the forecast period from the year 2022 to 2030.
Despite facing a slower growth rate due to the COVID-19 pandemic in recent years, the market is soon likely to recover, creating ample opportunities for the companies operating therein.
FMI offers an exhaustive overview of the optical spectrum analyzer market, its growth drivers, and restraints.
Some of the key takeaways from the report are highlighted below-
- A portable optical spectrum analyzer is gaining traction as a more preferred product among various industries
- The wavelength meter mode of the optical spectrum analyzer is highly sought-after in the market
- The IT & telecommunication industry will continue exhibiting high growth for optical spectrum analyzers
- North America has emerged as a highly lucrative market. In the coming years, the demand from South Asia as well is expected to rise at a high rate
“Reflective or refractive techniques are used by the optical spectrum analyzer in order to distinguish wavelengths of light. This factor makes it a highly sought-after technology used in the IT & telecommunication industry. Since in terms of efficiency, portability, and cost-effectiveness portable optical spectrum analyzers are becoming the first preference of diverse end-use industries, the key market players are focusing on launching better quality products,” said an FMI analyst.
COVID-19 Impact Analysis
The COVID-19 pandemic has hampered the growth of several industries, including key end-users of the optical spectrum analyzer market such as IT, aerospace, and others. At the beginning of this year, the manufacturing units had to struggle with restrictions such as shortage of raw materials, a decrease in manpower, a closed supply chain, and others during extended periods of lockdown.
Contrary to this, the pandemic resulted in a surge in demand for optical spectrum analyzers from the medical & healthcare industry due to increase in rush of patients. Despite being impacted by the COVID-19 pandemic, the optical spectrum analyzer market is set to grow steadily throughout the forecast period.
Who is Winning?
The global optical spectrum analyzer market is set to grow exponentially in the coming years. In order to sustain their positions, the key market players are focusing on developing more sophisticated products.
For instance, AMS Technologies has launched their new range of optical spectrum analyzers such as Ultra Optical Spectrum Analyzer (OSA) Spectrometer, UltraBright Spectrometer, HyperFine Spectrometer, and others in order to target the key end users such as telecommunication, medical, and others.
Thorlabs has launched their new Dual-Function Broadband Spectrometer and Wavelength Meter equipped with FC/PC Fiber Connector and Free-Space Optical Input. This type of optical spectrum analyzer is capable of working in two modes- spectrometer mode (7.5 GHz resolution) and wavelength meter mode (0.1 ppm resolution).
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More Valuable Insights on Optical Spectrum Analyzer Market
In the latest report by Future Market Insights, we offer an unbiased analysis of the global optical spectrum analyzer market, providing historical data for the period of 2015-2021 and forecast statistics for the period of 2022-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of product type (portable, benchtop, handheld), mode type (spectrometer mode, wavelength meter mode), end use (IT & telecommunication, medical & healthcare, energy & utilities, automotive, institutions, aerospace & defence, semiconductors & electronics), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.