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 optical spectrum analyzer is an important tool in signal discrimination that finds application across diverse industries starting from IT to aerospace.
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The telecom industry has expanded exponentially in the last few years, which has in turn created lucrative prospects for the growth of the market.
Optical spectrum analyzer is highly sought-after in telecommunication industry. It is used to determine occupied bandwidth and track interference sources. The growth in 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 5.8% CAGR during the forecast period from the year 2022 to 2030.
Despite facing slower growth rate due to COVID-19 pandemic in the recent year, 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.
2015-2021 Global Optical Spectrum Analyzer Market Outlook Compared to 2022-2030 Forecast
Optical spectrum analyzer (OSA) is in high demand in the telecommunications industry. It is used to determine the bandwidth held and to track sources of disruption. The growth of the IT and telecommunications industry is expected to further the need for optical spectrum analysts in the coming years.
Spectrum analyzer is an accurate tool used to measure optical bands for further analysis and is in high demand in the medical and healthcare industry. As the medical and healthcare industry grows rapidly, the demand for optical spectrum Analyzer is growing exponentially.
Optical spectrum analysts also play an important role in the energy and resources industry. They are used to measure the distribution of light energy over a wavelength domain. As the energy and resources industry grows steadily, the demand for optical spectrum Analyzer will increase.
Various R&D activities have taken place in the Optical Spectrum Analyzer market over the past two decades. These activities focus on improving the accuracy, efficiency, and overall performance of the Optical Spectrum Analyzer.
Therefore, based on these factors, the Optical Spectrum Analyzer market is likely to grow at a significant rate during the forecast period. The growth of Optical Spectrum Analyzer is likely to grow at a growth rate of 6.9% by Volume over the assessment period of 2022-2030.’
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Some of the key takeaways from the report are highlighted below-
- Portable optical spectrum analyzer is gaining traction as more preferred products among various industries
- Wavelength meter mode of optical spectrum analyzer is highly sought-after in the market
- The IT & telecommunication industry will continue exhibiting high growth for optical spectrum analyzer
- 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
COVID-19 Impact Analysis
The COVID-19 pandemic has hampered the growth of several industries, including key end users of optical spectrum analyzer market such as IT, aerospace, and others. In the beginning of this year, the manufacturing units had to struggle with restrictions such as shortage of raw materials, decrease in manpower, closed supply chain, and others during extended period of lock down.
Contrary to this, the pandemic resulted in surge in demand for optical spectrum analyzers from medical & healthcare industry due to increase in rush of patients. Despite being impacted by 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.
Global Optical Spectrum Analyzer Market by Category
By Product Type:
- Portable
- Benchtop
- Handheld
By Mode Type:
- Spectrometer Mode
- Wavelength Meter Mode
By End Use:
- IT & Telecommunication
- Medical & Healthcare
- Energy & Utilities
- Automotive
- Institutions
- Aerospace & Defence
- Semiconductors & Electronics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- MEA
- Oceania