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.
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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
“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.
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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.
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).