According to a new report published by Allied Market Research, titled,"Spectrum Analyzer Market by Product, Network Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2017 - 2023,"the spectrum analyzer market accounted for $1,068 million in 2016, and is expected to reach $1,813 million by 2023, growing at a CAGR of 7.7% from 2017 to 2023. In 2016, Asia-Pacific dominated the global market, in terms of revenue, accounting for more than 37% share of the global market, followed by North America.
Spectrum analyzer is the most popular and versatile of all measurement tools, which measures the magnitude of an input signal versus frequency. Its major use is to measure the power of the spectrum of known and unknown signals. Powerful measurement and analysis capabilities of these analyzers are some key drivers for market growth. Wired spectrum analyzer is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, wireless spectrum analyzer segment is expected to witness significant growth in the future, as they are more useful in on-the-spot troubleshooting application for in-depth spectrum analysis.
The semiconductors & electronics sector is anticipated to maintain its lead in the end-user segment. However, with a growth in the telecommunication industry and rise in wave analysis trend boost the spectrum analyzer market growth in new players. With the range of end-user industries and their different applications, there has been a significant growth in the spectrum analyzer market.
Based on product, the benchtop spectrum analyzer segment contributed the largest revenue share in the market in 2015, owing to their wide frequency range applications. However, over the next few years, the handheld spectrum analyzer segment is anticipated to be one of the fastest growing products, in terms of revenue, in the global spectrum analyzer market.
Asia-Pacific is expected to maintain its dominance throughout the forecast period, owing to the presence of key companies. Moreover, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period, owing to increase in the presence of several emerging nations with high share in the consumer electronics market and well-established semiconductor industry.
Key Findings of the Spectrum Analyzer Market:
- In 2016, the benchtop spectrum analyzer segment dominated the global spectrum analyzer market, in terms of revenue, and is projected to grow at a CAGR of 7.0% during the forecast period.
- The wireless network technology segment is projected to grow at a CAGR of 9.0%.
- The automotive & transportation segment is expected to exhibit the highest CAGR during the forecast period.
The major players, such as Advantest Corporation, Teledyne Lecroy, Fortive Corporation, Yokogawa Electric Corporation, Anritsu Corporation, Rohde & Schwarz GmbH & Co., Kg., National Instruments Corporation, Keysight Technologies, Giga-tronics Incorporated, and B&K Precision Corporation, have adopted new technology launch as their key strategy to expand their market foothold.