Fiber Optic Spectrometer Market Size, Share, Growth, and Industry Analysis by Type (Ultraviolet Band, Infrared Band, Near Infrared Band, and Others) By Application (Color Measurement, Spectral Measurement, Film Thickness Measurement, Others), Regional Insights, and Forecast To 2031

Fiber Optic Spectrometer Market Report Overview

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The global fiber optic spectrometer market size is expected to be worth USD 361.7 million in 2022 and is projected to touch USD 484.46 million by 2031, exhibiting a CAGR of 3.3% during the forecast period.

In optical spectroscopy, light intensity is measured in the UV, VIS, NIR, and IR ranges. Many applications rely on spectroscopic measurements, including color measurement, chemical concentration determination, and electromagnetic radiation analysis. Known for its modularity and flexibility, fiber optic spectrometers are widely used to measure wavelength and line width of lasers, LEDs and common light sources. They can be used to obtain accurate spectral characteristics of light sources.

COVID-19 Impact: Halt on Machinery and Equipment to Hamper Market

The global COVID-19 pandemic has been unprecedented and staggering, with the fiber optic spectrometer market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 outbreak has had a negative impact on the global economy, bringing various sectors to a halt. Various companies in this sector are facing a number of challenges as a result of various market downfalls following COVID-19. Furthermore, industries that applies the fiber optics spectrometry including color measurement, film thickness measurement, etc. have completely ceased operations, having a significant impact on the fiber optic spectrometer market. Most companies in the supply chain have halted operations to ensure employee safety. However, some businesses are operating at half capacity to support various critical industries.

Latest Trends

"Increasing Demand for Ultraviolet Band Fiber Optic Spectrometer to Drive the Market "

A growing number of applications are relying on fiber optics for transmitting UV light. In addition to spectroscopic analysis of ions and atoms, analytics also offers interesting application possibilities. Laser medicine can also be used in dermatology and ophthalmology to treat psoriasis or correct vision problems. Increasing commercial interest in compact systems offering UV fiber transmission has been attributed to the development of light sources. Besides the classic range of deuterium and xenon lamps, there are inexpensive UV LEDs and UV lasers, such as excimer lasers.

Fiber Optic Spectrometer Market Segmentation

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• By Type

The market is classified into ultraviolet band, infrared band, near infrared band, and others based on type. The ultraviolet band segment will lead the fiber optic spectrometer market share throughout the forecast period.

• By Application

The market is classified into color measurement, spectral measurement, film thickness measurement, and others on the basis of application. The color measurement segment will lead the fiber optic spectrometer market share throughout the forecast period.

Driving Factors

"Increasing Demand for the Application of fiber optic Spectrometer for Color Measurement to Drive the Market Growth"

 Colorimeters are mainly used to measure color, but their size prevents them from being used in every case. To measure color in such cases, we use fiber optic Reflectance Spectrometry (FORS). It is possible to analyze calorimetrically objects that cannot be analyzed with a colorimeter using optical fiber spectrophotometers. In order to obtain colorimetric data, we used a spectroscopic system with fiber optic bundle probes. As a result of measurements on different areas of the same color specimen, fiber position affects results with lower errors than statistical error. Meanwhile, the repeatability of measurements is strongly dependent on the stability of the light source and the optical connection between the fiber bundle and the spectrometer.

"Increasing Adoption of Fiber Optic Spectrometer in Various Industries to Drive the Market"

There are many fiber optic spectroscopic techniques in vivo that have been proven to be effective in detecting a variety of diseases. However, very few techniques are as successful in large multicenter trials due to the lack of trained personnel familiar with experimental optical technologies. An optical contact sensor for signal acquisition, an automated calibration tool, and a methodology for real-time calibration correction in vivo were developed to meet the stringent requirements for a viable optical spectroscopy system for clinical use. With fiber optic spectroscopic probes, a physician can realistically use a state-of-the-art medical device. Although a number of studies have shown promising results in many different applications, there are few FDA-approved fiber-based optical spectroscopy techniques that have been used in a clinical setting for diagnostic purposes, thereby driving the fiber optic spectrometer market growth.  The difficulty in developing an optical spectroscopy instrument suitable for mainstream clinical practice can be attributed to the many technical challenges involved.  

Restraining Factors

"Amount of Time Required for Ultraviolet Band Fiber Optic Spectrometer to Restrain the Market"

A UV-VIS spectrometer's main disadvantage is the time it takes to prepare for use. A UV-VIS spectrometer's setup is crucial. A spectrometer's reading can be interfered with by outside light, electronic noise, or other outside contaminants.

As long as the space has been properly prepared beforehand, UV-VIS spectrometers are simple to use and provide accurate results. The UV-VIS spectrometer could be affected by even a small amount of outside light or vibration if the space hasn't been properly prepared.

Fiber Optic Spectrometer Market Regional Insights

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"North America to Lead the Market Share Owing to Presence of More Number of Market Players"

The largest revenue share was accounted for by North America in 2020. The reason for this can be attributed to the local presence of a number of key players, including Avantes, B&W Tek, StellarNet, etc. This region is also home to several organizations and associations that work to promote and spread awareness about advanced fiber optic spectrometry products and technologies.

An increase in R&D activities by prominent players will contribute significantly to the market growth in Asia Pacific during the forecast period after North America.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the fiber optic spectrometer market.

LIST OF TOP FIBER OPTIC SPECTROMETER COMPANIES

• Ocean Insight (China)
• Avantes (U.S.)
• B&W Tek (U.S.)
• StellarNet (U.S.)
• Hamamtsu (Japan)
• Horiba (Japan)
• Shanghai Ideaoptics (China)
• ALS (Australia)
• Flight Technology (U.S.)
• BaySpec (U.S.)
• Gztek
• Enhanced Spectrometry (U.S.)
• Hangzhou Seemantech (China)
• Wyoptics (U.S.)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.