Businesses in the optical emission spectroscopy industry are providing specialized solutions to meet the needs of many applications in the medical, automotive, waste management, etc. industries. According to a recent analysis by Future Industry Insights, the introduction of new solutions is driving sales in the global market (FMI). According to FMI analysis, market players should be able to grow their revenue production and sales through smart mergers, acquisitions, and partnerships between optical emission spectroscopy equipment and service providers and various research institutes. The creation of fresh innovation strategies for technology will be aided by these alliances.
Thermo Fisher Scientific Inc., Agilent Technologies Inc., Waters Corporation, LECO Corporation, Hitachi High-Technologies Corp., Yokogawa Electric Corporation, Stellarnet Inc., Rigaku Corporation, Bruker Corp., Sartorius AG, PerkinElmer Inc., Danaher Corp., AMETEK Inc., JEOL Ltd., and Shimadzu Corp. are just a few of the market leaders profiled in the study.
The report throws light on the various factors impacting revenue growth in the global market.
The optical emission spectroscopy market is anticipated to reach a worth of just about US$ 576 million in 2019 with a projected 5 percent compound yearly growth rate. The quickly growing laboratory automation industry and escalating technological improvements in spectroscopy equipment, according to FMI, are what is driving the growth in revenue of the optical emission spectroscopy market. The capabilities provided by optical emission spectroscopy, including the capacity to analyze a wide variety of elements, from lithium to uranium in solid elemental metal instances, as well as the capacity to cover a wide concentration range with high accuracy and precision and low detection limits, are encouraging the adoption of specialized optical emission spectroscopy tools and services by a variety of industries.
Increasing Global Spending on R&D Activities to Fuel Adoption of Optical Emission Spectroscopy
Governments of major economies, including those in the United States, France, Germany, the United Kingdom, Japan, Russia, China, and India, have been working together in recent years on research projects to support the development of commercial healthcare infrastructure. Additionally, several international research organizations are concentrating on increasing their finances to support the administration of ongoing laboratory operations and difficulties. These activities are increasing sales in the optical emission spectroscopy market globally.
Collaborations Between Equipment Providers and Research Institutes to Define the Global Optical Emission Spectroscopy Market
The market for optical emission spectroscopy is poised for consolidation due to the growing use of spectroscopic technology in the fields of agriculture, chemicals, pharmaceuticals, and clinical analysis. Providers of optical emission spectroscopy equipment are being forced to cooperate to address specific client expectations as a result of the growing demand for sophisticated laboratory equipment and technical advancement. On the global market, more collaborations between spectroscopic equipment suppliers and academic institutions are becoming apparent.
Key Segmental Insights from the Report
- based on the source of excitation, Arc/spark optical emission spectroscopy is expected to hold the largest market share; however, inductively coupled plasma optical emission spectroscopy is expected to continue finding new applications across different industry verticals.
- The food industry is expected to hold the largest market share in the optical emission spectroscopy market on account of the high demand for efficient and highly regulated food safety analysis.
- Among the regions, Asia Pacific Excluding Japan is projected to remain the largest market for optical emission spectroscopy followed by North America.
Quick Insights on the Optical Emission Spectroscopy Market Structure
- Tier-1 optical emission spectroscopy providers such as Agilent Technologies, Thermo Fisher Scientific Inc., PerkinElmer Inc., and Hitachi High-Technologies Corporation collectively account for around 35%-37% value share of the global market, with significant global coverage. These players hold an individual market share of more than 5%.
- Tier-2 companies such as Shimadzu Corporation and Bruker Corporation hold a market share of more than 2% but less than 5%.
- Tier-3 companies are relatively new entrants in the optical emission spectroscopy market and comprise local and regional players. These companies hold a market share of less than 2%.