Specialized solutions are being offered by companies in the optical emission spectroscopy sector to address the demands of numerous applications in the healthcare, automotive, waste management, etc. industries. Sales in the global market are being fueled by the introduction of new solutions, according to a recent report by Future Industry Insights (FMI). Through clever mergers, acquisitions, and partnerships between optical emission spectroscopy equipment and service suppliers and various research institutes, market participants should be able to increase their revenue production and sales, according to FMI analysis. These relationships will support the development of novel technological innovation tactics.
Waters Corporation, LECO Corporation, Hitachi High-Technologies Corp., Yokogawa Electric Corporation, Stellarnet Inc., Rigaku Corporation, Bruker Corp., Sartorius AG, PerkinElmer Inc., Danaher Corp., Thermo Fisher Scientific Inc., Agilent Technologies Inc., 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.
With a projected 5% compound annual growth rate, the optical emission spectroscopy market is predicted to reach a value of roughly US$ 576 million in 2019. According to FMI, the optical emission spectroscopy market is expanding in terms of revenue due to the rapidly expanding laboratory automation market and the rapid technological advancements in spectroscopic equipment. Because of the capabilities offered by optical emission spectroscopy, which include the ability to analyze a wide range of elements, from lithium to uranium in solid elemental metal instances, as well as the ability to cover a wide concentration range with high accuracy and precision and low detection limits, a variety of industries are being encouraged to adopt specialized optical emission spectroscopy tools and services.
Increasing Global Spending on R&D Activities to Fuel Adoption of Optical Emission Spectroscopy
In recent years, governments from major economies, including those in the United States, France, Germany, the United Kingdom, Japan, Russia, China, and India, have collaborated on research programs to assist the development of commercial healthcare infrastructure. Several worldwide research institutions are also focusing on raising their financial resources to support the management of ongoing laboratory operations and challenges. Worldwide sales in the optical emission spectroscopy market are rising as a result of these initiatives.
Collaborations Between Equipment Providers and Research Institutes to Define the Global Optical Emission Spectroscopy Market
Due to the expanding application of spectroscopic technology in the areas of agriculture, chemicals, pharmaceuticals, and clinical analysis, the market for optical emission spectroscopy is positioned for consolidation. Due to the increasing need for sophisticated laboratory equipment and technological innovation, suppliers of optical emission spectroscopy equipment are being driven to work together to meet specific customer requirements. More partnerships between spectroscopic equipment manufacturers and academic institutions are becoming visible on the global market.
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%.
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