Market Scope
The global optical emission spectroscopy market that valued at USD 514.1 million in 2017, is poised to value at USD 741.5 million by 2023.
Market Research Future (MRFR) stated that the global optical emission spectroscopy market is likely to expand at a 6.53% CAGR over the evaluation period of 2017 to 2023.
Measuring the light intensity of a given element is the underlining principle on which optical emission spectrometers operate. The higher degree of accuracy provided by the instrument, due to their effective working mechanics, is expected to surge its market growth. In the healthcare industry, correct analysis of biological samples can deliver accurate diagnostic results. The rise in need for effective treatment solutions is likely to promote the market growth. Hefty funding by governments and wealthy organizations is encouraging R&D activities. Upgradation in the optical emission spectrometers can benefit the growth of the market.
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Key Players
Horiba, Ltd. (Japan), Thermo Fisher Scientific Inc. (US), Bruker Corporation (US), Hitachi High-Technologies Corporation (Japan), Ametek Inc. (US), Shimadzu Corporation (Japan), Teledyne Leeman Labs, Inc. (US), Skyray Instrument Inc. (US), Agilent Technologies (US), PerkinElmer, Inc. (US), Focused Photonics Inc. (China), Analytik Jena (Germany), GNR Analytical Instruments Group (Italy), GBC Scientific Equipment Pty Ltd (Australia), Bureau Veritas SA (France), SGS SA (Switzerland), TUV SUD (Germany), Intertek Group plc (UK), TUV Rheinland (Germany), and Element Materials Technology Ltd. (Netherland).
Industry News
September 2019
Johnson Financial Group Inc., Johnson Bank and Johnson Insurance’s holding company, hiked its shares by 13.4% in Agilent Technologies Inc, an America-based research, development, and manufacturing company.
Segmental Overview
The global optical emission spectroscopy market has been segmented on the basis of component, detector type, source type, and vertical.
By detector type, the market has been segmented into Photomultiplier tube, solid-state detector, and hybrid. The solid-state detector market segment is likely to direct the growth of the market during the forecast period. The ability of solid-state detectors to analyze various wavelength is expected to influence the market. The hybrid detector segment is anticipated to expand at a higher CAGR by 2023.
By source type, the market has been segmented into spark and inductively coupled plasma. The inductively coupled plasma segment is expected to dominate the market in the near future.
By component, the market has been segmented into services and equipment. The equipment segment is expected to lead in the market due to increase in adoption across different verticals.
By vertical, the market has been segmented into scrap and recycling, food & beverages, automotive, aerospace & defense, metals and mining, infrastructure, energy & power, and others. The food and beverage segment is projected to exhibit a higher CAGR over the review period. The demand for ICP optical emission spectroscopy in the food & beverage industry is high. This is due to its ability to analysis of multiple element in one time with greater accuracy, which can boost the market growth.
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Regional Outlook
Regionally, the market study covers Europe, North America, Asia-Pacific and the Rest of the World (RoW).
The Asia Pacific region is likely to be at the forefront of development in the global optical emission spectroscopy market. Innovations in the defense industry, the consumer electronics, and the automobiles industry are boosting optical emission spectrometers sales. This likely to push the APAC market growth. MRFR asserts that the Asia Pacific optical emission spectroscopy market is expected to register robust growth pattern over the forecast period.
North America is likely to generate high revenue for the global market. Fast-paced expansion noted in the automotive, the food & beverages, and the aerospace & defense that are high end-use verticals of optic optical emission spectrometers can catalyze the market growth.
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