According to Technavio Research Report “Atomic Spectroscopy Market by application (pharmaceutical and biotechnology testing, food and beverage testing, environmental testing, and others), and geographical regions (North America, Europe, Asia and ROW) is witnessed to grow USD 1.71 billion, at a CAGR of 6% from 2019 to 2023”.
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Technavio has published a new market research report on the global atomic spectroscopy market from 2019-2023. (Graphic: Business Wire)
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Global Atomic Spectroscopy Market: Growing use of portable spectroscopy systems in metal producing and processing sector
Manufacturers of analytical instruments are focusing on developing compact-sized products to make them more versatile and sophisticated. The key factor behind the development of such product offerings is the need to monitor and test in difficult-to-reach and remotely-located places. Also, manufacturers are providing solutions for onsite analysis and monitoring by offering portable analytical systems. Moreover, the prime focus of manufacturers involves the development of portable optical emission spectroscopy systems and XRF spectroscopy systems that are largely used in metal industries as these technologies are dedicated to performing non-destructive analysis of solid metallic samples rapidly. Furthermore, the rising metal production across the globe is also expected to create a lucrative market opportunity for portable atomic spectroscopy systems, thereby driving market growth.
“Currently, several conglomerate companies operating in the global atomic spectroscopy market are focusing on increasing their R&D spend for upgradation of their existing products and to provide new and innovative products to their customers. Therefore, this growth in R&D expenditure is expected to create new growth prospects for the global atomic spectroscopy market,” says a senior analyst at Technavio.
Global Atomic Spectroscopy Market: Segmentation analysis
This market research report segments the global atomic spectroscopy market by application (pharmaceutical and biotechnology testing, food and beverage testing, environmental testing, and others), and geographical regions (North America, Europe, Asia and ROW).
The North American region led the market in 2018, followed by Europe, Asia and ROW respectively. However, during the forecast period, the Asian region is expected to register the highest incremental growth due to the growing demand for atomic spectroscopy systems from the pharmaceutical and biotechnology sector and the semiconductor industries in the region.
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Global Atomic Spectroscopy Market: Technological advances in atomic spectroscopy
Manufacturers of atomic spectroscopy systems have constantly been focusing on technological advances in their conventional product offerings to improve efficiency and design. Therefore, the global atomic spectroscopy market has observed a series of product launches, specifically in the ICP-MS category. For instance, in 2018, Shimadzu developed and commercialized a metal impurity monitoring technology based on laser-induced breakdown spectroscopy, which is dedicated to the semiconductor manufacturing process. Therefore, such advances are expected to drive the growth of the global atomic spectroscopy market during the forecast period.
Few Major Players for the Atomic Spectroscopy Market are:
- Agilent Technologies Inc.
- Hitachi High-Technologies Corp.
- PerkinElmer Inc.
- Shimadzu Corp.
- Thermo Fisher Scientific Inc.
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