Companies in the optical emission spectroscopy market are offering specialised solutions to cater to the requirements of diverse applications in medical, automotive, waste management, etc. Launch of new solutions is pushing revenues in the global market, as highlighted in a new report by Future Market Insights (FMI). According to FMI analysis, strategic mergers, acquisitions and partnerships between optical emission spectroscopy equipment and service providers and various research institutes are expected to enable market players to increase their revenue generation and sales. These collaborations will also fuel the development of new technology-related innovation strategies.
The report profiles some of the leading companies operating in the optical emission spectroscopy market such as 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.
The report throws light on the various factors impacting revenue growth of the global market. With an estimated 5% compound annual growth rate, the optical emission spectroscopy market is expected to reach a valuation of just under US$ 576 Million in 2019. FMI attributes growth in revenue of the optical emission spectroscopy market to a rapidly expanding laboratory automation sector and increasing technological advancements in spectroscopy equipment. The abilities offered by optical emission spectroscopy, such as the ability to analyse a vast range of elements, from lithium to uranium in solid elemental metal instances, and the ability to cover a vast concentration range with high accuracy and precision and low detection limits, are encouraging the adoption of specialised optical emission spectroscopy equipment and services by various industries.
Increasing Global Spending on R&D Activities to Fuel Adoption of Optical Emission Spectroscopy
The last few years have witnessed concerted efforts by governments of leading economies such as the United States, France, Germany, the United Kingdom, Japan, Russia, China, and India towards research initiatives to drive the development of commercial healthcare infrastructure. Further, various global research organizations are focussing on expanding their budgets to accommodate the management of day-to-day laboratory operations and challenges. These initiatives are pushing revenues in the global market for optical emission spectroscopy.
Collaborations between Equipment Providers and Research Institutes to Define the Global Optical Emission Spectroscopy Market
The increasing adoption of spectroscopy technology in the agriculture, chemicals, pharmaceutical, and clinical analysis sectors are paving the way for mergers and acquisitions in the optical emission spectroscopy market. Growing demand for advanced laboratory equipment coupled with technological innovation is impelling providers of optical emission spectroscopy equipment to collaborate with one another to meet specific customer demands. Increasing partnerships among spectroscopy equipment providers and research institutes can also be witnessed in the global market.
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Key Segmental Insights from the Report
- On the basis of 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 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 a 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%.