Optical emission spectroscopy is most commonly used in the metallurgy, food, aeronautics & aerospace and pharmaceutical industry verticals. Optical emission spectroscopy facilitates the determination of the elemental compositions of a wide range of materials.
Optical emission spectroscopy is incorporated in metal processing industries to study wires, plates, tubes, bolts and rods, among other metallic samples.
Most equipment and service providers in the optical emission spectroscopy market offer specially designed optical emission spectroscopy products integrated with different specifications and features for a vast range of applications that include medical and automotive applications, among others.
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Based on the components of optical emission spectroscopy, the global optical emission spectroscopy market is segmented into solutions and services.
High investments made by laboratories for the procurement of efficient optical emission spectroscopy equipment are expected to enable the solution component segment to register a higher growth rate as compared to the growth rate expected from the services segment.
Optical emission spectroscopy solutions are also estimated to hold the largest market share of the global optical emission spectroscopy market during the forecast period.
Based on the source of excitation used for optical emission spectrometry, the global optical emission spectrometry market is segmented into arc/spark optical emission spectroscopy and Inductively Coupled Plasma (ICP) optical emission spectroscopy.
ICP optical emission spectroscopy is estimated to register the highest growth rate during the forecast period, which can be attributed to the new applications of the ICP source of excitation segment in different industry verticals.
However, arc/spark optical emission spectroscopy is estimated to continue to hold a prominent market share of the global optical emission spectroscopy market throughout the forecast period.
It is crucial for laboratories to improve their lab operations by utilising advanced laboratory equipment. The equipment utilised by laboratories helps facilitate the precise diagnosis of the ailment and its cause.
In addition, research and development projects are funded by governments, private organisations, research centres, national-level laboratories and other industry verticals, such as the pharmaceutical industry.
These heavy investments are boosting the demand for efficient laboratory equipment across different industry verticals as well as laboratories. This macro-economic factor is estimated to propel the global optical emission spectroscopy market.
The manufacturers of optical emission spectroscopy equipment are undertaking constant product and optical emission spectroscopy technology innovations to expand their product portfolio and offer operation-specific products to end-use industry verticals.
The governments of major economies, such as Germany, the USA, Russia, France, China, India, Japan and the UK, among others, are focused on the development of commercial healthcare facilities and the strengthening of their healthcare infrastructure.
These countries are also striving to invest large portions of their budget to enhance their optical emission spectroscopy research and development.
In addition, to manage the day-to-day operations and challenges of laboratories, several countries and research organisations around the world are now focusing on enhancing and expanding their budgeting process. These factors are expected to boost the adoption of optical emission spectroscopy equipment in the healthcare and medical market.
Among all the geographical markets, the optical emission spectroscopy market in Asia Pacific excluding Japan (APEJ) is estimated to hold a prominent share of the global optical emission spectroscopy market by the end of the forecast period.
The high adoption of optical emission spectroscopy equipment for the purpose of process enhancement at metallurgy laboratories is estimated to enable the regional market to record a significant share by the end of the forecast period.
The availability of a wide variety of optical emission spectroscopy equipment and a large number of service providers in North America and Europe is estimated to drive the optical emission spectroscopy market in both these regions.
The optical emission spectroscopy market in Latin America is estimated to register a high growth rate during the forecast period, and is projected to witness the widespread deployment of advanced laboratory and industrial automation-enabling spectroscopy equipment.
Macro-economic factors, such as worldwide laboratory automation industry analysis and the global research & development expenditure of the top 15 countries, are considered in the optical emission spectroscopy market study.
Some of leading market players profiled in the optical emission spectroscopy market study are Agilent Technologies, Inc.; AMETEK, Inc.; Bruker Corp.; Danaher Corp.; Hitachi High-Technologies Corp.; JEOL Ltd.; LECO Corporation; PerkinElmer, Inc.; Rigaku Corporation; Sartorius AG; Stellarnet Inc.; Shimadzu Corp.; Thermo Fisher Scientific Inc.; Waters Corporation and Yokogawa Electric Corporation, among others.
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The optical emission spectroscopy market is likely to secure a CAGR of 5.0% through 2032.
The optical emission spectroscopy market size is estimated to cross USD 1125.32 Million by 2032.
The optical emission spectroscopy market is likely to record a value of USD 690.85 Million in 2022.
Asia Pacific is likely to lead the optical emission spectroscopy market.
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Optical Emission Spectroscopy Market
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