Atomic Spectroscopy Market is Forecast to Reach USD 77.73 Billion, at 13% CAGR During 2019-2023

Posted July 18, 2019 by Sarahbennu

Global atomic spectroscopy market size is forecast to grow by USD 1.71 billion, at a CAGR of 6% during 2019-2023, with pharmaceutical and biotechnology testing segment having the largest market share.

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.
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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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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
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Last Updated July 18, 2019