Optical Emission Spectroscopy Market by Offering (Equipment, Services) Form Factor, Excitation Source Type (Arc/Spark OES, ICP-OES), Detector Type, Vertical (Automotive, Scrap & Recycling, Aerospace & Defense), and Geography - Global Forecast to 2023
“Optical emission spectroscopy market to grow at CAGR of 6.36% during 2018–2023”
The optical emission spectroscopy (OES) market is estimated to grow from USD 582.2 million in 2018 to USD 792.4 million by 2023, at a CAGR of 6.36% from 2018 to 2023. The factors that drive the growth of the optical emission spectroscopy market include enforcement of stringent government safety regulations and quality control requirements across various sectors, and technological enhancements and increased functionalities. Rising demand for multielement analysis technologies from end-user industries, growing preference to outsource analytical requirements to third-party service providers, and increasing demand from metal and scrap recycling industry are offering new growth opportunities for the growth of the OES market. However, high cost associated with the elemental analysis via OES equipment is a factor restraining the growth of this market. One of the major challenges for the studied market is lack of skilled personnel for handling OES equipment.
“Optical emission spectroscopy equipment to hold larger market share in 2018”
OES equipment is expected to hold the largest share of the global optical emission spectroscopy market in 2018. Growing use of portable OES analyzers in metal producing and processing industries, such as metals and heavy machinery, automotive, aerospace & defense, and scrap and recycling industries; and rising use of ICP-OES across food & beverages, chemicals, pharmaceutical, and environmental industries are likely to increase the adoption of OES instruments. The market for services is expected to grow at a higher CAGR during the forecast period. Increasing involvement of third-party service providers such as SGS, Bureau Veritas, and Intertek is likely to drive the overall services market.
“ICP-OES market to grow at higher rate during forecast period”
Arc/spark OES equipment is expected to hold the largest share of the OES equipment market in 2018. However, the market for the inductively coupled plasma optical emission spectroscopy (ICP-OES) equipment is expected to grow at the highest CAGR during the forecast period. ICP-OES offers multielemental determination capabilities by using sequential or simultaneous optical systems (using PMTs or CCDs as detection units). ICP-OES are mainly used in a wide range of verticals, such as environmental labs, pharmaceuticals & life sciences, food & beverages, and oil & gas. Owing to the growing demand from the aforementioned industries, ongoing advancements to reduce operating costs (such as by reducing consumption of purge gas) and improvements in sensitivity and stability of the technology (such as by shifting from echelle type diffraction grating to Optimized Rowland Circle Alignment (ORCA) as in ICP-OES from Spectro by Ametek (US)), the market for ICP-OES is expected to exhibit a higher growth rate during the forecast period.
“APAC expected to hold major market share in 2018”
APAC is expected to hold the largest share of the global optical emission spectroscopy (OES) market in 2018. Continuous advancements in APAC, in terms of economic growth, infrastructural developments, and the automotive industry, are likely to boost the requirement of OES equipment in this region. APAC is a major market for various sectors such as consumer electronics, automobiles, and defense. This region has become a global focal point for large investments and business expansion opportunities. APAC experiences a steady growth in all sectors. In the automobile sector, as of 2016, this region accounted for more than 50% of the overall passenger car production. Strong demand from food & beverages, environmental, automotive, and aerospace & defense industries are expected to contribute to the growth of the OES market in North America. RoW has a strong base of industrial and process-based sectors, such as oil & gas, scrap recycling, and chemicals. Despite the lack of domestic manufacturers as well as high economic and political barriers in the countries in this region, the OES market is likely to witness growing demand from this region during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the optical emission spectroscopy market. The break-up of primary participants for the report has been shown below:
By Company Type: Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25%
By Designation: C-level Executives = 20%, Directors = 35%, and Others = 45%
By Region: APAC = 45%, Europe = 32%, North America = 20%, and RoW = 3%
The report profiles the key players in the optical emission spectroscopy market, along with their ranking analysis. Thermo Fisher Scientific (US), Ametek (US), Bruker (US), Hitachi High Technologies Corporation (Japan), Shimadzu (Japan), Horiba (Japan), PerkinElmer (US), Agilent Technologies (US), Skyray Instrument (US), and Analytik Jena (Germany). SGS (Switzerland), Bureau Veritas (Japan), Intertek (UK), TÜV SÜD (Germany), and Element Materials Technology (UK) are the major players in the optical emission spectroscopy services market.
This research report categorizes the global optical emission spectroscopy market on the basis of offering, form factor, excitation source type, detector type, vertical, and geography. The report describes market dynamics that include key drivers, restraints, challenges, and opportunities for the optical emission spectroscopy market and forecasts the same till 2023.
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the optical emission spectroscopy market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities pertaining to the market.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
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