June 22, 2016
Wellesley, Mass., June 22, 2016 – Growing interest in eco-friendly technologies and increasing environmental concerns have fed demand for spectroscopic instruments. BCC Research reveals in its new report that the moderate increase in the use of novel analysis products in the pharmaceutical, environment and food industries, along with the growing development of next-generation analysis tools also are keying market growth.
Spectroscopic analysis, which determines the atomic and molecular composition of a compound, has a wide range of use in industries such as pharmaceutical and biotechnology, food and beverage, and environmental, as well as many others.
The global spectroscopy market should reach $13.5 billion and $15.6 billion in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 2.9%. The spectroscopy market in North America should grow from nearly $4.8 billion in 2015 to $5.9 billion in 2020. Although the European market declined to $3.7 billion in 2015 from nearly $4 billion in 2014, it should rebound to about $4 billion by 2020 on a projected five-year CAGR of 1.3%.
The market’s growth in recent years stemmed largely from the technological developments and demand from pharmaceutical and biotechnology, environmental, and food and beverage industries. Spectroscopic products have demonstrated efficacy in developing efficient, user-friendly and affordable analytical techniques. Rising interest in eco-friendly technologies and increased environmental concerns has further led to the increasing need for, and a steady market, for these instruments.
Although the U.S., Canada, and European countries remain important market players, China, India and other Asia-Pacific nations represent the current and future growth for spectroscopy instrumentation. In the U.S. and Europe, increasing demands that resource extraction be performed with stricter environmental regulations has spurred the growing use of spectrometers by mining companies that use these analytical instruments to detect mineral reserves. Also, various industrial markets such as metals, semiconductors, automotive production, and chemicals combined with continued growth from academia and government expenditures are expected to fuel the industry during the forecast period, as well.
“In the last decade, the overall spectroscopic market has witnessed a moderate increase in the usage of novel analysis products in the pharmaceutical, environment and food industries. There has been an increase in the development of next-generation analysis tools that can analyze with higher precision,” says BCC Research analyst Shalini S. Dewan. “Increasing research and development, stringent rules in food safety and increasing population are key market drivers. Spectroscopy companies are devising advanced handheld and miniature instruments to provide better quality of analysis. In addition, increased government spending also is expected to support the growth of the market.”
Global Markets for Spectroscopy Equipment (IAS004F) examines spectroscopic instruments by their applications in six main groups: biotechnology, environmental, food and beverage, industrial chemistry, materials, and pharmaceuticals. The report evaluates technologies, industry structure, key players, and different types of spectroscopic analysis. Analyses of global market drivers and trends, with data from 2013, 2014, estimates for 2015, and projections of CAGRs through 2020 also are provided.
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Global Markets for Spectroscopy Equipment( IAS004F )
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