Future Market Insights (FMI) recently published a market report titled ‘Optical Emission Spectroscopy Market – Global Industry Analysis 2013-2018 and Opportunity Assessment 2019-2027.’ Optical Emission Spectroscopy (OES) is an analytical technique that helps determine the elemental compositions of a vast range of materials. Some types of samples that can be tested using optical emission spectroscopy include the samples from the melt in primary as well as secondary metal production. This technique is also incorporated in metal processing industries as well as for the study of plates, wires, rods, bolts and tubes, among other elemental metallic samples. The range of electromagnetic spectrum, which is used by optical emission spectroscopy, includes the visible electromagnetic spectrum and a part of the UV spectrum. With respect to the wavelength, this ranges between 130 nanometres to approximately 800 nanometres.
Most of the established optical emission spectroscopy solution and service providers in the market are offering specialised optical emission spectroscopy solutions and services for different applications such as medical, automotive, scrap, recycling and waste management.
The global optical emission spectroscopy market is estimated to register at a CAGR of 5.0% during the forecast period. The global optical emission spectroscopy market is estimated to be valued at US$ 603.9 Mn by the end of 2020, and is expected to continue growing to reach a market value of US$ 849.3 Mn by the end of the forecast period. This growth in the global optical emission spectroscopy market can be attributed to the growth of the laboratory automation industry and rising technological advancements in spectroscopy equipment.
Future Market Insights has segmented the global optical emission spectroscopy market into component, source of excitation, vertical and region. By component, the global optical emission spectroscopy market is segmented into solutions and services. 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.
On the basis of source of excitation, the optical emission spectroscopy market is segmented into arc/spark optical emission spectroscopy and Inductively Coupled Plasma (ICP) optical emission spectroscopy. Arc/spark optical emission spectroscopy is expected to hold the largest market share throughout the forecast period. However, inductively coupled plasma optical emission spectroscopy is expected to continue finding new applications in different industry verticals. This is expected to enable the optical emission spectroscopy market segment to record the highest growth rate during the forecast period.
Based on vertical, the global optical emission spectroscopy market is segmented into metallurgy, food, aeronautics & aerospace, pharmaceutical, among other industry verticals, such as medical, automotive, scrap, recycling and waste management. The optical emission spectroscopy market is finding newer applications in other industry verticals. Due to this, other industry verticals of the optical emission spectroscopy market are expected to register the highest growth rate during the forecast period. The high demand for efficient and highly regulated food safety analysis is expected to enable the food industry vertical of the optical emission spectroscopy market to hold the largest market share by the end of the forecast period.
Geographically, the high presence optical emission spectroscopy equipment and service providers in North America is estimated to enable the optical emission spectroscopy market in the region to hold the largest market share by the end of 2019. The optical emission spectroscopy market in Latin America is expected to record the highest growth rate among all the regional markets. Continuous advancements in the mining and metallurgy sector are expected to facilitate the high growth rate in the Latin American optical emission spectroscopy market.
According to FMI analysis, strategic mergers, acquisitions and partnerships between optical emission spectroscopy equipment and service providers and various end-use research institutes are expected to enable the market players to increase their revenue generation and sales. Such strategic business partnerships are also estimated to accommodate the development of new technology-related innovation strategies. Agilent Technologies, Inc. and Thermo Fischer are expected to hold the largest market shares of the global optical emission spectroscopy market during the forecast period. Some of the market participants profiled in the global optical emission spectroscopy market report are Agilent Technologies, Inc.; Thermo Fisher Scientific Inc.; PerkinElmer, Inc.; Bruker Corp.; Hitachi High-Technologies Corp.; Shimadzu Corp.; Danaher Corp.; JEOL Ltd.; Rigaku Corporation ; Sartorius AG; Waters Corporation; Yokogawa Electric Corporation; AMETEK, Inc.; LECO Corporation and Stellarnet Inc.
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