Optical Spectroscopy Market Scope
The optical spectroscopy is a study of how matter interacts with electromagnetic radiation. It is basically the measurement of the interaction of light with various materials. This technique is used as a tool to analyze in various industries which including pharmaceuticals. It is used to analyze metal content, the amount of active ingredient, the color of the sample, and the identity of the material. These instruments are highly used in research and development with respect to quality control. This market is an increasing number of recent start-ups that have made a splash by proposing technology and developing the technology on crowdfunded platforms. There is huge growth potential in the food and beverage applications because this industry is looking at elements such as calcium, magnesium in their products. Growing demand in biomedical and pharmaceutical markets for the identification and biological screening of cancerous cells. With the advancement of technology and increasing investment in research & development initiative across various industries are gaining huge attention.
According to AMA, the Global Optical Spectroscopy market is expected to see growth rate of 16.5%
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Optical Spectroscopy market throughout the predicted period.
HORIBA, Ltd. (Japan), Thermo Fisher Scientific (United States), Ametek (United States), Bruker (United States), Hitachi High Technologies Corporation (Japan), Shimadzu (Japan), PerkinElmer (United States), Agilent Technologies (United States), Skyray Instrument (United States) and Analytik Jena (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Intertek (United Kingdom), TUV SUD (Germany), GBC Scientific Equipment Pty Ltd (Malaysia), Teledyne Leeman Labs (United States) and GNR Analytical Instruments Group (Italy).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Optical Spectroscopy market , by Application (Industrial, Chemical, Petrochemical, Environmental, Food and Agriculture and Metals and Mining) and Region with country level break-up.
On the basis of geography, the market of Optical Spectroscopy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In Jan 2019, HORIBA Scientific revealed the new Standard Microscope Spectroscopy systems at Photonics. It has a unique set of accessories, its ability to perform techniques including Raman, Steady State, and time-resolved photoluminescence, and others. This system helps to meet customer’s individualized applications.
Market Trend
- Increasing Development of Portable and Handheld Instruments
- Growing Adoption of Smaller Instruments, With Lower Power Consumption and Built-In Data Analysis
Market Drivers
- Advancement in Optical Technologies by Telecommunication Industry
- Increasing Number of Government Initiatives towards Analysing Chemicals and Others
- Increasing Number of Research and Development Initiatives across Various Industries
Opportunities
- Rising Need of Multielement Analysis from Environmental, Pharmaceutical and Life Sciences, Scrap and Recycling, and Food & Beverage Industries
- Increasing Consumer Preference to Outsource Analytical Requirements
- Rising Requirement from Metals and Scrap Recycling Industry
Restraints
- Lack of Highly Skilled Technician
- Continuous Changes in Technology
Challenges
- High Production and Maintenance Cost Associated With Optical Spectroscopy
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Optical Spectroscopy Instrument Manufacturers, Suppliers and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries