Spectroscopy Equipment and Supplies Sales Revenue to Exceed US$ 17 Bn Cap, in 2019

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Spectroscopy Equipment and Supplies Market

Future Market Insights (FMI) recently published a report titled “Spectroscopy Equipment and Supplies Market: Global Industry Analysis 2013-2017 and Market Opportunity Assessment 2018-2027.” The scope of this market study includes the spectroscopy equipment and supplies which are used in molecular spectroscopy, mass spectroscopy, and atomic spectroscopy techniques. The basic spectroscopy setup includes cuvette, flow cell or dipping probe to hold the sample, a light source, and detection system.

The global spectroscopy equipment and supplies market is expected to grow at a CAGR of 6.6% during the forecast period. The spectroscopy equipment and supplies market was valued at US$ 15,248.8 Mn in 2017, and is projected to grow significantly to reach US$ 28,835.5 Mn by 2027 due to the increasing spending of the governments of various countries on the pharmaceuticals, food, agriculture and chemical industries.

In this report, FMI has segmented the global spectroscopy equipment and supplies market on the basis of product type, end user and region. By product type, the spectroscopy equipment and supplies market is segmented into molecular spectroscopy equipment, atomic spectroscopy equipment, mass spectroscopy equipment, molecular spectroscopy supplies, atomic spectroscopy supplies and mass spectroscopy supplies. The molecular spectroscopy equipment sub-segment is expected to capture the largest market share of the global spectroscopy equipment and supplies market due to the increasing demand for molecular spectroscopy technique, especially in the pharmaceutical and food & agriculture sectors.

The surging demand for spectroscopic techniques and related equipment installations across the globe is expected to boost the spectroscopy equipment and supplies market over the forecast period. In addition, growing food quality concerns is also attracting end users towards the adoption of spectroscopy equipment and supplies. Owing to these factors, the spectroscopy equipment and supplies market is projected to register single-digit growth during the forecast period.

Based on end users, the global spectroscopy equipment and supplies market is sub-segmented into pharmaceuticals, agriculture & food, oil & gas, chemicals & polymer and others. In terms of value, the pharmaceutical sub-segment is expected to capture the largest market share in the global spectroscopy equipment and supplies market due to the high spending on the research & development of pharmaceutical products and continuous innovations in spectroscopy equipment. However, the oil & gas sub-segment is also expected grow at a relatively higher CAGR during the forecast period in the global spectroscopy equipment and supplies market.

On the basis of geography, the spectroscopy equipment and supplies market is sub-segmented into North America, Latin America, Europe, Japan, APEJ (Asia Pacific Excluding Japan) and Middle East & Africa. The spectroscopy equipment and supplies market in North America is expected to dominate the global spectroscopy equipment and supplies market owing to the high spending on research & development. Europe and APEJ are also expected to capture a substantial market share in the global spectroscopy equipment and supplies market owing to major technological advancements in the pharmaceutical industry and the presence of a large number of research laboratories in the region.

As per FMI analysis, Top 3 players in the spectroscopy equipment and supplies market are Agilent Technologies, Thermo Fisher Scientific Inc. and Hitachi High-Technologies Corporation. These top 3 players are expected to account for a market share of around 35% of the global spectroscopy equipment and supplies market. Long-term contracts with business partners, acquisitions and continuous innovations in products are among the key strategies followed by the top players to increase revenue and new innovation strategies. Some of the other market participants in the global spectroscopy equipment and supplies market report include Bruker Corporation; JEOL Ltd.; Shimadzu Corporation; Waters Corporation; PerkinElmer, Inc.; Rigaku Corporation; Danaher-Corp, Stellarnet, Inc., LECO Corporation, AMETEK, Inc., Sartorius AG and Yokogawa Electric Corporation.

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