Optical Emission Spectroscopy Market Leading Growth Drivers and Market Outlook 2023

Market Highlights

Optical emission spectroscopy market is expected to grow from USD 514.1 million in 2017 to USD 741.5 million by 2023, at a compound annual growth rate (CAGR) of 6.53% during the forecast period. Advent of new technologies that has led to change in customer requirements across various end-use verticals and enforcement of government safety regulations and quality control mandates for different Industry are the key drivers for the optical emission spectroscopy market.

Key players

The prominent players in the optical emission spectroscopy market are Thermo Fisher Scientific Inc. (US), Horiba, Ltd. (Japan), Hitachi High-Technologies Corporation (Japan), Bruker Corporation (US), Shimadzu Corporation (Japan), Ametek Inc. (US), Skyray Instrument Inc. (US), Teledyne Leeman Labs, Inc. (US), PerkinElmer, Inc. (US), Agilent Technologies (US), Analytik Jena (Germany), Focused Photonics Inc. (China), GBC Scientific Equipment Pty Ltd (Australia), and GNR Analytical Instruments Group (Italy). The leading service providers in the market are SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), TUV SUD (Germany), Element Materials Technology Ltd. (Netherland), and TUV Rheinland (Germany). The major players constantly focuses on growth strategies such as strategic partnerships, mergers, acquisitions, and product launch to enhance their product offerings and expand their market reach. In 2019, Spectro Analytical Instruments launched a inductively coupled plasma optical emission spectrometry analyzer— Spectrogreen that uses dual side-on interface (DSOI) technology.

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Regional Analysis

The global market for optical emission spectroscopy market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of optical emission spectroscopy market is done for North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific is expected to dominate the optical emission spectroscopy market from 2018 to 2023 owing to the continuous growth in terms of infrastructural developments and the consumer electronics, automobiles, and defense industry that boost the demand for optical emission spectrometers in the region.  North America is estimated to be the second largest market for optical emission spectroscopy owing to the strong demand being witnessed from food & beverages, automotive, and aerospace & defense end-use verticals.

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