Atomic spectroscopy studies atoms for the absorption and emission of electromagnetic radiation. This method helps in understanding elemental compositions and has a wide range of applications. Versatility of this technology is the strongest driver for the global atomic spectroscopy market. Technological breakthroughs and advanced achievements are also expected to prove to be crucial for the industry. The global demand trend for this technology is expected to be on higher scale, thanks to the rising trends of adoption from various industrial verticals. Impressive investments from the key players on the other hand are set to create better business prospects for the new entrants in the industry.
Scope of Research – Segmentation
The global atomic spectroscopy market is segmented in order to analyze the crucial industry trends, drivers, hindrances, competition, growth prospects and future investment opportunities. These segments are mainly based on the types of technology, their applications and regional demand for these methods. Following are the details of the sub-segmentation in the industry:
- Technology: Atomic absorption, x-ray fluorescence, x-ray diffraction, mass spectrometry, inductively coupled plasma spectroscopy, elemental analyzers and others
- Applications: Biotechnology, food and beverage testing, environmental testing, pharmaceuticals, industrial chemistry and others
- Geography: North America (US and Canada), Asia (India, China, Japan and rest of Asia) and Europe (France, Germany, Spain, Italy, UK and rest of Europe)
Drivers and Forecasts
Over the past few years, the demand for spectroscopy has grown dramatically. This growth is attributed to the factors like rising awareness and concerns about food safety, good amount spend on research funding, growth in environment awareness and increasing trends of environmental awareness and so on. Rapid adoption across the industry is also giving way to technological advancements and scientific breakthroughs. Advancing technologies are also contributing to the rising trends in terms of the applications of the existing as well as newer spectroscopy methods. Growing demand from emerging markets and growth of industrial applications across the developing nations is set to create healthy competition in the global atomic spectroscopy market.
Based on all the aforementioned factors, experts suggest that the atomic spectroscopy market will grow at a healthy CAGR. From 2014 to 2018, the industry is expected to grow at an estimated compound annual growth rate of over 6%. During the forecasting period, North America is expected to dominate the global industry. Emerging markets on the other hand will witness healthy growth as well. Europe is expected to second North America in terms of market growth and revenue.