MarketsandMarkets Research Report’s View on Revenue Impact?
The UV/Visible Spectroscopy Market is expected to grow from USD 1.0 billion in 2020 to USD 1.2 billion by 2025, at a CAGR of 4.7% during the forecast period.
Factors Responsible for Growth and In-Depth Analysis?
The Growth in UV/visible Spectroscopy market is mainly driven by factors such as the application of UV/visible spectroscopy in environmental screening, growing use of UV/visible spectroscopy in the pharmaceutical & biotechnology industry, technological advancements and the increasing need for food analysis. On the other hand, the longevity of instruments and the dearth of skilled professionals is expected to limit market growth to a certain extent during the forecast period.
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Leading Key Players and Analysis:
The major players operating in the UV/visible spectroscopy market include Shimadzu Corporation (Japan), Agilent Technologies (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US). Other players involved in this market include Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Hach Company (US), Hitachi High-Technologies Corporation (Japan), HORIBA., Ltd (Japan), Mettler-Toledo (Switzerland), Hamamatsu Photonics KK (Japan), Cole-Parmer (UK), Analytik Jena (Germany), GBC Scientific Equipment (US), JASCO Inc. (US), Buck Scientific (US), Biochrom Ltd (UK), AMETEK Process, PG Instruments Ltd (UK) and PERSEE ANALYTICS, Inc (US).
Agilent Technologies was the second-largest player in the UV/visible spectroscopy market. A large part of the company’s revenue is generated from its Life Sciences and Applied Markets and Agilent CrossLab segments. The growth of the company is attributed to strategic mergers & acquisitions and improved R&D and capital expenditure. Expansions undertaken by Agilent to introduce new research and logistics bases in Asian countries are expected to further strengthen its position in this market. The company sells a majority of its products through its direct sales force. To complement the capabilities of this direct sales force, the company focuses on agreements with various channel partners across the globe, such as resellers, manufacturers’ representatives, and distributors. In 2020, Agilent signed a sponsorship agreement with My Green Lab to highlight their ongoing commitment to sustainability.
Geographical Analysis in Detailed?
North America is expected to dominate the global the UV/visible spectroscopy market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing environmental concerns, rising demand for food analysis and an increasing need to adopt technologically advanced products.
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Industrial applications segment is expected to grow at the highest CAGR in the global UV/visible Spectroscopy market during the forecast period.
On the basis of application, the UV spectroscopy market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the visible spectroscopy market in 2019. This is mainly due to the ease of use, flexibility, affordability, and scalability of UV/visible spectrometers. Technological advancements in instrumentation that have enabled high-throughput screening, microvolume sampling, and automation in instrumentation and software integration have also increased the adoption of this analytical technique for industrial applications.
Pharmaceutical and Biotechnology companies is expected to account for the largest share during the forecast period.
Based on the end-user segment, the market is segmented into pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries, and environmental testing labs. The pharmaceutical & biotechnology companies segment accounted for the largest share of the UV/visible spectroscopy market. The large share of this segment can be attributed to factors like innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines.
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