Global Spectroscopy Market – North America likely to Continue Market Domination until 2021

Renewable energy

Technavio, a tech-focused market research firm, has published a new report on the global spectroscopy market, which is expected to grow at a CAGR of close to 7% during the forecast period 2017-2021.

Based on geographical segmentation, Technavio market researchers categorize the global spectroscopy market into the following key regions: APAC, Europe, North America, and ROW.

Source: Technavio

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Top three contributors for the global spectroscopy market are elaborated below:

Spectroscopy market in North America: Canada, Mexico, and the US are the key revenue contributing countries in the spectroscopy market in North America. The market’s growth in North America is driven by innovations and the implementation of advanced technology in spectroscopy. Investments by the federal government in the medical science sector is also a fundamental driving force in the adoption of spectroscopy in North America.

According to Sunil Kumar Singh, a lead analyst at Technavio, specializing in research on embedded systems, “Infrared spectroscopy and process spectroscopy are the key drivers for this region. In 2015, infrared spectroscopy accounted for 35% of the overall spectroscopy market, and process spectroscopy accounted for 47% to overall spectroscopy market in North America.

Spectroscopy market in APAC: The market for spectroscopy in APAC is fueled by the increasing funding from the government for research in pharmaceutical technology, life sciences, and biotechnology. The environmental and food safety segment drives the spectroscopy market in APAC. New players are anticipated to venture into the market space over the next four years to leverage the opportunities for growth.

Spectroscopy market in Europe: The major countries contributing to market growth in Europe include France, Germany, Italy, Spain, and the UK, and a few countries of Eastern Europe. The atomic emission spectroscopy is a key driver for this region. Even though the market has reached a mature state, it continues to contribute towards the space, aeronautics, and defense sectors.

The leading vendors operating in the global spectroscopy market are:

  • Agilent Technologies
  • Bruker
  • Danaher
  • Hitachi High-Technologies Corporation
  • Jeol
  • PerkinElmer
  • Shimadzu Corporation
  • Thermo Fisher Scientific

Other prominent vendors in the market include FOSS, GBC Scientific Equipment, JASCO, Metal Power, Rigaku Corporation, and WATERS.

A more detailed analysis is available in the Technavio report titled, ‘Global Spectroscopy Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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