The Atomic Spectroscopy Market is poised to reach USD 4.52 Billion by 2027, growing at a CAGR of 6 % and is expected to reach USD 7.71 Billion during the forecast period of 2020 to 2027.
A study of absorption and emission of the electromagnetic radiation by the atom is known as atomic spectroscopy. Radiations are emitted when electrons are excited and move from one valence bond to lower valence bond. Absorption of energy takes place when a relaxed electron moves from lower valence bond to higher valence bond. A single element possesses characteristic of atomic spectroscopy. However, electromagnetic spectrum or mass spectrum is applied to determine elemental compositions. It is usually divided based on the type of spectroscopy used. The analytical performance of the mass spectrometry is better but relatively it is more complex. This complexity comprises more operator training, high probability of the components to fail, and higher operational and purchase costs.
Growing government fund on the research activities and developments in drug discovery research are anticipated to fuel the global atomic spectroscopy market growth in future. In addition, expansions by key players and rising awareness of the atomic spectroscopy through conferences & symposia are expected to boost the global market growth. International companies entering in the global atomic spectroscopy market by the acquisitions and expansions are anticipated to contribute to the global market growth. Many companies are focusing on healthcare and clinical science, integrated solutions and services for laboratory research and analysis, which in turn may foster the global market growth.
Today, atomic spectroscopy has found application in pharmaceutical industries, food industries, in research laboratories, and for diagnostic purposes. In agriculture, it can be used for analyzing minerals in soil and plants, in order to foster their health and growth. In environmental sciences, atomic spectroscopy helps determine the presence of heavy and toxic metals in air, water, and soil. Monitoring potentially harmful elements in water and waste output in nuclear energy, analyzing fine as well as raw chemicals in the chemical industry, and testing and quality assurance in food industry are some of the uses of atomic spectroscopy.
Key players operating in the global atomic spectroscopy market are GBC Scientific Equipment Pty Ltd., PerkinElmer, Inc., Bruker Corporation, Thermo Fisher Scientific, and Hitachi High-Technologies Corporation. Other players include Aurora Biomed, Analytik Jena AG and Rigaku Corporation, Agilent Technologies, and Shimadzu Corporation.
In the coming years, the atomic spectroscopy market is expected to witness the highest growth rate in the Asia-Pacific region, with emphasis on India, China, and Japan. The high growth in India and China can be attributed to rising food safety concerns, emerging biotech industry and conferences that act as a platform for companies to showcase their products and establish business relations. North America is expected to account for the largest share of the global atomic spectroscopy market. However, the dearth of trained professionals and high cost of equipment are likely to restrain the growth of the market during the forecast period.
Report : Atomic Spectroscopy Market - By Technology (X-Ray Fluorescence Spectroscopy, Atomic Absorption Spectroscopy, X-Ray Diffraction Spectroscopy, Inductively Coupled Plasma Spectroscopy and others), By Application (food and beverage testing, pharmaceuticals, industrial chemistry and others), and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027