X-Ray Photoelectron Spectroscopy Market size worth over $775mn by 2023
Contamination detection applications look the most attractive in terms of growth opportunities, with estimate of 6.4% CAGR from 2016 to 2023. Strong global drug safety demand along with drug research aimed at minimizing medication error will stimulate industry growth.
Studies conducted by agencies such as Technical University of Munich (Germany), National Institute of Standards & Technology (NIST), and ELETTRA (Italy) concluded that XPS is cost-effective and relatively less complicated method to analyze materials. Element detection applications are set to grow at over 6% CAGR, with revenue targeted at USD 280 million for 2023.
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Rising popularity of hyphenated technologies under which two different techniques are coupled to uncover results is more accurate in comparison to individual techniques. For instance, the combination of thermo gravimetric analyzer with a spectrometer is the most advanced type of gas analysis used.
Asia Pacific and Latin America XPS market could offer industry participants with strong growth opportunities over the coming decade, driven by critical unmet requirements, rapidly evolving healthcare infrastructure and demographics.
Spectroscopy has applications in various industries such as food, pharmaceuticals, bio-monitoring, chemicals, and mining. In all these industries, XPS is involved in the raw material analysis and finished product quality control.
High initial cost of set up is likely to work as a barrier for the entry to new firms. The market for XPS is expected to be oligopolistic in nature, where few dominant players are expected to rule the market with strong price interdependency.
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Key insights from the report include:
•Global X-ray photoelectron spectroscopy market size was USD 478.6 million for 2015, with 6.2% CAGR growth forecast for the period from 2016 to 2023.
•U.S. X-ray photoelectron spectroscopy market share, with 2015 revenue of over USD 170 million, will continue to dominate the industry in North America.
•Healthcare applications were estimated at USD 195.4 million in 2015. Strict regulatory guidelines for drug safety & research studies to minimize errors in medication as well as permissible contaminant levels will drive segment demand.
•Semiconductor and electronics applications accounted for more than 35% global revenue for 2015, with growth expected to remain strong throughout.
•Europe X-ray photoelectron spectroscopy market share was more than 27% of global revenue for 2015, with Germany, France and UK dominating with over 64% contribution in the same year.
•The XPS industry in India is relative nascent, with low awareness levels across the market place, it is likely that revenue will grow to USD 8.4 million by 2023. Lack of technical expertise is anticipated to create a significant gap between the demand for XPS devices and the supply of skilled professionals. It is a complicated process and therefore requires skilled technicians to interpret the given result.