New products serving fields as diverse as oil and gas, pharmaceutical and biotech, food and beverage, and forensics are helping drive growth in the global spectroscopic equipment market, according to a report by BCC Research.
The industry is expected to see a compound annual growth rate (CAGR) of 3.0% through 2023, when it could be worth $17.0 billion, according to the report Spectroscopy Equipment: Global Markets to 2023.
Major players in the market include Bruker Corp., Thermo Fisher Scientific, Agilent Technologies, Jeol Ltd., Waters Corp., PerkinElmer Inc., Hitachi High Technologies America Inc. and Shimadzu Corp.
- Pharma and biotech end users will lead by size, with a 2023 estimated value at $7.2 billion, although food and beverages will lead by growth, with a CAGR through the period of 3.3%
- Mass and hyphenated spectroscopy equipment will dominate the market by size, with a 2023 value estimated at $6.6 billion, although molecular instruments will lead by growth, with a CAGR through the period of 4.2%.
- The Asia-Pacific region leads by growth, with a CAGR through 2023 of 6.9%, although North America leads the market by size, with an estimated 2023 value of $1.9 billion.
“Spectroscopic equipment is being used in an increasing number of industries and applications, while new fields of technological adoptions, developments and demand are continually opening up in the pharmaceutical, biotechnology, environmental, and food and beverage industries,” the report notes. “Extensive research has revealed that spectroscopic products are being used to develop efficient, user-friendly and affordable analytical techniques.”
High Cost and Stiff Competition Trimming Market Growth
There are several factors conspiring to limit growth in the market, the report adds. Chief among them are the high research and development costs for spectroscopic instruments; fields like atomic spectroscopy request vast sums of money for R&D, though governments could help offset some of the costs by developing infrastructure and raising funds in support of furthering the field. Another market constraint is high competition, with major players competing among themselves and with new market participants; this sort of competition makes it difficult for conglomerates to survive.
– BCC Research