Market Leader - Optical Emission Spectroscopy Market
The optical emission spectroscopy (OES) market is projected to be worth USD 792.4 million by 2023, growing at a CAGR of 6.36% during 2018–2023. The requirement for optical emission spectroscopy (OES) equipment is mainly propelled by the enforcement of stringent government safety regulations and quality control requirements across various sectors, and technological enhancements and increased functionalities.
The arc/spark OES mounting method is expected to hold a major market share in 2018 and is further estimated to lead the market (in terms of value) from 2018 to 2023. Primary metal producers, foundries, and fabricators in automotive, aerospace, metal and machinery, and scrap and recyclers are the major verticals that adopt arc/spark OES. However, the market for the inductively coupled plasma optical emission spectroscopy (ICP-OES) is expected to witness the highest growth rate in the near future. Growing requirement of multielement analysis from environmental, pharmaceutical and life sciences, scrap and recycling, and food & beverage verticals will further add to the substantial growth of the ICP-OES market.
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Benchtop form factor is expected to hold a larger share of the optical emission spectroscopy equipment market in 2018. Benchtop OES are the most widely used type of OES for a myriad of applications that require precision and accuracy in quantitative and qualitative information pertaining to the elemental analysis. Growing use of portable OES analyzers in metal producing and processing industries, such as metals and heavy machinery, automotive, aerospace & defense, and scrap and recycling, is likely to drive the market for portable OES equipment in the near future.
Food & beverages is estimated to emerge as the fastest-growing vertical in the optical emission spectroscopy market driven by the strong demand for ICP-OES instruments across this vertical. However, automotive, scrap and recycling, aerospace and defense, and metals and heavy machinery verticals are at the forefront in implementing optical emission spectrometers across the world. The automotive vertical accounted for a major share of the global market in 2017. OES analyzers form an important tool for quality control (QC) and quality assurance (QC) purposes across automotive, as well as other metal processing industries, because it enables inspectors to identify and confirm different alloys and metals in parts of products, and thereby ensuring quality control. Strong demand for arc/spark OES across aforementioned verticals will further gives substantial impetus to the overall OES market.
APAC is expected to hold the largest share of the market in 2018 and is estimated to grow at the highest CAGR from 2018 to 2023. The highest growth rate in APAC is mainly attributed to the continuous advancements in APAC, in terms of economic growth, infrastructural developments, and rising demand from automotive industry. In APAC, demand from China, India, and countries in Central Asia are expected to contribute significantly to the growth of the optical emission spectroscopy market across this region.
Related Reports:
Optical Emission Spectroscopy Market by Offering (Equipment, Services) Form Factor, Excitation Source Type (Arc/Spark OES, ICP-OES), Detector Type, Vertical (Automotive, Scrap & Recycling, Aerospace & Defense), and Geography - Global Forecast to 2023
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