The Research Report on “UV/Visible Spectroscopy Market by Instrument Type (Single-Beam, Dual-Beam), Application (Academic Application, Industrial Application), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes) – Global Forecast to 2025″, the Visible Spectroscopy Market is expected to reach USD 1.2 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 4.7%.
Future Opportunities: Growing opportunities in emerging nations;
As compared to mature markets such as the US and Europe, emerging markets such as China and India are expected to provide significant growth opportunities for players.
Many key industry players are strengthening their presence worldwide by establishing new facilities, R&Dcenters, and innovation centers. For example, in 2019, Agilent Technologies, Inc. (US) established the European R&D hub for molecular spectroscopy. Shimadzu Corporation set up a new research facility at the Technology Research Laboratory in Keihanna Science City, Japan. The new facility will focus on R&D and transform the delivery of innovative products. Further, in 2017, Shimadzu established an innovation center in its Asian subsidiary, Shimadzu Asia Pacific Pte. Ltd. The center enables Shimadzu scientists and university researchers in Asia and Oceania to conduct advanced R&D activities.
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Industry Segmentation In Detailed:
Dual-beam Systems segment is expected to account for the largest share of the UV/visible Spectroscopy instrument type market in 2019
On the basis of instrument type, segmented into dual-beam systems, single-beam systems, array-based systems, and handheld systems. In 2019, the dual-beam systems segment accounted for the largest share of the UV/visible spectroscopy market. This segment is also projected to register the highest CAGR during the forecast period. Dual-beam systems enable a high level of automation in data collection. Such advantages offered by dual-beam systems are supporting its increased adoption in the UV spectroscopy market.
Industrial applications segment is expected to grow at the highest CAGR in the global visible Spectroscopy market during the forecast period
On the basis of application, segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the UV spectroscopy market in 2019. This is mainly due to the ease of use, flexibility, affordability, and scalability of UV/visible spectrometers. Technological advancements in instrumentation that have enabled high-throughput screening, microvolume sampling, and automation in instrumentation and software integration have also increased the adoption of this analytical technique for industrial applications.
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Leading Key Players and Analysis:
The major players operating in the UV/visible spectroscopy market include Shimadzu Corporation (Japan), Agilent Technologies (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US). Other players involved in this market include Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Hach Company (US), Hitachi High-Technologies Corporation (Japan), HORIBA., Ltd (Japan), Mettler-Toledo (Switzerland), Hamamatsu Photonics KK (Japan), Cole-Parmer (UK), Analytik Jena (Germany), GBC Scientific Equipment (US), JASCO Inc. (US), Buck Scientific (US), Biochrom Ltd (UK), AMETEK Process, PG Instruments Ltd (UK) and PERSEE ANALYTICS, Inc (US).
Agilent Technologies was the second-largest player in the UV/visible spectroscopy market. A large part of the company’s revenue is generated from its Life Sciences and Applied Markets and Agilent CrossLab segments. The growth of the company is attributed to strategic mergers & acquisitions and improved R&D and capital expenditure. Expansions undertaken by Agilent to introduce new research and logistics bases in Asian countries are expected to further strengthen its position in this market. The company sells a majority of its products through its direct sales force. To complement the capabilities of this direct sales force, the company focuses on agreements with various channel partners across the globe, such as resellers, manufacturers’ representatives, and distributors. In 2020, Agilent signed a sponsorship agreement with My Green Lab to highlight their ongoing commitment to sustainability.
Geographical Analysis in Detailed:
North America is expected to dominate the global the UV/visible spectroscopy market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing environmental concerns, rising demand for food analysis and an increasing need to adopt technologically advanced products.
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