Published: Mar, 2017
The presence of a large number of regional players has rendered the global X-ray photoelectron spectroscopy (XPS) market highly fragmented. Some of the prominent global participants in the market are Thermo Fisher Scientific, Japan Electron Optics Lab (JEOL) Ltd., Ulvac PHI, Kratos Analytical Ltd., and Evans Analytical Group.
Mergers and acquisitions and product portfolio expansion are the key strategies adopted by these players to consolidate their position in the market, finds Transparency Market Research (TMR) in a new study. “Both international and regional players are competing fiercely in terms of product innovation and pricing. They are striving to offer automated yet affordable XPS systems, which can better adapt and scale to suit the requirements of customers,” says TMR’s lead analyst.
Demand for XPS to Remain High for Elemental Analysis through 2023
The opportunity in the global XPS market is poised to reach a valuation of US$749.8 mn by the end of 2023, posting a CAGR of 5.8% between 2015 and 2023. On the basis of analysis, the elemental analysis segment will continue to be the leading revenue contributor until 2023. The growth of the segment can be attributed to the ability of XPS to analyze all types of elements in the periodic table, except helium and hydrogen. The segment is expected to exhibit a CAGR higher than any other segment during the same period.
Geographically, North America accounted for a substantial share of the revenue pie of the market in 2015. Conducive regulatory scenario, improving scope of applications for medical and drug safety research, the birthing of technologically innovative instruments, and booming demand for hyphenated techniques are contributing to the growth of the region. Asia Pacific, with a smaller market, is expected to project a faster growth rate during the review period. The rigorous efforts by international players to expand their operations in developing countries is triggering the adoption of XPS systems in this region.
Government Initiatives Back Market Growth
A select mix of market forces is governing the rate of growth of the global XPS market. Favorable government initiatives are encouraging research and development activities and awareness among consumers, thereby playing a vital role in the growth of the market. The continuous advancements in technology, along with burgeoning demand for accurate and reliable analytical methods, are also working in favor of the market. Moreover, the birthing of several hyphenated technologies introduced by different manufacturers to address complicated analytical issues is augmenting the market.
Lack of Skilled Workforce Takes its Toll on Market Growth
The dearth of workforce with satisfying technical acumen is keeping the market from realizing its utmost potential. Furthermore, the advent of more advanced and sophisticated technologies is negatively impacting the revenue generation of the market. However, the flourishing growth of end-user sectors is anticipated to open new avenues for XPS system manufacturers. The rising adoption of XPS technology in the medical and pharmaceutical industries for evaluating drug safety and efficiency is shaping the future of the global market.
The above data is collated from a research report released by TMR, titled “X-Ray Photoelectron Spectroscopy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The global x-ray photoelectron spectroscopy market is segmented into the following categories:
X-ray Photoelectron Spectroscopy Market, by Analysis
- Forensic Analysis
- Contamination Analysis
- Elemental Analysis
- Electronic Density Estimation
X-ray Photoelectron Spectroscopy Market, by Application
- Semiconductors & Electronics
X-ray Photoelectron Spectroscopy Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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