(PharmaNewsWire.Com, August 07, 2021 ) The Key Growth Elements in Detailed?
The Growth in UV/visible Spectroscopy market is mainly driven by factors such as application of UV/visible spectroscopy in environmental screening, growing use of UV/visible spectroscopy in pharmaceutical & biotechnology industry, technological advancements and increasing need for food analysis.
Worldwide Growth Opportunities in Terms of Revenue:
The UV spectroscopy market is expected to grow from USD 1.0 billion in 2020 to USD 1.2 billion by 2025, at a CAGR of 4.7% during the forecast period.
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.
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 increasing need to adopt technologically advanced products.
Major Key Players Mentioned in the research report are:
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)
Shimadzu Corp dominated the UV/visible spectroscopy market. Shimadzu has been operating in the life science and analytical instruments business since 1875 and it operates under five business segments—Analytical Instruments, Medical Systems, Aircraft Equipment, Industrial Machinery, and Testing and Measuring Instruments. It is one of the pioneers in the field of UV/visible spectroscopy and has managed to establish a brand of its own. Product launches, strategic collaborations, and acquisitions will further augment its position in the market. Last year, Shimadzu released six new UV/visible spectrometers under a new UV-i Selection brand, further strengthening its position in the market.
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