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X-ray Photoelectron Spectroscopy Market set for rapid growth| $820 Mn By 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-03 

Global X-ray Photoelectron Spectroscopy Market is set to exceed USD 820 million by 2024; according to a new research report by Global Market Insights. Growing demand for hyphenated technology will enable efficient characterization of surface elements that should increase its preference amongst the technicians and engineers. Moreover, scientists utilize this technology to manufacture commercially viable products. For instance, scientists typically select TGA 8000 hyphenated technology that helps them to manufacture superior quality polymer materials. Also, hyphenated technology has been leveraged by researchers for developing new compounds that are used in treatment of chronic diseases such as cancer. High usage of hyphenated technology in medical as well as various other emerging industrial fields such aerospace and automotive should augment the industry growth in forthcoming years.

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Technological advancements in X-ray photoelectron spectroscopy devices will enhance the X-ray Photoelectron Spectroscopy Market growth in forthcoming years. Newly developed X-ray spectrometers specifically use monochromatic source of radiations that enables accurate quantitative analysis of the surface composition of compounds being studied. Moreover, key industry players such as Thermo Fisher Scientific and Kratos Analytical focus their efforts on developing new XPS devices that are integrated with advanced technology. The technology used in these XPS system can study up to 1-12nm of a particle that further increases its preference among scientists and researchers propelling the industry growth. However, lack of awareness amongst the population in emerging countries regarding availability of technologically advanced XPS systems may hamper the business growth during forecast timeframe.

Element detection segment was valued at USD 193.8 million in 2017 and is expected to have considerable growth during the forecast timeframe. Growth of element detection segment can be attributed to the growing utilization of X-ray photoelectron spectroscopy technique that helps in tracing minutest element size. Moreover, recently XPS technology is been rapidly utilized for analyzing the elemental composition of chemical compounds such as graphite and other isotopes of carbon. Such accurate elemental analysis facilitates scientific as well as research carried out for commercial purposes that should augment the segmental growth.
Healthcare segment of X-ray Photoelectron Spectroscopy Market will experience 6.3% CAGR during the forecast timeframe. Extensive use of XPS devices in drug discovery and other scientific researches will escalate the segment growth substantially in the forthcoming years. Furthermore, growing use of XPS technology in bioengineering that enables precise characterization of biological and organic materials will escalate adoption of spectroscopy devices ultimately boosting the segmental growth.

Monochromatic segment accounted for 79.2% in 2017 owing to the benefits associated with its usage. XPS devices are usually integrated with monochromatic source of light that ionizes molecules and atoms in an ultra-high vacuum chamber. Usage of monochromatic source of light creates an immense difference in surface detection facilitating the research processes. High demand for XPS devices with monochromatic source of light will prove beneficial for X-ray Photoelectron Spectroscopy Market growth.

U.S. XPS market witnessed 6.0% CAGR in 2017 and is anticipated to grow exponentially over forecast timeframe. High segmental growth can be attributed to  technological advancements in the XPS devices that stimulates its demand due to accuracy and efficiency possessed by them. Moreover, increasing research and development activities carried out by pharmaceutical and biopharmaceutical companies will escalate the preference for technologically advanced XPS devices boosting the regional growth in upcoming years.

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Prominent industry players operational in the X-ray photoelectron spectroscopy market include Evans Analytical Group, Intertek, JEOL, Kratos Analytical, Mitsubishi Electric, Thermo Fisher Scientific, V G Scienta, Kett, Yokogawa. These key industry players implement certain strategic initiatives such as new product launch, mergers and acquisitions that enable them to maintain their market position. Thermo Fisher has developed a new Nexsa x-ray photoelectron spectrometer system that is fully automated and provides accurate results. Development of such technologically advanced XPS systems will enhance Thermo Fisher’s revenue generation.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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