Global Market Insights Inc. has announced addition of a new research based report to their offering. X-ray Photoelectron Spectroscopy (XPS) market is predicted to foresee surge at a growing CAGR of 6% and surpass USD 775.5 million by the year 2023. Increasing global demand for rigorous research and development activities across various industries has influenced the market growth positively with encouraging growth avenues for various analytic techniques. Growing competition from other spectroscopy techniques with improved reliability and efficiency are likely to hinder the market growth.
XPS (X-ray Photoelectron Spectroscopy) is also known as ESCA (Electron Spectroscopy for Chemical Analysis) technique uses photoelectric effect created by x-rays and analyzes the electronic environment, surface composition, and atomic composition of the surface sample under study. The technique finds applications across manifold industries. The technology is foreseeing growing demand in chemical, bio-monitoring, food, mining, and pharmaceuticals industries. Furthermore, the industry is likely to witness growing demand for hydreated technology and growing implementation and penetration rate of this technology. LC-IR, GC-MS, CE-MS, LC-NMR, and LC-MS are a few of the popular hyphenated technologies that have gained popularity.
The key factors like the advent of technology, growing demand for medical research globally, safe and pure drugs and minimal error in medication are expected to drive the market. Moreover, R&D, chemical analysis and initiatives and support by Government to raise awareness about permissible level of contamination in drugs and formulations are projected to further the market growth. The introduction of combined synchrotron-based XPS and monochromator spectral capabilities has widened the scope of applications with increased accuracy and is expected to shape up the future for industry.
U.S. X-ray Photoelectron Spectroscopy (XPS) Market Size, by Application, 2016-2023, (USD Million)
Healthcare is a leading industry segment and is likely to continue its dominance during the projected time frame. The key application areas include packaging and printing. Element detection and contamination detection are projected to be top the fastest growing usage segment of the market in next few years. Contamination detection market is projected to register highest gains and exceed USD 263 million in the near future.
North America is expected to dominate the regional segment and surpass USD 300 million by the year 2023. APAC, especially India and China market share, is anticipated to foresee significant growth over the projected time frame. LATAM XPS market size is poised to exhibit growth in the near future.
The key participants in the global XPS market share include V G Scienta, Kratos Analytical, Kett, Evans Analytical Group, Intertek, Yokogawa, ThermoFisher Scientific, Inc. and Mitsubishi Electric. Mergers & acquisitions, and expansion in emerging countries is the prime focus of key market players.
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