Major Growth Boosting Factors: 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 the pharmaceutical & biotechnology industry, technological advancements, and the increasing need for food analysis.
Revenue Growth Opportunities: The UV/visible 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
# In 2020, Agilent technologies signed sponsorship agreement with My green lab to highlight their ongoing commitment to sustainability
# In 2019, Shimadzu Corporation launched six new models of UV-VIS spectrophotometer runder a new UV-i Selection brand. UV-1900i, UV-2600i, UV-2700i, UV-3600i Plus, SolidSpec-3700i, and Solidspec-3700i DUV.
# In 2019, Thermo Fisher Scientific inaugurated the state of art customer solution in India. The facility will provide company’s industry-leading offerings of analytical instrumentation, software, and consumables to showcase Thermo Fisher’s strong foothold in India.
Growth Drivers: Increasing application of UV/visible spectroscopy in pharmaceutical & biotechnology industry to drive market growth;
The application of UV/visible spectroscopy as an analytical technique in pharmaceutical and biotechnology R&D is likely to grow due to technological advancements in spectroscopy systems that have enabled high throughput screening, microvolume sampling, and software integration with instruments. Such advancements have ensured that a large number of data points can be gathered, recorded, and shared using these systems, which proves highly beneficial for R&D and is a major factor driving the growth of UV/visible spectroscopy market.
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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 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 spectroscopy market.
On the basis of application;
The Visible Spectroscopy Market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the UV/visible 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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Geographical Scenario: 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.
Global Leaders: 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).