Optical emission spectroscopy services market hold largest share of optical emission spectroscopy market – Report by MarketsandMarkets™

“Optical Emission Spectroscopy Market”
Optical Emission Spectroscopy Market by Offering (Equipment, Services) Form Factor, Excitation Source Type (Arc/Spark OES, ICP-OES), Detector Type, Vertical (Automotive, Scrap & Recycling, Aerospace & Defense).

According to the market research report Optical Emission Spectroscopy Market by Offering (Equipment, Services) Form Factor, Excitation Source Type (Arc/Spark OES, ICP-OES), Detector Type, Vertical (Automotive, Scrap & Recycling, Aerospace & Defense), and Geography – Global Forecast to 2023″, the optical emission spectroscopy (OES) market is projected to be worth USD 792.4 million by 2023, growing at a CAGR of 6.36% during 2018–2023. The requirement for optical emission spectroscopy (OES) equipment is mainly propelled by the enforcement of stringent government safety regulations and quality control requirements across various sectors, and technological enhancements and increased functionalities.

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Food & beverages is estimated to emerge as the fastest-growing vertical in the optical emission spectroscopy market driven by the strong demand for ICP-OES instruments across this vertical. However, automotive, scrap and recycling, aerospace and defense, and metals and heavy machinery verticals are at the forefront in implementing optical emission spectrometers across the world. The automotive vertical accounted for a major share of the global market in 2017. OES analyzers form an important tool for quality control (QC) and quality assurance (QC) purposes across automotive, as well as other metal processing industries, because it enables inspectors to identify and confirm different alloys and metals in parts of products, and thereby ensuring quality control. Strong demand for arc/spark OES across aforementioned verticals will further gives substantial impetus to the overall OES market.

Automotive, scrap and recycling, aerospace & defense, and metals and heavy machinery to hold largest share of optical emission spectroscopy market in 2018

Automotive, scrap and recycling, aerospace & defense, and metals and heavy machinery together is expected to hold a share of nearly 65% of the global optical emission spectroscopy equipment market in 2018. The automotive vertical is expected to hold high market shares of the global arc/spark optical emission spectroscopy equipment, and the global ICP optical emission spectroscopy equipment market in 2018. In the automotive vertical, OES analyzers form an important tool for quality control because it enables inspectors to identify and confirm different alloys and metals in parts of products, and thereby ensuring quality control.

APAC to hold largest share of optical emission spectroscopy market in 2018

APAC is expected to hold the largest share of the market in 2018 and is estimated to grow at the highest CAGR from 2018 to 2023. The highest growth rate in APAC is mainly attributed to the continuous advancements in APAC, in terms of economic growth, infrastructural developments, and rising demand from automotive industry. In APAC, demand from China, India, and countries in Central Asia are expected to contribute significantly to the growth of the optical emission spectroscopy market across this region.

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Thermo Fisher Scientific (US), Ametek (US), Bruker (US), Hitachi High Technologies Corporation (Japan), Shimadzu (Japan), Horiba (Japan), PerkinElmer (US), Agilent Technologies (US), Skyray Instrument (US), and Analytik Jena (Germany) are among the major players in the global optical emission spectroscopy equipment market. SGS (Switzerland), Bureau Veritas (Japan), Intertek (UK), TÜV SÜD (Germany), and Element Materials Technology (UK) are the major players in the optical emission spectroscopy services market.

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