The competitive landscape of the global x-ray photoelectron spectroscopy (XPS) market features the dominance of few large players capable of investing vast sums in setting up the capital-intensive XPS manufacturing units, observes Transparency Market Research in a recent report. The availability of vast capital and skilled professionals is expected to allow present leaders such as Thermo Fisher Scientific, Japan Electron Optics (JEOL) Ltd., Kratos Analytical Ltd. (Shimadzu), and Ulvac PHI to maintain dominance in the next few years as well. Industrially advancing economies such as India and China are expected to present vast growth opportunities for new entrants in the market in future years.
Transparency Market Research states that the XPS market will rise from a valuation of US$443.5 mn in 2014 to US$749.8 mn by 2023, registering a healthy 5.8% CAGR over the period between 2015 and 2023.
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Use of X-ray Photoelectron Spectroscopy in Elemental Analysis help Market Gain Massive Chunk of Revenue
On the basis of uses, the global market for x-ray photoelectron spectroscopy is expected to gain immensely from the segment of elemental analysis in terms of revenue until 2023. The segment’s growth is expected to be driven by the capability of x-ray photoelectron spectroscopes to effectively analyze all elements in the periodic table, except hydrogen and helium. The segment is also expected to retain dominance, exhibiting a CAGR higher than any other segment, over the report’s forecast period.
From a geographical standpoint, the market for x-ray photoelectron spectroscopy in North America exerts dominance in the global market, accounting for a substantial share in terms of revenue in 2015. The regional market is expected to retain dominance owing to an encouraging regulatory landscape, rising usage of x-ray photoelectron spectroscopes in drug and medical safety research activities, and the presence of well-equipped research centers in the region. The Asia Pacific market is expected to exhibit a faster rate of growth over the report’s forecast period owing to the persistently improving research facilities in the region.
Conducive Regulatory Factors to Remain Key to Market Growth
The market for x-ray photoelectron spectroscopy is chiefly driven due to favorable regulatory factors that are encouraging research and development activities across a number of industries and government initiatives leading to an increased level of consumer awareness about the use of x-ray photoelectron spectroscopes for safety analysis of a number of aspects. The market is also driven due to the rapid rate of technological advancements and the easy availability accurate and highly reliable x-ray photoelectron spectroscopes. Moreover, the introduction of several hyphenated technologies by a number of companies to address complex analytical applications is also working in favor of the global x-ray photoelectron spectroscopy market.
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Dearth of Workforce with Satisfying Technical Knowhow to Deter Market Growth
The lack of skilled resources is one of the key challenges ahead of the global x-ray photoelectron spectroscopy market. Furthermore, the rapid rate of introduction of more sophisticated and technologically advanced products is negatively impacting the growth of vendors having products with relatively older functionality in their portfolios. Nevertheless, the market could gain sustainable returns owing to the thriving growth of key end-use sectors. The increased usage of x-ray photoelectron spectroscopes across the medical and pharmaceutical industries could also help the market retain a healthy rate of growth over the next few years.
This review of the market is based on a recent market research report by Transparency Market Research, titled “X-Ray Photoelectron Spectroscopy Market (Analysis - Forensic, Contamination, Elemental Analysis, Electronic Density Estimation and Others; Application - Healthcare, Semiconductors & Electronics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023.”