Healthcare segment of XPS 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.
X-ray Photoelectron Spectroscopy Market size is set to exceed USD 820 million by 2024Growing 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 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.
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 segmental 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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Germany X-ray photoelectron spectroscopy market accounted for 23.4% revenue share of the Europe market. XPS market growth can be associated to the increasing applications of XPS systems in manufacturing commercial products such as chemical compounds and glasses. Moreover, increasing application of x-ray photoelectron spectroscopy in medical industry will positively impact the market growth. For instance, XPS devices are currently, being extensively utilized in orthopedic treatments. Orthopedic treatments being more prevalent in geriatric population will elevate the industry growth.
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.
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