X-Ray Photoelectron Spectroscopy Market is projected to Reach a sluggish CAGR of 3.7% between 2015 and 2023
The global x-ray photoelectron spectroscopy market prognosticated to witness a healthy growth curve in the forthcoming year, as reported by Transparency Market Research (TMR). The market’s business landscape is currently characterized by consolidation. There is a high density of leading players in the developed regions. Key players are seen leveraging their established presence in developed markets. A large number of regional vendors are also making their presence known in the global x-ray photoelectron spectroscopy market. Players in emerging markets are capitalizing on the untapped potential of emerging regions such as Asia Pacific. Countries such as India, China and Australia are demonstrating immense growth opportunities in the global x-ray photoelectron spectroscopy market.
The global x-ray photoelectron spectroscopy market is forecasted to rise at a CAGR of 5.8% over the forecast period 2015 to 2023. The market was estimated to be worth US$443.5 mn in 2014 and is anticipated to reach US$749.8 mn by 2023.
Diverse Applications to Propel Growth
With brisk advances in technology, x-ray photoelectron spectroscopy finds application across several applications. It is used exhaustively in the study of sample surfaces. The use of x-ray photoelectron spectroscopy has become indispensable in surface analysis. XPS devices are also widely used in the development of novel compounds, materials, and substances. This is done largely to enhance the structure and performance of existing materials. The constant need to improvise existing materials is likely to fuel the global x-ray photoelectron spectroscopy market to a large extent over the coming years.
The technique is being adopted in the detection of elements with a specific atomic size. It used further used to gauge electrons ejected by the topmost layers of given samples. The high adoption of the technique is expected to boost the growth of the global x-ray photoelectron spectroscopy over the forecast period.
Drug Discovery to Offer Lucrative Growth Opportunity
X-ray photoelectron spectroscope devices see immense opportunity in drug discovery. The technique has high potential and advantages in the spatial control of cells and biomolecules. A large number of drug discovery organizations are employing this technique in order to enhance their products. The technique is large responsible for testing eth adequacy of the molecules. This helps in improving the efficiency of the drug discovery process. The burgeoning use of these devices are expected to offer solid growth to vendors in the global x-ray photoelectron spectroscopy market in the forthcoming years.