X-Ray Photoelectron Spectroscopy Market is Projected to Reach US$ 749.8 Million by 2023
The global X-ray photoelectron spectroscopy market stood at US$443.5 million in 2014 and is expected to reach US$749.8 million by the end of 2023. The market is anticipated to rise at 5.8% CAGR from 2015 to 2023.
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Regionally, the X-ray photoelectron spectroscopy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Asia Pacific is anticipated to rise at the leading CAGR during the forecast period. The regional market is expected to be driven by constant advancements in surface characterization methods and substantial improvements in infrastructure in developing nations.
Based on the type of analysis done with XPS, the market is segmented into elemental analysis forensic analysis, contamination analysis, and electronic density estimation. Among these, the elemental analysis is projected to rise at the leading CAGR over the forecast period. The dominance of the segment is attributed to the demand for XPS for analyzing the chemical state and electronic state various the elements.
The X-ray photoelectron spectroscopy market is primarily driven by the growing demand for technologies for analyzing the surface chemistry of materials in a number of industries including healthcare, pharmaceuticals, automotive, aerospace, semiconductors, and electronics. XPS is being increasingly used in surface characterization in order to alter or modify the properties of materials such as corrosion rates, catalytic activities, adhesive properties, and wettability. This is gaining prominence in improving the efficacy of surface engineering in these industries.
The burgeoning application of XPS technology in material researches in the medical and pharmaceutical industries is propelled by their substantial role in drug safety determination processes. The increasing application of XPS in understanding the spatial control of a variety of biomolecules and cells used in tissue engineering research is anticipated to boost the market. Furthermore, stringent regulations related to the testing of the effectiveness of the molecules used in drug discovery activities have accentuated the X-ray photoelectron spectroscopy market. The application of XPS as surface characterization tools in the healthcare industry is gaining traction in the healthcare industry, thereby catalyzing the market growth.
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However, the lack of alternative spectroscopic methods and the paucity of expertise in using XPS techniques are crucial factors likely to impede the market to an extent. Nevertheless, the growing popularity of X-ray photoelectron spectroscopy methods in forensic analysis is expected to create a plethora of exciting opportunities for several market players. Furthermore, recent advancements in surface engineering technologies have improved the efficacy of the XPS techniques leading to the advent of methods with rapid turnaround times. The demand for novel forensic tools is anticipated to open up lucrative growth avenues in the coming years.
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