According to the new market research report "UV/Visible Spectroscopy Market by Instrument Type (Single-Beam, Dual-Beam), Application (Academic Application (Physical Chemistry Studies), Industrial Application (Life Sciences R&D, Environmental Testing) - Global Forecasts ", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities.
The Global UV/Visible Spectroscopy Market is expected to reach USD 1,163.2 Million, at a CAGR of 4.3 % during the forecast period.
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The Global UV/Visible Spectroscopy Market is segmented on the basis of instrument type, application, and region.
Based on instrument type, the market is segmented into single-beam systems, dual-beam systems, array-based systems and handheld systems. In 2016, the single-beam systems segment is estimated to account for the major share of the UV/Visible Spectroscopy Market. These instruments are routinely used analytical instruments in clinical examination, medicine, petrochemicals, biochemistry, biotechnology, quality control, and environmental protection as they are simple and economical.
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Based on application, the market is segmented into academic applications and industrial applications. In 2016, the industrial applications segment is estimated to account for the major share of the UV/Visible Spectroscopy Market. The instruments are used in various industrial fields such as life science R&D, production, quality assurance/quality control (QA/QC) and environmental testing as they are easy to use, flexible, affordable, and scalable.
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2016, North America is expected to account for the largest share of the UV/Visible Spectroscopy Market. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serve as a revenue pocket for companies offering UV/visible spectroscopy systems and accessories. This is owing to the impetus provided by entry of key market players into this market, growing food safety and environmental pollution concerns and budding life science R&D sector in this region.
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The major players in UV/Visible Spectroscopy Market include Shimadzu Corporation (Japan), PerkinElmer Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies Inc. (U.S.) and Hach Company (subsidiary of Danaher Corporation) (U.S.).