The global market is estimated at USD 232.3 Million in 2024 and is expected to reach USD 382.0 Million by 2034, registering a CAGR of 5.10% from 2024to 2034. The base year considered for the study is 2022, and the forecast has been provided for the period, 2024 to 2034.
Retention or reflectance spectroscopy are two terms used to describe ultraviolet-visible spectroscopy. It makes use of visible light and nearby light spectrums. The color of the concerned chemical is legitimately influenced by reflection in the obvious range. Electronic changes occur in atoms in this area of the electromagnetic spectrum. Ingestion estimates advancements starting from the earliest stage to the energized state, whereas fluorescence manages changes from the energized state to the ground state. Assimilation spectroscopy is analogous to fluorescence spectroscopy in this way. Atoms with bonding and nonbonding electrons can absorb energy in the form of UV or visible light to excite these electrons and make them more hostile to holding sub-atomic orbitals.
The statistical determination of various analytes, such as transition metal ions, organic compounds, and biological macromolecules, is done in chemistry using UV/visible spectroscopy. Metal d electrons that become excited and transition from one electronic state to another are what give transition metal ion solutions their colour. The addition of other species, such as anions or ligands, affects the colour of metal ion solutions. Organic compounds have a high degree of conjugation, which causes them to absorb light in the UV or visible portions of the electromagnetic spectrum. Any compound's absorption spectrum can be impacted by polarity and PH.
Market Dynamics
Drivers
UV visible spectroscopy will increasingly be used in the biotechnology and pharmaceutical industries to boost market expansion. The use of UV/visible spectroscopy as an analytical method in pharmaceutical and biotechnology R&D is projected to increase as a result of technological developments in spectroscopy systems that have made high - throughput sequencing screenings, microvolume sampling, and software configuration with instruments possible. Because of these developments, a significant number of data points can now be collected, recorded, and shared using these systems. This is extremely helpful for R&D and is one of the main factors fuelling the expansion of the UV/visible spectroscopy industry.
Restraints
Durability of the equipment.
Systems for UV/visible spectroscopy last three to five years. As a result, once an instrument has been purchased, it is not frequently modified or replaced. Particularly in academic environments, this is observed. The lengthy lifespan of these devices discourages end customers from buying them. The price-conscious markets in the Asia Pacific region and the rest of the world can clearly see this bottleneck (as compared to North America and Europe). In comparison to other analytical methods like high-performance liquid chromatography, UV/visible spectroscopy techniques use less reagents and consumables. The UV/visible spectroscopy market is anticipated to grow slowly due to the lifespan of the equipment and the low consumable demand.
Opportunity
Expanding chances in developing countries
China and India are two rising markets that are anticipated to offer significant development potential for businesses in comparison to more developed economies like the US and Europe.
By building new buildings, R&D centres, and innovation hubs, many major industrial firms are expanding their footprint globally. For instance, the European R&D centre for molecular spectroscopy was formed in 2019 by Agilent Technologies, Inc. (US). In Japan's Keihanna Science City, the Shimadzu Corporation established a new research centre at the Technology Research Laboratory. The new factory will concentrate on R&D and revolutionise the distribution of cutting-edge products. Additionally, Shimadzu Asia Pacific Pte. Ltd., a subsidiary in Asia, opened an innovation centre in 2017. The facility enables Shimadzu researchers and academics throughout Asia and Oceania to conduct advanced R&D activities.
Market Segments
By Instrument Type
The UV/visible Spectroscopy market is divided based on instrument type into dual-beam systems, single beam systems. The market for UV/visible spectroscopy was dominated in 2019 by the dual-beam systems segment. Additionally, it is anticipated that during the forecast period, this segment will have the greatest CAGR. Data collecting can be highly automated with dual-beam systems. Dual-beam systems are being used more frequently in the UV/visible spectroscopy sector due to the benefits they offer.
By Application
Academic and commercial applications make up the market segments for UV/visible spectroscopy. In 2019, the industrial applications sector held the biggest market share for UV/visible spectroscopy. This is mostly attributable to UV/visible spectrometers' simplicity, adaptability, affordability, and scalability. The acceptance of this analytical approach for industrial applications has also expanded thanks to technological developments in instrumentation that have made it possible for high-throughput screening, microvolume sampling, automation in instrumentation, and software integration.
By End Users
According to end users, the market is divided into pharmaceutical and biotechnology firms, academic and research institutions, the agriculture and food sectors, and environmental testing labs. The market for UV/visible spectroscopy was dominated by businesses in the pharmaceutical and biotechnology sectors. A significant portion of this market can be ascribed to developments in biotechnology research and a growing emphasis on pharmaceutical and biopharmaceutical businesses to increase their product pipelines.
By Region
Based on regional analysis, North America is expected to dominate market growth, holding a share of over 35% in the projected years. This is attributed to rising environmental protection activities, rising demand for food item analysis and quality control, and accelerating adoption of technologically advanced research equipment. Major players being present in the area and rising investments in the development of cutting-edge machinery are also helping to propel regional development. The rapidly developing pharmaceutical business in the region, the rising demand for spectroscopic techniques to meet the rising demand for food safety, and the growing need to protect the environment all point to the Asia Pacific region experiencing profitable revenue growth in the projection period.
Recent Development
- In 2020, Agilent Technologies and My Green Lab struck a sponsorship partnership to highlight their continuous dedication to sustainability.
- In 2020, Six new UV-VIS spectrophotometer types were released by Shimadzu Corporation under the UV-i Selection brand. SolidSpec-3700i, SolidSpec-3700i DUV, UV-1900i, UV-2600i, UV-2700i, UV-3600i Plus.
Competitive Landscape
Agilent Technologies (US), Shimadzu corporation (Japan), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US).
What Does This Report Provide?
This report provides a detailed understanding of Escalator market from qualitative and quantitative perspectives during the forecast period. The major market drivers, challenges, and opportunities for UV/Visible Spectroscopy Market have been covered in the report.
Objectives of this report:
- To estimate market size on regional and global basis.
- To identify major segments in the market and evaluate their market shares and demand.
- To provide a competitive scenario for the market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of the market with their potential gravity during the forecast period.
Customization:
This study is customized to meet your specific requirements:
- By Segment
- By Sub-segment.
- By Region/Country
- Product Specific Competitive Analysis
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