UV and infrared segments to continue leading the market through 2025, finds Frost & Sullivan
SANTA CLARA, California, June 14, 2019 /PRNewswire/ -- The global molecular analytical instruments market generated $2.132 billion in 2018, with the market set to grow further, as the need for portable instruments continues to increase. Portability is a key trend in the market where these products are gaining momentum in R&D labs as well. Future-proof instrumentation is key, as is the need for vendors to offer a one-stop-solution in a broad product portfolio. With portability the key focus, the market is expected to reach over $3.5 billion by 2025, with a CAGR of 7.6 percent from 2018 through that time period.
"The need for portable instruments is growing and is expected to play a vital role in lab and process industries, as well. A broad product portfolio that provides a one-shop-stop solution should be the vendors' success mantra," said Sujan Sami, Program Manager for Test & Measurement at Frost & Sullivan.
Frost & Sullivan's recent analysis, Global Molecular Analysis Spectrometers Market, Forecast to 2025, offers a holistic picture of the opportunities, challenges, and threats for the vendors across the globe, including an in-depth analysis of market sizing within product segments. It also covers a regional perspective of demand patterns in various advanced and emerging markets: North America, Europe, Middle East and Africa, Asia-Pacific, and emerging regions, along with industry end-user analyses and competitive landscape discussion.
For further information on this analysis, please visit: http://frost.ly/3j7
Some of the most prominent growth opportunities in this space include:
- Future-proof instrumentation is key, so that any product should have the option to be upgraded with software and hardware wherever applicable for future expansion.
- Infra-red lab and UV lab together accounted for almost 50 percent of the total market in 2018 and are expected to dominate the market through 2025, creating opportunities for instruments designed for those laboratories.
- North America, as the pioneer in developing innovative products, is expected to continue in that role. The European region is slowly coming out of the economic instability, while there is immense opportunity for growth in APAC countries.
"Increased demand for portable molecular spectrometers will increase competition between global vendors and emerging regional vendors developing low-cost products, highlighting the need for product differentiation," said Sami. "Vendors need to develop low cost, highly efficient and easy to use molecular analytical instruments to gain market share."
Global Molecular Analysis Spectrometers Market, Forecast to 2025, is part of Frost & Sullivan's global Growth Partnership Service program.
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SOURCE Frost & Sullivan