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This market research published by Frost & Sullivan analyzes the global elemental analytical instrumentation market from 2015 to 2025, and the base year is 2018. At the start, the study provides key findings and CEO perspectives to highlight some important findings of the research service. This study paints a picture of the overall market in terms of revenue forecast of different regions, price and unit shipment trends, market share of key participants and their competitive analysis. It also dives deep into each product segment, with detailed information about its application, product selection requirements, revenue forecast, and key companies involved in product sales.
By product segment:
By end-user industry:
Of the products segments, AAS is the most mature and is expected to have low growth and technological advancements during the forecast period. The segment that is expected to have the highest growth is ICP due to its highest level of sensitivity, selectivity, throughput, and analysis speed. Miniaturization and integration of the Industrial Internet of Things (IIoT) with these instruments is expected to attract more business for these products. Companies are already focusing on providing Artificial Intelligence (AI), Machine Learning (ML), and cloud services for data storage that can be used for predictive analytics. Instrument failure can be prevented even before it occurs by observing historic trends. This is expected to benefit customers by reducing downtime and ensures continuous running of operations. However, despite these opportunities, there are some challenges pertaining to end users’ unwillingness to invest in upgraded instruments to expand their business and uncertainties in political situations that could expectedly slow down the growth of this market. Among IIoT services, Big Data analytics is most likely to have the highest demand because of an increased need to translate gigabytes of data collected from experiments into meaningful information.
Opportunities for the manufacturers lie in building unique instruments to detect new elements and to cater to process-based industries, as most of the instruments built so far are for lab purposes. Increase in regulations related to environmental, food, and pharmaceutical industries to ensure safety and authenticity, and increased demand for faster, more technologically advanced instruments are some driving factors for the growth of this market. Another common trend is the collaboration of university/research institutes with instrument manufacturers. The goal of these collaborations is to train students for running tests and experiments accurately in the future. Manufacturers, in turn, benefit from real-world student feedback, which helps improve the features of products and encourage further product innovation.
This study also contains an exclusive ‘India’ chapter that specifically covers the findings from the Indian market.
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