According to a market research report by MarketsandMarkets the OES market is estimated to grow from USD 582.2 million in 2018 to USD 792.4 million by 2023, at a CAGR of 6.36%. The growth of the market will be driven by the enforcement of stringent government safety regulations and quality control requirements across various sectors, and technological enhancements and increased functionalities.
The optical emission spectroscopy (OES) services market is expected to grow at the highest CAGR from 2018 to 2023. Increasing involvement of third-party service providers, such as SGS, Bureau Veritas, and Intertek, is likely to drive the overall services market. Outsourcing activity is likely to be preferred by most of the small and mid-sized companies owing to the benefits such as quick full-fledged results, timely analysis, and lesser investments in equipment.
However, the market for OES equipment will continue to lead the market, in terms of market share. Growing use of portable OES analyzers in metal producing and processing industries, such as metals and heavy machinery, automotive, aerospace & defense, and scrap and recycling industries; and rising use of ICP-OES across food & beverages, chemicals, pharmaceutical, and environmental industries are likely to increase the adoption of OES instruments.
Automotive, Scrap and Recycling, Aerospace & Defense, and Metals and Heavy Machinery to Hold Largest Share of Optical Emission Spectroscopy Market In 2018
Automotive, scrap and recycling, aerospace & defense, and metals and heavy machinery together is expected to hold a share of nearly 65% of the global optical emission spectroscopy equipment market in 2018. The automotive vertical is expected to hold high market shares of the global arc/spark optical emission spectroscopy equipment, and the global ICP optical emission spectroscopy equipment market in 2018. In the automotive vertical, OES analyzers form an important tool for quality control because it enables inspectors to identify and confirm different alloys and metals in parts of products, and thereby ensuring quality control.
APAC to Hold Largest Share
APAC is expected to hold the largest share of the OES market in 2018. Continuous advancements in APAC, in terms of economic growth, infrastructural developments, and the automotive vertical are likely to increase OES equipment requirement in this region. APAC is a major market for various sectors such as consumer electronics, automobile, and defense. This region has become a global focal point for large investments and business expansion opportunities. APAC experiences steady growth in all sectors. In the automotive sector, this region accounted for more than 50% of the overall passenger car production as of 2016.
"Optical Emission Spectroscopy Market by Offering (Equipment, Services) Form Factor, Excitation Source Type (Arc/Spark OES, ICP-OES), Detector Type, Vertical (Automotive, Scrap & Recycling, Aerospace & Defense), and Geography - Global Forecast to 2023" - Report.