Analytical Instrumentation Market Overview
The analytical instrumentation market was valued at USD 43.2 billion in 2021, and it is projected to be worth USD 66.27 billion by 2027, registering a CAGR of 7.52% during the forecast period, 2022-2027. The increasing concern for product quality, increasing investments in R&D, and stringent government regulations are the major factors driving the growth of the analytical instrumentation market. Increasing customer awareness, especially in emerging regions, and the need for analytical instruments across multiple sectors are expected to expand the market growth.
Automation across the end-user industries fueled the development in the market studied. Companies developing batteries for electric vehicles, mobile phones, energy systems, and other systems rely on analytical instruments to enhance storage potential and output, creating a more efficient, cleaner, and safer energy source. Companies use electron microscopy technologies to understand structures that level down at the atomic scale, along with spectroscopy tools to discover critical changes in materials that cause defects and inefficiency.
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Analytical Instrumentation Market – Geographical Overview
The demand for analytical instrumentation has been growing significantly in the Asia-Pacific region. Specifically, these products have been utilized in the region to address climate change, an aging population, food production, and newer energy sources. Analytical instrumentation vendors have also responded to the market demand via distribution by local companies and direct sales. Also, due to the trade tensions between the United States and China, multiple companies have shifted some of their production and supply chains to countries outside of China to circumvent disruption in business operations.
Countries such as India have also been one among the emerging markets in the analytical instrumentation industry owing to higher investment in testing and R&D activities. The growing awareness among the country’s expanding end-user industries is also driving investment in the market studied. Therefore, the analytical instruments market in the country has been witnessing exponential growth since the turn of the century. However, in the past 2-3 years, the pace of growth has slowed down to high single digits, and ever-thinning margins impact the industry. Procurement pressures from government organizations and the private sector are taking a toll on the companies’ bottom lines, though top lines are still growing.
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Mordor Intelligence has segmented the Analytical Instrumentation Market based on product type, end-user, and geography:
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