According to a new market research study of ‘X-Ray Photoelectron Spectroscopy Market to 2027 – Global Analysis and Forecasts by Product Type, Usage, and Application.’ The global x-ray photoelectron spectroscopy market is anticipated to reach US$ 896.90 Mn in 2027 from US$ 554.07 Mn in 2019. The market is anticipated to grow with a CAGR of 6.2% from 2020-2027. The report provides trends prevailing in the global x-ray photoelectron spectroscopy market and the factors driving the market along with those that act as hindrances.
X-ray photoelectron spectroscopy (XPS) is a quantitative spectroscopic technique that is used to measure the elemental composition, empirical formula, chemical state and electronic state of the elements that exist within a given sample.
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Thus, the increasing initiatives and funds incurred by private or public organizations are expected to drive the sales of X-ray photoelectron spectroscopy, thereby propelling the growth of the market over the forecast years.
For instance, in August 2019, Binghamton University, State University of New York, acquired a new X-ray tool named Hard X-ray Photoelectron Spectroscopy system (or HAXPES), useful in materials research and R&D for electronics. The instrument, HAXPES, enables researchers to get detailed information about a material or device without taking it apart. The cost of the system is $1.75 million, which is the third of its type in the world and the very first type outside Europe. The system was funded by $1.23 million from the National Science Foundation's Major Research Instrumentation program and additional money funded by the campus.
Leading companies operating in the x-ray photoelectron spectroscopy market are Shimadzu Corporation, Physical Electronics Inc, Thermo Fisher Scientific Inc, Japan Electrons Optic Laboratory Company Limited, Revera Incorporated, SPECS GmBH, Prevac, Scienta Omicron, Staib Instruments, OCI Vacuum Microengineering Inc. among others.
Market leaders operating in the market have undertaken various organic growth strategies in the x-ray photoelectron spectroscopy market. Several organic approaches, such as product launches, and expansion/relocation in the X-Ray Photoelectron Spectroscopy market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.
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