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Norwalk, Conn. -- According to a soon-to-be-released updated report from Business Communications Co. Inc., RGB-168R Spectroscopy: An Enduring Market, the U.S. spectroscopy market in 2002 was $2.8 billion. It is expected to rise at an AAGR (average annual growth rate) of 9.1 percent and reach $4.3 billion by 2007.
The spectroscopy market seems to be enduring in today's world. The technological innovations have changed the market structure completely, and in turn this has pushed each manufacturer toward better performance. The market has experienced a large change in dynamics, product types, market leaders, and instrumentation and commercial/research applications.
The potential lies in the hyphenated techniques. The hyphenated spectroscopy, which is the much talked about spectroscopy technique of today, had sales of about $398.5 million in 2001 and $443.9 million in 2002. It is expected to reach $787.9 million in 2007, rising at an AAGR of 12.2 percent.
The market also foresees increased economic growth in the sector of Raman and Plasma spectroscopy. New and improved spectrometers are being invented to attain the stability in this competitive market. The portable spectrometer is one such example. Spectroscopy plays a leading role in quality control/quality assurance in companies like pharmaceuticals, biotechnology, chemical, material science, food and beverage etc. With the growth chart moving up, it sees a bright future.
Sales in molecular spectroscopy (IR, UV-Visible, Raman, NMR and ESR) in the U.S. were about $841 million in 2001 and $916.7 million 2002. This will continue to be the largest segment of the total market as it grows at an AAGR of 7.2 percent through 2007.
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