Scanning Electrochemical Microscopy Market | Growth to Accelerate at a CAGR of Almost 7% Through 2024 | Technavio
The scanning electrochemical microscopy (SECM) market size is set to grow by USD 41.9 million accelerating at a CAGR of almost 7%, during the period spanning over 2020-2024. One of the key factors driving growth is the miniaturization of electronic devices. The ongoing trend of miniaturization has led semiconductor manufacturers to focus on reducing the size of semiconductor wafers and increase the energy efficiency of ICs. The extensive use of SECM in research on corrosion is a significant trend that will further stimulate market growth. SECM is widely adopted for studying numerous factors, including electron transfer kinetics, surface microstructure, initiation and propagation of pitting, and the effectiveness of protective measures such as treatments, inhibitors, and coatings.
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Technavio has announced its latest market research report titled Global Scanning Electrochemical Microscopy (SECM) Market 2020-2024 (Graphic: Business Wire)
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Parent Market Analysis
Technavio categorizes the global scanning electrochemical microscopy market as a part of the global life sciences tools and services market. The global life sciences and tools market covers products and companies engaged in the R&D of a variety of product categories, including capital equipment, instruments, accessories, and consumables that are used in the R&D of pharmaceuticals and biotechnology products, as well as the laboratory diagnosis of various diseases. It also covers life sciences-related services, including contract research, contract manufacturing, and contract sales.
Growth in the global life sciences tools and services market will be driven by the increase in the life expectancy of individuals worldwide.
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Scanning Electrochemical Microscopy Market: Geographic segmentation
The report segments the market by geography: APAC, Europe, MEA, North America, and South America. About 37% of the market's growth will originate from North America during the forecast period. This is due to the strong presence of large technology companies that use miniature semiconductors in various electronic products. Also, the presence of numerous research institutes in the region is contributing to the market growth. The US is the key market for scanning electrochemical microscopy in North America.
Scanning Electrochemical Microscopy Market: Segmentation by Type
The AFM-SECM segment was leading the market in 2019. AFM-SECM has emerged as a versatile tool for simultaneous measurements of the topographical as well as electrochemical properties of various material surfaces with high spatial resolution. Besides, the growing number of clinical trials and research activities related to the development of the drug for the ongoing COVID-19 pandemic has further increased the use of the AFM-SECM approach. This report provides an accurate prediction of the contribution of all the segments to the growth of the scanning electrochemical microscopy market size.
Scanning Electrochemical Microscopy Market: Growth Drivers
The market is driven by the miniaturization of electronic devices. Electronic device manufacturers are focusing on the development of miniature devices as they consume less energy. This is increasing the use of completely novel types of tips in multi-functional biological SECM devices. Also, the development of miniaturized analytical systems for DNA analysis, immunoassays, and enzyme sensors have made the application areas of SECM more attractive for the optimization and the evaluation of detection strategies and the further characterization of sensing platforms. Thus, the miniaturization of electronic devices will positively influence market growth during the forecast period.
Scanning Electrochemical Microscopy Market: Challenges to Overcome
The price of commercially available standard potentiostats with low-current measurement capabilities is generally between USD 2,000 and USD 20,000. Many organizations do not have an adequate budget to meet such high capital expenditure. Also. several educational institutions and research organizations depend on funding from external agencies and their purchase decisions are dependent on the approval of the funding. These factors are hindering the adoption of the SECM technique.
Scanning Electrochemical Microscopy Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading scanning electrochemical microscopy companies, including:
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