New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Portable Spectrometer Market information by Type, by Application and Region – Forecast to 2027” the market value of USD 1,548.6 Million in 2019 and is expected to reach USD 2,777.1 Million by 2025 at a CAGR of 10.29%
Portable Spectrometer Market Scope:
The portable spectrometer market is growing rapidly, witnessing significant demand worldwide. These instruments find uses in various applications, including life sciences, material chemistry, food & beverage, agriculture, environmental testing, forensics, nanotechnology, and drug discovery. Besides, rising uses of portable spectrometers to detect environmental changes with data and information drive the growth of the market.
Portable spectrometers are redefining the agrohydrological sector. Its laboratory uses in research for agricultural, food, and agro-environmental sciences are garnering vast prominence, helping determine the agrohydrological sensing and modeling (AgrHySMo) and revealing hidden information about plant-water relationships. This, as a result, is increasing the portable spectrometer market share on the global platform.
Dominant Key Players on Portable Spectrometer Market Covered Are:
- Agilent Technologies Inc.
- Thermo Fisher Scientific Inc.
- ABB Group
- Metrohm
- PerkinElmer Inc.
- Bruker Corporation
- Jasco
- Hitachi High-Technologies Corporation
- Newport Corporation
- Texas Instruments Incorporated
- Anton Paar GmbH
- Oxford Instruments
- Renishaw PLC
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Market USP exclusively encompassed:
Market Drivers
The portable or handheld spectrometer is witnessing a rapid demand. Major portable spectrometer market trends include rising uses in forensics, microbiology, medical health, biochemistry, physics, and other verticals and the prominence these instruments are garnering in life sciences. Spectrometers play a causal role in life science for measuring compositions in a drug to ensure effectiveness and safety for consumers.
Similarly, spectrometers are increasingly used to measure bacterial growth or detect the amount of uric acid in the patient's urine, increasing the market share. Additionally, technological developments such as smartphone spectrometers drive the portable spectrometer industry.
Its compatibility with smartphones and tablets allows rapid measurement, record, and import or export spectral data. Spectrometers can be used to test displays, LEDs, and other light sources, traceability, counterfeit, and characterizing optical filters, crystals, and gems, among other applications.
Conversely, the lack of standardization and high costs are the major factors impeding the market's growth. On the other hand, the miniaturization has led to wider adoption of spectrometers in-the-field testing and onsite measurements. Furthermore, the demand for portable spectrophotometers is projected to increase over its previous records as industrial units are increasingly implementing these instruments for quality and process control.
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Segmentation of Market covered in the research:
The portable spectrometer market analysis is segmented into type, application, and region.
The type segment is sub-segmented into Raman Spectrometer, NIR, FTIR, and others. Among these, the Raman spectrometer sub-segment accounts for the largest market share due to the early adoption of these instruments and rising usages in research & life science laboratories.
The application segment is sub-segmented into life sciences, material chemistry, food and agriculture, environmental testing, forensics, nanotechnology, drug discovery, and others. Among these, life science accounts for the largest application segment and is projected to grow at an 11.99% CAGR during the forecast period.
Spectrometers are extensively used in most life sciences laboratories to identify and measure organic and inorganic compounds. Furthermore, spectrophotometers are used in life sciences to study impurities in compound and structure elucidation of organic molecules, conduct the quantitative analysis of substances, and determine the molecular weight of substances.
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Regional Segmentation
North America dominates the global portable spectrometer market and is estimated to maintain its market position throughout the anticipated period. The largest market share attributes to significant investments made by the governments and private organizations in developing these instruments increases the region's portable spectrometer market share.
Besides, the presence of leading manufacturers, such as Agilent Technologies and large research laboratories, drives the portable spectrometer market growth. Moreover, the well-established food & beverage industry in the region creates a substantial demand for various types of spectrometers.
Europe accounts for the second-best position in terms of the portable spectrometer market value. Substantial investments in drug discovery and life science research and spurting growth in pharmaceutical industries are major factors increasing the region's portable spectrometer market size. Additionally, large technological advances and the large presence of agriculture and chemical companies foster the growth of the portable spectrometer market.
The Asia Pacific region demonstrates positive growth in the global portable spectrometer market. Digital revolution is proliferating across the region, which increases the adoption of portable spectrometers across the manufacturing sectors. Factors such as growing uses in medical sectors and agricultural applications boost the market demand in the region. Furthermore, the increasing awareness about the portable spectrometer's advantages in drug discovery and environmental testing contributes to the regional market growth.
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Industry News
On Feb. 24, 2021, JEOL introduced a new GC-Alpha mass spectrometer built upon the AccuTOFTM GC series gas chromatograph. The new GC-MS represents a significant improvement in performance and functionality, using two newly developed key technologies. The hardware performance has been greatly improved, and a new generation of automated data analysis software is included in the standard configuration.
On Jan. 28, 2021, the Ohio government announced investments in Opioid detection tech for investigators. Pair of agencies in the states that have hit hardest by the opioid epidemic has invested in handheld devices that identify dangerous substances in minutes, saving time and potentially first responders' lives.
COVID-19 Impact on the Global Portable Spectrometer Market
The COVID-19 outbreak affected the portable spectrometer industry severely. Manufacturers faced various problems, such as disrupted supply chain, attracting workers from quarantines, obtaining components required for the production, and delivering end products. The lockdown halted the component and device production, putting a brake on the manufacturing facilities. The market witnessed spiked product prices and lowering product demand.
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