New York, US, Dec. 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “X-ray Fluorescence Analyzer Market: Information by Industry Vertical and Region—Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 1,067.1 million by the end of 2021. The reports further predict the market to flourish at a robust CAGR of over 5.2% during the assessment timeframe.
X-ray Fluorescence Analyzer Market Key Players
Eminent industry players profiled in the x-ray fluorescence analyzer market report include-
- Bruker Corporation
- Spectro Analytical Instruments Gmbh
- Thermo Fisher Scientific
- Horiba, Ltd
- Malvern Panalytical Ltd
- JEOL LTD
- Hitachi
- Olympus Corporation
- G.N.R. S.R.L. - Analytical Instruments Group
- Rigaku Corporation.
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Due to the presence of numerous domestic and international industry players, the market for x-ray fluorescence analyzers is both fragmented and competitive. These players have employed a variety of cutting-edge strategies, such as contracts, partnerships, collaborations, joint ventures, new product launches, geographic expansions, and more, to stay on the cutting edge while also meeting the escalating customer demand. They are also funding a lot of research and development projects.
X-ray Fluorescence Analyzer Market Report Scope:
| Report Metric | Details |
| XRF Analyzer Market Valued in 2021 | USD 1,067.1 million |
| X-ray Fluorescence Analyzer Market Growth Rate | CAGR of 5.2% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Rise Of Ed-Xrf Technology |
| Key Market Drivers | Integration Of Xrd & Xrf Technology Scrap Recycling With X-Ray Fluorescence (Xrf) Technology |
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X-ray Fluorescence Analyzer Market Drivers
Several Technological Advances to Boost Market Growth
Technologies related to XRF that have advanced include total-reflection XRF (TXRF), micro-calorimeters, and transition edge sensor (TES) X-ray detectors. These developments may open up new business opportunities for participants in the target market. These developments will aid in overcoming a number of XRF-related limitations, including the cost of setup, the need to take into account matrix effects, and the strict sets of standards.
X-ray Fluorescence Analyzer Market Opportunities
Multiple Benefits to offer Robust Opportunities
The X-ray fluorescence technique has several advantages that are expected to fuel market growth over the coming years, including non-destructive rapid multi-element analysis, simple sample preparation, and the ability to screen unknown matter in a variety of sample matrices, including solids, liquids, thin films, powders, slurries, and many others.
Restraints and Challenges
Calibration Issues to act as Market Restraint
Calibration issues coupled with high initial price of the machines used may act as market restraints in the forecast period.
X-ray Fluorescence Analyzer Market Segmentation
The global x-ray fluorescence analyzer market is bifurcated based on industry vertical.
By industry vertical, metals and alloys will lead this market in the forecast period at a 4.4% CAGR.
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X-ray Fluorescence Analyzer Market COVID-19 Analysis
The COVID-19 is hurting the global economy for businesses, consumers, and commodities. While some businesses have continued to follow continuity plans designed originally for natural disasters, other manufacturers are in danger to go out of business due to declining consumer demand, debt obligations, and declining production and revenues. To maintain production and the overall turnover of the manufacturing unit, many manufacturers are in fact implementing cross-industry manufacturing of medical and healthcare equipment. Oil and gas, coal products, textile, metal, and machinery are some of the industries that have been hardest hit.
XRF Analyzer Market Regional Analysis
North America to Head X-ray Fluorescence Analyzer Market
In 2021, North America held the largest market share. The use of x-ray fluorescence analyzers in numerous industries, including oil and gas, pharmaceutical, chemicals, metal, and mining, is expected to significantly boost the region's growth. Another significant factor anticipated to propel growth of the North American X-ray fluorescence market over the forecast period is the rising investments in infrastructural activities combined with rising demand for X-ray fluorescence devices from the cement industry for cement quality check. Additionally, rising US cement consumption and rising government spending on construction projects are anticipated to support the expansion of the North American XRF market. Furthermore, soils need to be accurately analyzed for heavy and polluting metals because North America leads the world in corn production. The X-ray fluorescence device is ideal for such analyses, which is likely to significantly increase the adoption of such devices in the countries in the region. The increasing demand for x-ray fluorescence analyzers in tracing & analyzing chemical elements in rock & sediments has influenced the demand for the market, and the region is expected to experience significant growth. The analyzer's use in gold processing and concentration operations has also increased market growth in this area. Due to the region's favorable reimbursement environment and superior health care infrastructure, North America currently holds a monopoly on the X-ray fluorescence (XRF) analyzer market.
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APAC to Have Admirable Growth in X-Ray Fluorescence Analyzer Market
The fastest-growing region is Asia-Pacific. Demand for the market has been influenced by the region with the highest CAGR due to the use of x-ray fluorescence for promptly analyzing the material & the thickness of the coating on metal and jewelry products. China, India, Japan, South Korea, Southeast Asia, and the rest of Asia-Pacific are the countries into which the region has been divided. During the forecast period, China is anticipated to dominate the market. Over the forecast period, the India X-ray fluorescence market is anticipated to expand moderately. One of the main factors anticipated to increase demand for X-ray fluorescence devices, which in turn is fueling growth of the India X-ray fluorescence market, is increasing use of X-ray fluorescence devices for soil testing in conjunction with government initiatives for development and expansion of the country's mining industry. The area to record the highest CAGR as a result of the demand for the market in the nation has increased as a result of the increasing adoption of x-ray fluorescence analyzers by a variety of industries. Additionally, the market is in high demand due to the growing need to know the elements that make up precious metals. China, India, Japan, South Korea, Southeast Asia, and the rest of Asia-Pacific are the countries into which the region has been divided. During the forecast period, China is anticipated to dominate the market. Due to the rising affordability of medical equipment and the high awareness of technological advancements in the X-ray fluorescence analyzer market, Asia-Pacific is predicted to grow the fastest.
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