New York, United States , Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Global Portable Spectrometer Market Size is to Grow from USD 2.05 Billion in 2022 to USD 4.72 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
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A portable spectrometer is a compact handheld device that measures and analyses the properties of light across different wavelengths. It uses spectroscopy to separate and quantify components of a light source, providing data on intensity and wavelength distribution. Portable spectrometers find applications in chemistry, physics, environmental science, and agriculture. They allow on-the-spot analysis, material identification, and environmental monitoring. Their portability, ease of use, and real-time data capabilities make them invaluable in field research, quality control, and scientific investigations. Portable spectrometers have revolutionized spectral analysis, offering rapid and accurate results in a convenient, portable form.
Browse key industry insights spread across 210 pages with 122 market data tables and figures & charts from the report on the "Global Portable Spectrometer Market Size, Share, and COVID-19 Impact Analysis, By Type (Optical Spectrometer, Mass Spectrometer, Fluorescence Spectrometer, High-Resolution Spectrometer, and Others), By Application (Life Science, Chemistry, Food & Agriculture, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032."
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The optical spectrometer is expected to grow at a CAGR of around 8.4% during the forecast period
Based on the type, the global portable spectrometer market is segmented into optical spectrometer, mass spectrometer, fluorescence spectrometer, high-resolution spectrometer, and others. The optical spectrometer segment is expected to witness significant growth during the forecast period in the portable spectrometer market. This growth can be attributed to several factors. The optical spectrometers offer advantages such as high resolution, broad spectral range, and versatility in analyzing various samples. They find applications in fields like chemistry, material science, and biological research. The advancements in optical technologies, such as miniaturization, improved detectors, and increased spectral accuracy, have resulted in the development of compact and portable optical spectrometers with enhanced performance. Moreover, the increasing demand for on-site and real-time analysis in industries like agriculture, environmental monitoring, and quality control drives the adoption of portable optical spectrometers.
The life science segment is anticipated to grow at a CAGR of around 7.5% during the forecast period
Based on the application, the global portable spectrometer market is segmented into life science, chemistry, food & agriculture, and others. The life science segment is expected to experience significant growth in the forecast period in the portable spectrometer market. This growth can be attributed to several factors, such as the rising demand for personalized medicine, genomics, and proteomics research drives the adoption of portable spectrometers in life science applications. The advancements in portable spectrometer technology, including increased sensitivity and enhanced data analysis capabilities, cater to the evolving needs of life science researchers. Moreover, the increasing focus on drug discovery, biomolecular analysis, and disease diagnosis further fuels the demand for portable spectrometers in the life science sector.
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Asia-Pacific is predicted to grow at a higher CAGR of around 10.3% over the projected period
Asia-Pacific is expected to grow at highest CAGR during the forecast period in the portable spectrometer market. Several factors contribute to this anticipated expansion, because the region is witnessing rapid industrialization and technological advancements across various sectors, including healthcare, agriculture, and environmental monitoring. This drives the demand for portable spectrometers for on-site analysis and quality control purposes. The increasing investments in research and development activities, coupled with government initiatives promoting scientific advancements, create a favorable environment for the adoption of portable spectrometers. Furthermore, the rising awareness about the benefits of portable spectrometers and the expanding customer base in emerging economies contribute to the projected growth of the market in Asia-Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global portable spectrometer market include ABB Ltd., Agilent Technologies, Inc., Anton Paar GmbH, Bruker Corporation, Hitachi High-Tech Analytical Science, Jasco, Metrohm India Limited, Newport Corporation, PerkinElmer Inc., Renishaw PLC, Shenzhen Threenh Technology Co.,Ltd., Thermo Fisher Scientific, Inc., Texas Instruments Incorporated, Oxford Instruments, Andor Technology Ltd., Pfeiffer Vacuum Technology AG, ARCoptix, Presto Stantest Private Limited, AIBC International, and Spectral Evolution.
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Recent Developments
In June 2022, PerkinElmer Inc., a global leader dedicated to advancing innovation for a healthier world, has announced a collaboration with Novartis, a renowned pharmaceutical organization, to enhance new-born screening for sickle cell diseases (SCD) in the sub-Saharan African region.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global portable spectrometer market based on the below-mentioned segments:
Portable Spectrometer Market, By Type
- Optical Spectrometer
- Mass Spectrometer
- Fluorescence Spectrometer
- High-Resolution Spectrometer
- Others
Portable Spectrometer Market, By Application
- Life Science
- Chemistry
- Food & Agriculture
- Others
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