The Portable Spectrometer Market is expected to grow at USD 1,548.6 Million by 2025, at 10.29% of CAGR between 2019 and 2025.
Portable Spectrometer Market Overview
According to the market research firm MRFR's study, the Portable Spectrometer Market had a value of USD 1,548.6 million in the year 2019 and is projected to grow at a compound annual growth rate (CAGR) of 10.29 percent during the forecast period of 2019 to 2025. Spectrometers are utilized in a variety of disciplines, including forensics, microbiological, pharmacological intervention, chemistry, physics, and others. These instruments are very important in the field of life science since they are used to measure certain chemicals that are present in drugs in order to ensure that they are safe and effective for customers. Additionally, these devices are utilized for the detection of bacterial growth as well as the detection of the quantity of uric acid present in the urine of a person.
With it's cheap cost and mobility, the handheld spectrometer is seeing fast growth in popularity. New technologies such as cellphone spectrometers are among the most significant achievements in the field of spectroscopy. When a small spectrometer is linked to a cellphone, the latter is transformed into a light spectrometer that can quickly scan, store, and external trade spectral data without the need for additional hardware. Among other things, the gadget is interoperable with mobile phones and tablets and may be used for a variety of tasks including testing displays, LEDs and other lighting effects, transparency and counterfeit detection, and characterizing optical filters, crystals, and jewels, to name a few.
This report contains all the information on the Portable Spectrometer Market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the Portable Spectrometer Market forecast for 2025 is also included in the report.
Covid 19 Analysis
Specifically, the COVID-19 epidemic had a significant impact on the portable spectrometer market. There were a variety of issues that manufacturers had to deal with, including a disrupted supply chain, luring employees from quarantines, getting the components needed for manufacturing, and delivering finished goods. The lockout brought component and device manufacturing to a stop, putting a halt to the operations of the production facilities. Product costs have skyrocketed, but product demand has plummeted on the market.
The portable spectrometer market is quickly expanding due to global demand. Environmental monitoring, toxicology, nanomaterials, and drug development are some of the applications for these devices. The Portable Spectrometer Market is also driven by the increasing usage of portable spectrometers to identify changes in the environment. Portable spectrometers are changing geohydrology. Its laboratory applications in agricultural, culinary, and agro-environmental science are gaining popularity, exposing buried information about plant-water interactions. As a consequence, the worldwide portable spectrometer market share is rising.
In addition to being robust and compact, the portable spectrometers industry are capable of performing full-range spectral observations. The most common uses for these spectrometers have been seen in investigations and studies, where real-time analysis of chemicals and molecules is required to be performed. Because of this, portable spectrometers that are combined with an audio recorder and a GPS are anticipated to provide opportunities for the producers of portable spectrometers companies to grow their businesses.
Portable spectrometer devices have a restricted range of tests and sensitivity, which are both significant limiting factors that may limit the market's development.
Increasing technical advances in spectroscopic technology, continuing research for the manufacture of sophisticated spectrometers, and the need for quick results are all driving the market's expansion throughout the area.
Cumulative Growth Analysis
A high nutritional industry in the region, which is going to develop and employing multiple kinds of spectrometers for a variety of applications, along with the presence of makers such as Agilent Technologies, Inc., research labs, and a strong food industry in the region, are some of the major driving factors the portable spectrometer market in North America. Consider the case of Agilent Technologies, Inc., which in 2020 introduced a new product line of Raman spectrometers known as the Agilent Vaya Raman. When it comes to quality control testing in the pharmaceutical and biopharmaceutical sectors, the new Agilent Vaya Raman raw material identification verification system is a portable device that may save time and money. Because of the rising advances in medical research in the area, Asia-Pacific is projected to be the fastest-growing geographical market during the forecast period, with a compound annual growth rate (CAGR) of 13.08 percent. The government's growing investment in healthcare is anticipated to drive Portable Spectrometer Market development in the coming years.
Value Chain Analysis
According to the reports, The portable mass spectrometer market has been divided into three categories: type, application, and geography. The type segment is further subdivided into portable Raman Spectrometer, NIR, FTIR, and other types of instruments. The Raman spectrometer sub-segment accounts for the largest share of the market, owing to the early acceptance of these instruments and the increasing use of this equipment in study and life science labs, among other factors. The application sector is further subdivided into the following categories: biological sciences, material science, agri-food, environmental testing, forensic, nanomaterials, drug development, and others. Life science is the most significant of these application segments, and it is expected to expand at a compound annual growth rate (CAGR) of 11.99 percent over the projection period.
Spectrometers are widely employed in most life sciences labs to detect and quantify organic and inorganic chemicals, and they are becoming more sophisticated. Aspects of the life sciences include the investigation of contaminants in compounds and the clarification of the architecture of organic molecules, the quantitative analysis of substances, and the determination of the molecular mass of substances.
The Portable Spectrometer Market is segmented on the basis of type, application, and geography. The portable spectrometer market trends is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into biological sciences, material science, agri-food, environmental testing, forensic, nanomaterials, drug development, and others.
Based on the propulsion types, the market is segmented into Raman Spectrometer, NIR, FTIR, and others.
According to the reports, on the basis of region, the global portable spectrometer market is divided into North America, Europe, Asia Pacific, and the rest of the world. North America currently leads the worldwide portable spectrometer market, and it is expected to continue its dominant position during the forecast period. It is due to the substantial expenditures adopted by politicians and commercial organizations in the development of these instruments that the area has gained the highest market share for portable spectrometers.
Furthermore, the presence of prominent manufacturers such as Agilent Technologies as well as big research labs contributes to the development of the global portable spectrometer market. Furthermore, a good food and beverage sector in the area generates a significant need for a wide range of spectrometers of different kinds.
On the global portable spectrometer market value scale, Europe ranks second after the United States and Japan. Significant expenditures in drug development and bioscience research, as well as the acceleration of growth in the pharmaceutical industry, are all contributing to the expansion of the portable spectrometer market in the area. Furthermore, significant technical advancements, as well as the widespread presence of agricultural and chemical businesses, contribute to the expansion of the portable spectrometer market share.
Compliance with projects, based on the identified, and other organic growth initiatives, such as patents and events, are being prioritized by a number of businesses. Acquisition, partnership & partnerships, and other inorganic development methods were seen in the market, as were other organic growth techniques. All of these actions have opened the path for market participants to expand their operations and increase their client base.
Major Key Players
The following report comprises of –
Portable Spectrometers Market Key Segments:
|Market Size||Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., ABB Group, PerkinElmer, Inc., Metrohm, Bruker Corporation, Hitachi High-Technologies Corporation, Jasco, Newport Corporation, Anton Paar GmbH, Texas Instruments Incorporated, Oxford Instruments and Renishaw PLC|
|Key Market Opportunities||Portable spectrometers that are combined with an audio recorder and a GPS are anticipated to provide opportunities|
|Key Market Drivers||Increasing usage of portable spectrometers to identify changes in the environment|
The main application areas are Forensic Science, Drug Discovery, Nanotechnology, Food & Agriculture, Environmental Testing, Materials Chemistry, Life Sciences, among others.
The market expansion will take place at a rate of 10.06% in the near future.
The rising need to achieve quick results at affordable cost has boosted the demand for portable spectrometers in the market.
Low accuracy of portable spectrometer compared to other similar devices can have a detrimental effect on the market.
The food & agriculture and drug discovery segments can achieve the best growth in the market.