Global portable spectrometer market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 10.06% during forecast period.
Global Portable Spectrometer Market
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Portable spectrometer is a handheld scientific device which is used to measure and separate spectral components of a physical phenomenon. It is a measuring instrument which collects light waves and uses these waves to analyze the material that emitted the energy and to create a frequency spectrum. Portable spectrometers allow researchers to analyze material samples anywhere, anytime or on the go.
Growing demand for portable wireless devices along with quick results is major driving factor behind the growth of market. Growing demand of portable spectrometer in applications like identifying raw materials, field analysis of samples, and forensic analysis applications, surge in the requirement of portable spectrometer in science industry particularly in astronomy and chemistry and increasing demand of these devices due to its low cost, portability and availability is expected to improve the growth of market during forecast period. Portable spectrometer provides some benefits such as fast response throughout the production chain, value-added savings and fully-flexible material screening, which are ultimately propelling the growth of market.
However, limited range of test and sensitivity of portable spectrometer device is major restraining factor that could hamper the growth of market.
Global Portable Spectrometer Market: Segmentation Analysis
By spectrometer type, mass spectrometer segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of 6.7% during forecast period. The growth is attributed to the growing adoption of mass spectrometer in pharmaceutical and biomedical industry across the globe. Surge in the requirement of mass spectrometry technology for drug discovery and testing, pesticide residue analysis, food contamination detection, protein identification, isotope ratio determination and carbon dating applications are expected to improve the growth of market during forecast period. Alternatively, optical spectrometer segment is projected to witness fast growth at CAGR of XX% during forecast period. This is owing to its wide use in the field of astronomy to analyze the radiation from astronomical objects and deduce chemical composition.
By application, drug discovery and forensic science segments are projected to witness fast growth at CAGR of XX% during forecast period. In drug discovery application, the growth is attributed to the growing adoption of portable spectrometer device in drug development science industry. It is used usually by medicinal chemists to monitor and observe chemical reactions during drug synthesis and product validation. In forensic science application, the global portable spectrometer market is driven by the high adoption of these devices in the arson investigation, analysis of trace evidence, identification of explosive residues and confirmation of drug abuse applications. Furthermore, the ongoing discovery of materials, substances or compounds and the need to identify each and every small quantities of these compounds more accurately and quickly is making the more demand of portable spectrometer in the global market.
Global Portable Spectrometer Market: Regional Analysis
Region wise, North America held the largest market share in 2019 and is expected maintain its dominance at CAGR of XX% during forecast period. The US and Canada are major key contributors behind the growth of market. The growth is attributed to growing investments by the government in research & development of the biomedical and pharmaceuticals industry. The execution of strict government rules and regulations for the production of pharmaceuticals is driving the growth of market in the region.
Increasing technological advancements in spectroscopy technology, ongoing research for the production of advanced spectrometer and demand of fast results is further propelling the growth of market across the region.
The objective of the report is to present a comprehensive analysis of the Global Portable Spectrometer Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Portable Spectrometer Market dynamics, structure by analyzing the market segments and projects the Global Portable Spectrometer Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Portable Spectrometer Market make the report investor’s guide.
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The Scope of Global Portable Spectrometer Market
Global Portable Spectrometer Market, By Spectrometer Type
• Optical Spectrometer
• Mass Spectrometer
• Fluorescence Spectrometer
• High-resolution Spectrometer
Global Portable Spectrometer Market, By Spectroscopy Type
• Atomic Spectroscopy
• Ultraviolet and Visible Spectroscopy
• Fourier-Transform Infrared Spectroscopy
• Raman Spectroscopy
• Nuclear Magnetic Resonance
Global Portable Spectrometer Market, By Application
• Materials chemistry
• Drug discovery
• Life sciences
• Forensic science
• Environmental testing
Global Portable Spectrometer Market, By Region
• North America
• Asia Pacific
• South America
• Middle East & Africa
Global Portable Spectrometer Market, Key Players
• ABB Ltd.
• Agilent Technologies, Inc
• Anton Paar GmbH
• Bruker Corporation
• Hitachi High-Tech Analytical Science
• Metrohm India Limited
• Newport Corporation
• PerkinElmer Inc.
• Renishaw plc.
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