New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Portable Spectrometer Market” published by Consegic Business Intelligence, the market was worth USD 1,925.86 Million in 2022, projected to grow by USD 2,059.41 Million in 2023, and is anticipated to reach over USD 4,181.38 Million by the year 2031, growing at a CAGR of 9.3%.
Portable spectrometers are instruments designed for measuring wavelengths of light over a broad range of electromagnetic spectrum for spectroscopic analysis of sample materials. The benefits of portable spectrometers including ease of use, higher mobility, reliability, high testing speed, accuracy, and sensitivity makes it ideal for deployment in food & beverage, pharmaceutical, agriculture, chemical, metallurgy, and other sectors.
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The increasing utilization of portable spectrometers in the pharmaceutical sector is among the key factors driving the market growth. Additionally, the growing demand for medical drugs, expansion of pharmaceutical manufacturing facilities, and rising pharmaceutical production are key factors fostering the adoption of portable spectrometers. For instance, according to the European Federation of Pharmaceutical Industries and Associations, the total pharmaceutical production in Germany and France was valued at approximately USD 39,734 million and USD 28,935 million respectively in 2020. Therefore, the rise in pharmaceutical production is increasing the adoption of portable spectrometers for applications including examination of drug identity and purity, drug crystalline structures, interactions between excipient and active ingredients, and others thereby, driving the growth of the market.
Additionally, the rising application of portable spectrometers in the food & beverage industry is projected to promote potential opportunities for the growth of the portable spectrometer market. Portable spectrometers are deployed in the food & beverage industry for testing of food and beverage products to ensure optimum quality and safety. However, the prevalence of stringent regulations and standards associated with portable spectrometers is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 4,181.38 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 9.3% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Agilent Technologies Inc., Anton Paar GmbH, Bruker, Hitachi High-Tech Analytical Science, JASCO, Metrohm AG, PerkinElmer Inc., Renishaw plc., Shenzhen Threenh Technology Co. Ltd, Thermo Fisher Scientific Inc., Presto Group, BaySpec Inc. |
| By Type | Optical Spectrometer, Mass Spectrometer, Fluorescence Spectrometer, and Others |
| By End-User | Food & Beverage, Pharmaceutical, Agriculture, Chemical, Metallurgy, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Portable Spectrometer Market Growth Drivers:
- Rising utilization of portable spectrometer in chemical industry is driving the market growth.
- Growing pharmaceutical sector is spurring the market growth.
Restraints
- Prevalence of stringent regulations and standards associated with portable spectrometers is restraining the market growth.
Opportunities
- Rising application of portable spectrometers in food & beverage industry is expected to promote potential opportunities for market growth.
Global Portable Spectrometer Market Segmentation Details:
Based on type, the mass spectrometer segment contributed the largest shares to the market growth in 2022. The benefits of mass spectrometers including faster analysis, high sensitivity, ability to differentiate various isotopes, requirement of a small sample size, and others are primary prospects driving the growth of the segment. Additionally, the rising utilization of mass spectrometers in chemical, pharmaceutical, food & beverage, and others sectors is driving the growth of the mass spectrometers segment.
Based on end-user, the pharmaceutical segment accounted for the maximum revenue share in the year 2022. Portable spectrometers are primarily used during the development of pharmaceuticals for investigating drug crystalline structures, drug purity and identity, interactions between excipients and active ingredients, and others. Factors including the growing demand for medical drugs, expansion of pharmaceutical manufacturing facilities, and rising pharmaceutical production are among the primary determinants for fostering the growth of the pharmaceutical segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including pharmaceutical, food & beverage, chemical, and other sectors is driving the growth of portable spectrometer market in North America. Further, growing investments in expansion of pharmaceutical and food & beverage production facilities are projected to boost the market growth in the North American region during the forecast period.
Recent Developments
- In September 2021, Metrohm AG launched its new portable spectrometer, MIRA XTR DS. The portable spectrometer features higher resolution, smaller size, and lower power consumption of a 785 nm laser integrated with machine learning.
Key Market Highlights
- Globally, portable spectrometer market is divided based on the type into optical spectrometer, mass spectrometer, fluorescence spectrometer, and others.
- In the context of end-user, the market is separated into food & beverage, pharmaceutical, agriculture, chemical, metallurgy, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in portable spectrometer market.
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List of Major Global Portable Spectrometer Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Agilent Technologies Inc.
• Anton Paar GmbH
• Bruker
• Hitachi High-Tech Analytical Science
• JASCO
• Metrohm AG
• PerkinElmer Inc.
• Renishaw plc.
• Shenzhen Threenh Technology Co. Ltd
• Thermo Fisher Scientific Inc.
• Presto Group
• BaySpec Inc.
Global Portable Spectrometer Market Segmentation:
- By Type
- Optical Spectrometer
- Mass Spectrometer
- Fluorescence Spectrometer
- Others
- By End-User
- Food & Beverage
- Pharmaceutical
- Agriculture
- Chemical
- Metallurgy
- Others
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Key Questions Covered in the Portable Spectrometer Market Report
- What is portable spectrometer?
- Portable spectrometers refer to handheld devices that are designed for analyzing a property of light as a function of its portion of the electromagnetic spectrum, typically its frequency, wavelength, or energy.
- What is the dominating segment in the portable spectrometer market by type?
- In 2022, the mass spectrometer segment accounted for the highest market share of 39.27% in the overall portable spectrometer market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the portable spectrometer growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for portable spectrometers from multiple industries including pharmaceutical, food & beverage, and chemical industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as chemical, metallurgy, agriculture, pharmaceutical, and others.
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