Portable Spectrometer Market Share

Global Portable Spectrometer Market Overview:

Portable Spectrometer Market Size was valued at USD 1.32 Billion in 2023. The portable spectrometer market industry is projected to grow from USD 1.45 Billion in 2024 to USD 2.89 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.95% during the forecast period (2024 - 2032). Market expansion is being fueled by increasing investments and the expansion of numerous industries, and government programs are fostering market expansion are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Portable Spectrometer Market Trends

• Market expansion is being fueled by increasing investments is driving the market growth.

Market CAGR for portable spectrometers is driven by large pharmaceutical companies are also g as a result of expanded efforts to study oil and gas reservoirs, the growth of the pharmaceutical sector, and the rising number of diseases. These density meters are used to calculate the densities of finished liquid hydrocarbon products like propane, gasoline, and natural gas liquid.

The market is favored by the expanding use of portable spectrometers in the chemical and food industries. Market expansion is anticipated due to the government's implementation of safety regulations to maintain the standard of ready-to-eat foods and soft drinks. The recent US$ 1.35 billion MAKE IN INDIA budget from the Indian government prioritizes the food and beverage industry while promoting investment. 18 mega food parks and 138 cold chain projects were set up by the government to enhance the supply chain.

The region's portable spectrometer market is expanding due to government initiatives in the water and wastewater treatment sectors. Density meters are widely used in water and wastewater treatment to assess turbidity and the concentration of neutralizers like milk of lime and to monitor water concentration throughout the process. Asia Pacific has a significant need for portable spectrometers because of the scarcity of potable water, the rise in industrial wastewater, and smart water management. Among other things, the portable spectrometer market is driven by factors such as high food quality, rising industrial automation levels, and numerous stringent regulatory compliances for safety. The portable spectrometer market will have new opportunities during the forecast period due to modernization, rising adoption of smart factories, and industrial automation. Thus, driving the portable spectrometer market revenue.

Portable Spectrometer Market Segment Insights:

Portable Spectrometer Type Insights

Based on type, the portable spectrometer market segmentation includes NIR, FTIR, and Raman spectrometers. The raman spectrometer segment dominated the market; the market for portable Raman spectrometers is expanding as a result of increased research into oil and gas reservoirs, the growth of the pharmaceutical sector, and the rising number of diseases. The density of finished liquid hydrocarbon products like propane, gasoline, and natural gas liquid is measured using these density meters.

Figure 1: Portable Spectrometer Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Portable Spectrometer Application Insights

The portable spectrometer market segmentation, based on application, includes life sciences, material chemistry, food and agriculture, environmental testing, forensics, nanotechnology, drug discovery and others. The drug discovery category generated the most income. The increase in the use of portable spectrometer devices in the drug development science industry is credited with the growth of drug discovery applications. It is typically used by medicinal chemists to track and observe chemical reactions during drug synthesis and product validation. The widespread use of these tools in forensic science applications such as arson investigation, analysis of trace evidence, identification of explosive residues, and confirmation of drug abuse drives the market for portable spectrometers. Additionally, there is a growing need for portable spectrometers in the market due to the continuous discovery of new materials, substances, or compounds and the need to quickly and accurately identify even minute quantities of these compounds.

Portable Spectrometer Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American portable spectrometer market will dominate this market because there is a great need to find minerals and gases and explore oil shale reserves. The development of the petroleum and petrochemical industries is another factor boosting market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PORTABLE SPECTROMETER MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s portable spectrometer market accounts for the second-largest market share. The market is expanding due to the rising demand for portable wireless devices that deliver quick results. A rise in the need for portable spectrometers in the science sector, particularly in astronomy and chemistry, and rising demand for these devices due to their low cost, portability, and availability are expected to boost market growth during the forecast period. Further, the German portable spectrometer market held the largest market share, and the UK portable spectrometer market was the fastest-growing market in the European region.

The Asia-Pacific Portable Spectrometer Market is expected to grow at the fastest CAGR from 2023 to 2032. The electronics and pharmaceutical industries' increased use of demand and application. Moreover, China’s portable spectrometer market held the largest market share, and the Indian portable spectrometer market was the fastest-growing market in the Asia-Pacific region.

Portable Spectrometer Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the portable spectrometer market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The portable spectrometer industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the portable spectrometer industry to benefit clients and increase the market sector. The portable spectrometer industry has offered some of the most significant medical advantages in recent years. Major players in the portable spectrometer market, including 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, Renishaw PLC and others, are attempting to increase market demand by investing in research and development operations.

ABB Corporation is a multinational corporation headquartered in Zurich, Switzerland. It is a leading technology company specializing in the development and manufacture of robotics, energy and automation solutions for a variety of industries, including utilities, transportation and manufacturing. The company was established in 1988 due to the merger between the Swedish company ASEA and the Swiss company Brown, Boveri & Cie. ABB operates in more than 100 countries and has approximately 110,000 employees worldwide. ABB's products include a range of industrial robots, such as the IRB 360 FlexPicker, for high-speed picking and packaging applications in the food, pharmaceutical and consumer goods industries. The company also manufactures power systems such as transformers and switchgear and offers a range of automation solutions, including control systems and software. In addition to focusing on technology, ABB is committed to sustainability and has set ambitious goals to reduce its environmental impact and increase the use of renewable energy in its operations. The company was also recognized for its efforts to promote diversity and inclusion in the workplace.

Hitachi High-Tech Corp integrates its manufacturing and trading operations to create high-tech solutions. Process equipment, social infrastructure inspection tools, electron microscopes, business solutions, and industrial parts and supplies are among the company's top offerings. It has segments for fine technology systems, industrial and IT systems, science and medical systems, electronic device systems, and advanced industrial products. The company primarily conducts business in China, Asia, North America, Europe, and Japan. The company's sales are primarily driven by the segment of advanced industrial products.

Key Companies in the portable spectrometer market include

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  Thermo Fisher Scientific, Inc.

  
  


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  Agilent Technologies, Inc.

  
  


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  ABB Group

  
  


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  PerkinElmer, Inc.

  
  


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  Metrohm, Bruker Corporation

  
  


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  Hitachi High-Technologies Corporation, Jasco

  
  


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  Newport Corporation

  
  


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  Anton Paar GmbH

  
  


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  Texas Instruments Incorporated

  
  


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  Oxford Instruments

  
  


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  Renishaw PLC

  
  

Portable Spectrometer Industry Developments

May 2022: In addition to being a tried-and-true technology that is being used in a portable format and sophisticated data analysis, TrinamiX GmbH announced the development of their new application for mobile NIR - Near-Infrared Spectroscopy Solutions that are related to recycling and plastic sorting.

July 2022: Portable Raman Spectroscopy System by Renishaw was introduced in 2019. Because it employs flexible fiber optics for dependable, in-depth remote analysis, a spectrometer with internal lasers is a Virsa Raman Analyzer System feature.

February 2022: Konica Minolta Sensing Americas Inc. created new portable spectrometers, the CM-26d and CM-25d, with the highest color measurement accuracy. The site produces a variety of parts for various industries using the next-generation spectra meter. It's utilized in sectors like interior and exterior automotive parts for smartphones and tablets.

Portable Spectrometer Market Segmentation:

Portable Spectrometer Type Outlook

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  NIR

  
  


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  FTIR

  
  


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  Raman Spectrometer

  
  


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  Others

  
  

Portable Spectrometer Application Outlook

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  Life Sciences

  
  


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  Material Chemistry

  
  


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  Food and Agriculture

  
  


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  Environmental Testing

  
  


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  Forensics

  
  


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  Nanotechnology

  
  


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  Drug Discovery

  
  


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  Others

  
  

Portable Spectrometer Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America