The global Portable Spectrometer Market was valued at USD 1.24 billion in 2017 and is expected to reach USD 2.15 billion by the end of the forecast period with a CAGR of 10.06%.
The portable spectrometer is gradually gaining pace in the spectroscopy market due to various advantages such as low cost, easy handling, immediate sample testing among others. The growing trend of miniaturization is further boosting the demand for portable spectrometers with the market players offering new developments in this technology such as smartphone spectrometer. These are mini devices which can be connected to the smartphones and convert them to light spectrometer. The rapid technological developments in portable and handheld spectrometers are fueling the growth of the market. However, challenge such as low accuracy compared to traditional spectrometer can hamper the growth of the market.
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The key players in the portable spectrometer market have been identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – Thermo Fisher (US), Anton Paar GmbH (Austria), Bruker (US), PerkinElmer Inc. (US), Hitachi, Ltd (Japan), Metrohm AG (Switzerland), ABB (Switzerland), Agilent Technologies, Inc. (US), Jasco (US), and Newport Corporation (US). These players contribute a major share in the growth of portable spectrometer market.
Apart from the top key players, other players who contribute to the growth of the market include Oxford Instruments plc (UK), Shimadzu Scientific Instruments (Japan), TSI (US) and Rigaku Corporation (US), and others.
By type, the market has been segmented into FTIR, NIR, Raman, and others. The FTIR segment is expected to dominate the portable spectrometer market during the forecast period with its application in chemical analysis, forensics, and environmental testing. The Raman portable spectrometer segment is expected to grow at a significant CAGR during the forecast period.
By application, the portable spectrometer market has been segmented into nanotechnology, drug discovery, environmental testing, food & agriculture, life sciences, materials chemistry, forensic science, and others. The drug discovery and food & agriculture segments are expected to contribute a large share to the portable spectrometer market during the forecast period.
The portable spectrometer market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of portable spectrometer market has been studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). North America is the largest revenue generating segment and is expected to continue its dominance during the forecast period. Factors such as high investments in the pharmaceutical industry along with rapidly developing molecular spectroscopy are expected to lead to the growth of the portable spectrometer market in North America. North America is closely followed by Europe. Stringent government regulations in these regions are expected to create demand for portable spectrometer for medicine screening and counterfeit drug testing.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This is due to government investments in pharmaceutical countries such as China, Japan, and India. The policymakers in China are lending support to local biotechnology players through capital support. Furthermore, the emergence of funding pools in China and southeast Asian countries is expected to drive the growth of the portable spectrometer market in this Asia-Pacific.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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LIST OF TABLES
Table 1 Portable Spectrometer Market, By Region, 2018–2023
Table 2 North America: Portable Spectrometer Market, By Country, 2018–2023
Table 3 Europe: Portable Spectrometer Market, By Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Portable Spectrometer Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Portable Spectrometer Market
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