Global Spectrometer Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Spectrometer Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A spectrometer is a scientific instrument that decomposes complex light into spectral lines, and is composed of prisms or diffraction gratings. A device that uses photodetectors such as photomultipliers to measure the intensity of spectral lines at different wavelength positions.

Market Overview:

The latest research study on the global Spectrometer market finds that the global Spectrometer market reached a value of USD 516.63 million in 2022. It’s expected that the market will achieve USD 756.61 million by 2028, exhibiting a CAGR of 6.57% during the forecast period.

Influence of COVID-19 Outbreak on Spectrometer Industry Development

Since the outbreak of the COVID-19 virus in December 2019, the disease has spread to almost every country in the world, and the World Health Organization declared it a public health emergency. The global impact of the 2019 Coronavirus Disease (COVID-19) has already begun to appear and will significantly affect the spectrometer market in 2020. As of November 2021, the United States, Brazil, India, Russia, and the United Kingdom are the most affected countries in terms of confirmed cases and reported deaths. Due to the implementation of lockdowns, travel bans and business closures, the COVID-19 epidemic has affected the economies and industries of various countries. The main performance is the decline in company management efficiency, commuting obstruction, production plan obstruction, network expansion delay, marketing delay, forced brand adjustment, market sales decline, company and employee income. The government has also put forward higher requirements for the production and operation of enterprises. In the short term, from the supply side, due to the late arrival of workers and logistics and transportation problems, the company's operating pressure will increase. In the long run, as the epidemic gradually improves or ends, the impact on the global spectrometer market will gradually weaken. The R&D and sales of spectrometers will return to their original levels and gradually increase.

Market SWOT Analysis

Strength

The spectrometer has a wide range of applications. As the “eyes” of scientific research and production, it can be used for inspection and testing in the production process, as well as for product and environmental testing and supervision. The development of fields directly related to people such as national defense construction, among which the detection of heavy metals in the environment is the strength of the atomic spectrometer.
The analysis speed of spectroscopy is fast and the operation is simple. Some samples can be directly analyzed by spectroscopy without any chemical treatment. Computer technology is used, and sometimes the analysis, data processing and analysis results can be automatically performed by pressing the keyboard. In addition, the spectroscopy method is also very selective and can determine elements and compounds with similar chemical properties. Such as measuring niobium, tantalum, zirconium, hafnium and mixed rare earth oxides, their spectral lines can be separated without interference.

Weakness

The spectrometer is a high-end instrument and equipment, and the R&D investment cost is relatively high. In this process, there are uncertainties in the R&D of technology reserves and industrial applications, and the progress of new product R&D may not be as expected. Secondly, the stability of the spectrometer is relatively poor, and it is easily affected by external or internal factors such as optical system parameters, and the problem of curve nonlinearity often occurs, which has a relatively large impact on the accuracy of the detection results. Finally, the cost of modeling standard samples of the spectrometer is high, and qualitative analysis requires a large number of representative samples for chemical analysis modeling. The modeling cost is very high, and there is a scale effect for the detection of a large number of samples. Therefore, these weaknesses of the spectrometer will have a certain impact on the sales market of the spectrometer.

Opportunity

The pharmaceutical and biological fields are expected to become a new growth point in the spectrometer market. Spectroscopy technology has become one of the key technologies used in various analytical applications such as drug development procedures, proteomics, metabolomics, forensic analysis, and drug analysis. In recent years, the adoption of this technology has increased in all stages of the drug discovery process. For example, researchers at the University of Surrey apply MS technology to assist and accelerate the development of a COVID-19 vaccine. In 2019, the market share of global molecular spectroscopy in the pharmaceutical and biological fields is relatively high. Therefore, the pharmaceutical and biological fields are expected to become new growth points in the spectrometer market.
Secondly, spectroscopic measurement technology and related products are being widely used in various ongoing researches in government and academic institutions. In addition, spectrometers are increasingly used for the decomposition of industrial-grade analytical materials. According to relevant data, in 2019, global atomic spectroscopy accounted for the highest proportion of applications in the industrial market, followed by other industries such as government, environment, and hospitals. The spectrometer has gained great popularity by expanding its application fields in different industries and variable parameters. The industry has begun to use spectrometers for different purposes, such as analyzing and separating atoms, molecules, and particles by using the mass, energy, or momentum associated with them. Therefore, it is expected that more and more research will promote the development of the spectroscopy product market.
In the future, with the continuous economic development of Asian countries such as China and India, the demand for laboratory analytical instruments in these countries will also continue to increase. Therefore, the investment in laboratory analytical instruments such as spectrometers will also increase. Therefore, these factors give The spectrometer market brings great opportunities.

Opportunity

The pharmaceutical and biological fields are expected to become a new growth point in the spectrometer market. Spectroscopy technology has become one of the key technologies used in various analytical applications such as drug development procedures, proteomics, metabolomics, forensic analysis, and drug analysis. In recent years, the adoption of this technology has increased in all stages of the drug discovery process. For example, researchers at the University of Surrey apply MS technology to assist and accelerate the development of a COVID-19 vaccine. In 2019, the market share of global molecular spectroscopy in the pharmaceutical and biological fields is relatively high. Therefore, the pharmaceutical and biological fields are expected to become new growth points in the spectrometer market.
Secondly, spectroscopic measurement technology and related products are being widely used in various ongoing researches in government and academic institutions. In addition, spectrometers are increasingly used for the decomposition of industrial-grade analytical materials. According to relevant data, in 2019, global atomic spectroscopy accounted for the highest proportion of applications in the industrial market, followed by other industries such as government, environment, and hospitals. The spectrometer has gained great popularity by expanding its application fields in different industries and variable parameters. The industry has begun to use spectrometers for different purposes, such as analyzing and separating atoms, molecules, and particles by using the mass, energy, or momentum associated with them. Therefore, it is expected that more and more research will promote the development of the spectroscopy product market.
In the future, with the continuous economic development of Asian countries such as China and India, the demand for laboratory analytical instruments in these countries will also continue to increase. Therefore, the investment in laboratory analytical instruments such as spectrometers will also increase. Therefore, these factors give The spectrometer market brings great opportunities.

Segmentation Overview:

Optical emission spectroscopy (OES) is an analytical technique used to detect the composition of various metal elements. It has a wide range of applications. The samples that can be detected using OES technology include molten metal, semi-finished and finished metal products, as well as metal processing industry and pipes , Bolts, bars, wires, plates, etc.

Raman Spectrometry is a spectroscopic technique used to study the vibration mode, rotation mode and other low-frequency modes in a system of crystal lattices and molecules.

Fluorescence Spectrometry can determine the concentration of the analyte in the solution based on the fluorescence characteristics of the analyte. It can be used for relatively simple analysis, where the type of compound to be analyzed is known, and quantitative analysis can be performed to determine the concentration of the analyte.

Key Companies in the global Spectrometer market covered in Chapter 3:

Tec5
Tillquist
Thorlabs
Horiba
Renishaw
Wasatch
Avantes
Thermo Fisher
B&W Tek
Polytec
Ibsen
Perkinelmer

In Chapter 4 and Chapter 14.2, on the basis of types, the Spectrometer market from 2018 to 2029 is primarily split into:

Optical Emission Spectrometry
Raman Spectrometry
Fluorescence Spectrometry
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Spectrometer market from 2018 to 2029 covers:

Semiconductor
Biotechnology & Biomedical
Color Measurement
Film Thickness Measurement
Blood Measurement
Environmental Testing
Food Testing
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)