Laser-Induced Breakdown Spectroscopy Market Projected to Reach US$ 490.60 Million by 2031: Growth Plus Reports Study
Newark, New Castle, USA, April 25, 2023 (GLOBE NEWSWIRE) — The global Laser-Induced Breakdown Spectroscopy Market is expected to reach US$ 490.60 million by 2031, with a revenue CAGR of 5.80%, according to a new Growth Plus Reports research. The research looks at key tactics, trends and potential, competition, evolving industry dynamics, market size, statistics and projections, and key investment territories.
Key Takeaways:
- The increasing use of LIBS in pharmaceutical industry will drive market revenue growth.
- Technological advancements and product innovation will drive demand for laser-induced breakdown spectroscopy.
- North America dominates the global laser-induced breakdown spectroscopy market.
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Laser-Induced Breakdown Spectroscopy Market Scope
Report Attribute | Details |
Market size value in 2022 | US$ 295.4 million |
Revenue forecast in 2031 | US$ 490.6 million |
Growth Rate | CAGR of 5.8% from 2023 to 2031 |
Base Year for Estimation | 2022 |
Forecast Period | 2023-2031 |
Historical Year | 2021 |
Segments Covered | Product Type, End User, and Region. |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Market Drivers
The growing use of LIBS in biomedical research and development activities will drive the revenue growth of laser-induced breakdown spectroscopy market. Furthermore, increasing use of LIBS for pharmaceutical and medical product development and quality control are expected to boost the market revenue growth rate. Apart from this, technological advancements and the launch of new and innovative products are expected to support the market’s revenue growth.
Market Segmentation
Growth Plus Reports has analyzed global laser-induced breakdown spectroscopy market from four perspectives: Product Type, End User, and Region.
Product Type Segmentation: Based on the product type, the global laser-induced breakdown spectroscopy market is segmented into desktop and handheld. The handheld LIBS segment dominates the market with the largest revenue share because of of their superior speed (20X faster than portable XRF) and since they are lightweight, user-friendly, and long-lasting.
End-User Segmentation: Based on the end-user, the global laser-induced breakdown spectroscopy market is segmented into pharmaceuticals and biotechnology companies, academic and research institutes, and others. The pharmaceuticals and biotechnology segment dominates the market because LIBS has been utilised in the pharmaceutical sector for the investigation of pharmaceuticals and drug formulations, and it is especially beneficial in the examination of solid dosage forms such as tablets and capsules, as well as powders and liquids.
Regional Growth Dynamics
Based on the region, the global laser-induced breakdown spectroscopy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global laser-induced breakdown spectroscopy market with the largest revenue share of the market. Increased investment in R&D activities, rising demand for high-performance analytical equipment, and expanding applications across multiple industries, including pharmaceutical, metals and mining, oil and gas, and environmental monitoring are the major factors responsible for North America’s significant revenue share in the global market.
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Competitive Landscape
Some key players operating in the global laser-induced breakdown spectroscopy market are:
- Thermo Fisher Scientific Inc.
- Hitachi High-Tech Analytical Science
- SciAps, Inc.
- Bruker Corporation
- TSI Incorporated
- B&W Tek Inc.
- Avantes BV
- Applied Spectra
- SECOPTA analytics GmbH
- Rigaku Corporation
- Princeton Instruments
The laser-induced breakdown spectroscopy market is somewhat competitive with several global corporations. Leading players invest in technological advancements, research and development, and mergers and acquisitions to strengthen their market position.
Recent developments:
- SciAps launched the SciAps Z-900 series of handheld LIBS analyzers in March 2021, featuring dual burn technology and software that can quickly sort and screen samples and create customized calibrations.
- Avantes introduced an AvaSoft software update in April 2020, which included an automatic change of measurement mode when the LIBS mode was disabled.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL LASER-INDUCED BREAKDOWN SPECTROSCOPY MARKET – ANALYSIS & FORECAST, BY PRODUCT TYPE
- Desktop
- Handheld
- GLOBAL LASER-INDUCED BREAKDOWN SPECTROSCOPY MARKET – ANALYSIS & FORECAST, BY END USER
- Pharmaceuticals and Biotechnology Companies
- Academic and Research Institutes
- Others
LASER-INDUCED BREAKDOWN SPECTROSCOPY MARKET TOC
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VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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