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REPORT SUMMARY

Industry OverviewGlobal smart spectrometer is expected to grow steadily from US$ 205.8 Million in 2020 to US$ 268.7 Million at a CAGR of 5.5%. Mass spectrometer is holding major share of the market and will continue to grow as a result of increasing result activities in pharmaceutical and space industry.
Report CoverageThe report provides an in-depth coverage of the market dynamics such as market drivers, challenges, and opportunities. The report provides the value chain analysis for the market. Global and US market forecast have been provided along with the competitive landscape existing in the market.
Competitive LandscapeThe global Smart Spectrometer market will witness significant growth owing to increasing research activities by various industries. The key players utilize innovation, diversification, geographical expansion and product differentiation to capture the market and step up the ladder.

The key players in the smart spectrometer market are Ocean Insight, B&W Tek, Thorlabs, HunterLab, and Anton Paar.

TABLE OF CONTENTS

Market Definition
Market Segmentation
Research Methodology
Market Drivers
Market Restraints / Challenges
Market Opportunities
Global and US Smart Spectrometer Market (in US$ Million, 20162025)
Value Chain Analysis
Competitive Landscape

RESEARCH METHODOLOGY

MARKET SEGMENTATION

Smart Spectrometer Market Segmentation by Types
Mass
Optical
Smart Spectrometer Market Segmentation by Application
Material Chemistry
Drug Discovery
Life Science
Forensic Science
Environmental Testing
Food & Agriculture
Others
Smart Spectrometer Market Segmentation by Region
North America
Asia Pacific
Europe
Middle East & Africa
South America


GLOBAL SMART SPECTROMETER MARKET INSIGHTS AND FORECAST 

Spectrometer is widely used in research labs to find details about an object or substance by analyzing its light properties. Smart spectrometers offer various capabilities that include compact, easy to use, automatic operations and fast analysis. Mass spectrometers tend to vaporize material into individual atoms and then ionizes them. Sample in the form of ionized particles is accelerated through an electric field to identify the amount and type of chemicals present in it. Optical spectrometer has the ability to split light into different wavelength with the help of diffraction grating or prism to measure optical spectrometer splits light into different wavelengths using a diffraction grating or prism, then measures the intensity of each wavelength to create a plot of intensity against wavelengths. Compact spectrometers offer less capabilities compared to laboratory spectrometers which offer precise and consistent measurements. Compact spectrometers also have physical limitations for measurements pertaining to low atomic number elements. Compact spectrometers have limitations that are less precise compared to benchtop spectrometers. Benchtop spectrometers offer more consistent results then portable spectrometers. As a result, portable spectrometers are less suitable for applications which require consistent coordination with other instruments.

MAJOR APPLICATIONS:

1. Environmental Testing and space research: Growing industrialization and globalization has led to increasing concerns related to environment pollution. Spectrometers are required to move out of the lab and become portable for easy monitoring of environmental changes as a consequence of pollutants such as oil spills, industrial waste and others being exposed. Spectrometer is used in space research as it forms an essential component of the research. For instance, NASA’s nanosatellite Lunar IceCube will be equipped with Broadband InfraRed Compact High Resolution Explorer Spectrometer which will prospect for water in ice, liquid and vapor forms.

2. Material Chemistry and drug discovery: Traditionally, spectrometers are large instruments that are used in labs for testing and research applications. Due to the growing need of quick analysis there arose a demand for portable and compact devices to scan substances, find chemical composition in raw materials, environmental testing and others. Spectrometers are used in the pharma industry to identify compounds and verify their purity. Light as a form of electromagnetic radiation is used to measure the molecular behavior of matter upon exposure to light. There is a consistent need for rigorous pharma research to control spread of contagious diseases. PerkinElmer’s compact spectrometer is used to find hand sanitizers for concentration levels of desired alcohols in less than 30 seconds, such as ethanol and isopropanol, to help assure product efficacy per WHO, USP or FDA guidelines.

Global Smart Spectrometer Market Insights:

The global Smart Spectrometer market is analyzed to grow a rapid rate from US$ 205.8 Million in 2020 to $268.7 Million in 2025 at a CAGR of 5.5%. Demand for compact & mobile spectrometers, booming space research and rising environmental concerns are some of the factors driving growth of the smart spectrometer market.

Smart Spectrometer is used for diverse applications such as material chemistry, drug discovery, life Science, forensic science, environmental testing, food and agriculture and others. Material chemistry is expected to have a significant contribution towards the overall smart spectrometer market. Environment testing will witness sharp demand for smart spectrometers owing to increasing environmental concerns.