Global Raman Spectroscopy Market is expected to grow at a CAGR of 5.7% over the Forecast Period, Owing to Technological Advancements Leading to Increased Applications, says Absolute Markets Insights. The growing technological advancements in Raman spectroscopy has led to rise in its application across multiple industries, thus boosting the growth of Raman spectroscopy market across the globe. Raman spectrometers are used for non-destructive chemical analysis of specimens based on the principle of light scattering. Raman spectrometers have evolved over the years from table mounted to handheld, as a powerful real-time analytical tool enabling industry professionals along with lab scientists to use in wide array of applications including chemical, security, biomedical and other applications. The handheld devices facilitated airport authorities to examine luggage of passengers for explicitly banned products with contactless point and shoot operation. For instance, the Cobalt Light Systems’ 400 Raman spectrometer are deployed across 65 airports worldwide including eight largest airports across Europe. The recent outbreak of coronavirus has increased the patient flow in hospitals thus pressurizing the healthcare providers and governments to perform rapid tests. Researchers around the world are claiming the potential of Raman spectrometers as a potential solution for performing laser based testing with rapid, contactless and accurate performance. The portable Raman spectroscopy devices can be used for on-site testing of patients showing symptoms of coronavirus, while eliminating the need for lab based tests. Thus, the advancements in technology and growing applications for security and COVID-19 testing is anticipated to drive the global Raman spectroscopy market.
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Researchers are now focusing their efforts to further miniaturize the Raman spectrometers to chip-based systems which can be coupled with smartphones. For instance, IMEC International stated in a press release of January 2019, to launch an on-chip solution for Raman spectroscopy SPIE BiOS conference 2019, held in San Francisco. This solution is designed to offer high optical throughput and spectral resolution and also can be mounted on a miniaturized device such as a handheld spectrometer or even a smartphone. In a similar instance, a nextgen technology provider, CloudMinds Technology, has designed a cloud and Artificial Intelligence based handheld Raman spectrometer, ‘XI’ which can be integrated with Cloudminds Technology’s Data A1 smartphone. This device can be connected to cloud even in the absence of WiFi, by using cellular data and allows user to share data on local device through a central server. The use of Artificial Intelligence deep learning algorithms enables Raman spectrometer to analyse data at a faster rate and higher accuracy. Thus, the benefits of advanced technologies in Raman spectrometers are anticipated to drive the growth of global Raman Spectroscopy Market over forecast period.
In terms of revenue, global Raman Spectroscopy Market was valued at US$ 517.2 Mn in 2018 and is anticipated to grow at a CAGR of 5.7% over the forecast period reaching to US$ 853.3 in 2029. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
The detailed research study provides qualitative and quantitative analysis of Raman spectroscopy market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global Raman Spectroscopy Market was valued at US$ 517.2 Mn in 2018 and is anticipated to grow at a CAGR of 5.7% over the forecast period owing to adoption of Raman spectrometer in combination with other measuring instruments.
- The wide applications of Raman spectrometers in semiconductor and electronics industry coupled with growing robotics and automation has contributed towards the growth of global Raman spectroscopy market.
- North America region registered the highest share in global Raman Spectroscopy Market in 2018. Asia Pacific is anticipated to show fastest growth rate over the forecast period owing to increasing pharmaceutical industry and electronics industry in the region.
- Some of the players operating in the Raman Spectroscopy Market are Agilent Technologies, Inc., B&W Tek, Bruker, FOSS (Ibsen Photonics A/S), Guangdong Shoumenshen Technology Group Co., Ltd., Hitachi High-Tech America, Inc., HORIBA, Ltd., JASCO Benelux B.V., Kaiser Optical Systems, Inc. (Endress+Hauser Group), Ocean Insight, PerkinElmer, Inc., Renishaw plc., RIGAKU CORPORATION, SciAps, Inc., Smiths Detection Group Ltd., Thermo Fisher Scientific, TSI, WITec and ZOLIXINSTRUMENTS CO. LTD. amongst others.
Global Raman Spectroscopy Market:
- By Product Type
- Handheld/ Portable
- Bench-top
- By Application
- Plastics and Polymer
- Healthcare and Pharmaceuticals
- Academic Research
- Semiconductor and Electronics
- Petroleum and Petrochemicals
- Security and Forensics
- Gems and Jewelry
- Others (Food and Feed, Batteries/Energy Storage, Etc.)
- By Sales Channel
- Direct
- Indirect
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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