Laser-induced Breakdown Spectroscopy Market Size, Share & Trends Analysis Report By Product (Handheld, Desktop), By End-user (Pharmaceuticals & Biotechnology Companies), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The globallaser-induced breakdown spectroscopy market sizewas valued atUSD 259.81 million in 2022and is expected to grow at a compound annual growth rate (CAGR) of 6.20% from 2023 to 2030. The growth of the market is attributed to factors such as non-destructive and real-time analysis, cost-effective & better user compatibility, advancements in medical device integration, and enhanced data analysis algorithms. Advancements inlaser technologyand instrumentation have made laser-induced breakdown spectroscopy systems more affordable, compact, and easier to operate. This has expanded the user base to include smaller laboratories, field researchers, and portable or handheld laser-induced breakdown spectroscopy devices.

In November 2022 , Ocean Insight acquired Handheld Aluminum Analyzers, and SpeedSorter from Rigaku Analytical Devices. By incorporating its advanced high-speed aluminum sorting technology, Ocean Insight offers customers enhanced flexibility for assessing aluminum in various environments and alloy grades. This enables customers to determine the chemical composition of individual pieces of scrap aluminum more effectively, allowing for better sorting into distinct types that can be efficiently melted down and recycled.

The COVID-19 pandemic has negatively impacted the market growth. The pandemic has disrupted the global supply chains, affecting the production and distribution of laser-induced breakdown spectroscopy devices and components. This resulted in delays in manufacturing, shipping, and delivery, which may have affected the availability and timelines for laser-induced breakdown spectroscopy systems. Moreover, several industries faced financial challenges due to lockdowns, reduced demand, and economic uncertainties caused by the pandemic. This led to a decrease in capital expenditure by businesses, including investments in new analytical technologies such as LIBS.

此外,一些行业接受tringent regulatory requirements, such as ensuring the safety and quality of products and adhering to environmental regulations. LIBS meets these compliance standards by providing accurate and reliable elemental analysis, ensuring product quality, safety, and environmental sustainability. Pharmaceutical manufacturers employ LIBS to analyze and verify the elemental composition of raw materials, includingactive pharmaceutical ingredients(APIs), excipients, and packaging materials to ensure the quality and purity of the materials used in drug production. This would further help companies to meet regulatory standards and prevent the use of counterfeit or substandard materials and ensure patient safety.

Product Insights

Based on product, the handheld segment captured the highest market share of 61.23% in 2022 and is estimated to grow at the fastest CAGR over the forecast period. These are efficient and cost-effective devices that offer accessibility to a wide range of consumers. The portability and user-friendly nature of handheld devices boosted the demand for laser-induced breakdown spectroscopy technology. Smaller laboratories, field researchers, and industries that previously had limited access to elemental analysis capabilities can benefit from handheld LIBS devices. In May 2021 , Rigaku Analytical Devices introduced a handheld LIBS analyzer, KT-500. The device incorporates miniaturized components, advanced carbon analysis capabilities, and a high-resolution echelle spectrometer known as HiRES technology. The KT-500 offers enhanced performance and portability for on-site elemental analysis using laser-induced breakdown spectroscopy technology.

The desktop segment is anticipated to register lucrative growth during the forecast period. Desktop devices can be easily used in laboratory settings or even in the field. These systems offer several advent product attributes, such as ease of use, quick analysis, and non-destructive testing. Moreover, advancements in laser and spectroscopic technologies have led to the development of compact and affordable desktop laser-induced breakdown spectroscopy systems. At a cost-effective price, these systems deliver much more effective results.

End-user Insights

The pharmaceuticals andbiotechnologycompanies segment dominated the market in 2022 and accounted for the largest share of 44.54% of the global revenue. These companies have strict regulations and requirements for ensuring the safety and efficacy of their products. Laser-induced breakdown spectroscopy technology offers a non-destructive and highly accurate method for analysis, making it an ideal solution for quality control testing. In March 2021, SciAps, Inc. announced the launch of the Z-900 Series platform. It offers users a portable, user-friendly, and highly efficient laser-induced breakdown spectroscopy solution. It is suitable for a wide range of applications in industries such as manufacturing, aerospace, automotive, andenvironmental monitoring.

Furthermore, the academic and research institutes segment is expected to grow at a substantial CAGR during the forecast period. Continuous developments by research institutes to develop new technologies are contributing to the segment’s growth. Moreover, through collaboration with market players, these institutes contribute to the development of advanced laser-induced breakdown spectroscopy solutions with improved capabilities and expanded applications.

Regional Insights

北美地区最大的份额o举行f 45.2% in 2022 attributed to factors such as continuous technological developments majorly in the U.S., the presence of several key market players, strong research and academic environment, and a well-established regulatory framework. In addition, the presence of several academic and research institutions in the region working to advance laser-induced breakdown spectroscopy technology is also contributing to the growth of the market. Universities such as Stanford University, Massachusetts Institute of Technology (MIT), and the University of California, Berkeley, have dedicated research groups working on laser-induced breakdown spectroscopy-related projects.

Asia Pacific is projected to witness the fastest growth during the forecast period. Rapid industrialization, increasing demand for quality control & process optimization, and government initiatives supporting technological advancements are all contributing to the region’s market expansion. Moreover, the presence of both national and international players, providing a wide range of laser-induced breakdown spectroscopy systems and solutions to serve a variety of industries, is also contributing to the growth of the market.

Key Companies & Market Share Insights

The key players in the laser-induced breakdown spectroscopy market focus on various growth strategies, such as new product launches, collaborations, partnerships, expansion, and mergers & acquisitions. For instance, In May 2023, Thermo Fisher Scientific launched a new feature for its handheld laser-induced breakdown spectroscopy analyzer, the Thermo Scientific Niton Apollo. This compact and user-friendly device, which utilizes optical emission spectroscopy, now enables customers in various settings such as oil refineries and stainless-steel production sites to analyze small parts. Some prominent players in the global laser-induced breakdown spectroscopy market include:

• Thermo Fisher Scientific Inc.

• Hitachi High-Tech Analytical Science

• SciAps, Inc.

• Rigaku力量公司

• TSI Incorporated

• Princeton Instruments

• Avantes

• 黑与白Tek

• Applied Spectra

• SECOPTA analytics GmbH

Laser-induced Breakdown Spectroscopy Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 285.31 million
Revenue forecast in 2030	USD 434.67 million
Growth rate	CAGR of 6.20% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD million, CAGR from 2023 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, trends
Segments covered	Product, end-user, region
Regional scope	北美;Europe; Asia Pacific; Latin America; MEA
Country scope	U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait
Key companies profiled	Hitachi High-Tech Analytical Science, SciAps, Inc.; Thermo Fisher Scientific Inc.; Rigaku; Bruker Corporation; Princeton Instruments; TSI Incorporated; B&W Tek; Avantes; Applied Spectra; SECOPTA analytics GmbH.
Customization scope	Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Global Laser-induced Breakdown Spectroscopy Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global laser-induced breakdown spectroscopy market report based on product, end-user, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Handheld

  • Desktop

• End-user Outlook (Revenue, USD Million, 2018 - 2030)

  • Academic and Research Institutes

  • Pharmaceuticals and Biotechnology Companies

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait