Laser-Induced Breakdown Spectroscopy Market
Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 295.4 million |
|
Revenue Forecast in 2031 |
US$ 490.6 million |
|
CAGR |
5.8% |
|
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 |
According to the deep-dive market assessment study by Growth Plus Reports, the global laser-induced breakdown spectroscopy market was valued at US$ 295.4 million in 2022 and is expected to register a revenue CAGR of 5.8% to reach US$ 490.6 million by 2031.
Market Fundamentals
Laser-induced breakdown spectroscopy (LIBS) is a type of technique that uses a high-energy laser pulse to vaporize a small amount of a sample in solid or liquid form, creating a plasma that emits light. The emitted light is then analyzed using spectroscopic techniques to identify the elements and their concentrations in the sample. With LIBS, the laser pulse rapidly heats a small portion of the sample, producing a localized burst of energy that can evaporate and excite the sample material. This rapid heating produces plasma, which is then used to produce an image. The plasma emission, which is created as a result and carries data about the sample's elemental makeup, is a dazzling flash of light.
LIBS is useful for a variety of tasks, including determining the elements present in materials, tracking trace levels of components in liquids, and examining environmental samples. It is a non-destructive technique that requires minimal sample preparation and can provide results in real-time. With rising demand from manufacturing sectors, including pharmaceuticals, food safety, and environmental monitoring, the laser-induced breakdown spectroscopy market has been growing rapidly in recent years. The capacity of LIBS to perform quick and non-destructive elemental analyses of various materials, including liquids, is one of the key factors driving the revenue of the LIBS market. The growing use of handheld LIBS devices is another trend in the laser-induced breakdown spectroscopy market. These portable devices can be used by a wider range of users because they are cheaper and smaller than conventional laboratory-based LIBS systems. Applications requiring on-site sample analysis, such as environmental monitoring and field inspections, make use of handheld LIBS equipment particularly well.
[67565]
Market Dynamics
The laser-induced breakdown spectroscopy market is developing favorably because of the growing use of LIBS in biomedical research and development activities. The LIBS approach can be utilized to evaluate a wide range of samples and determine the chemical make-up of biological fluids and tissues. This method allows for the detection of both endogenous and exogenous metals that are present in biological tissue. During the drug discovery process, LIBS can be utilized to identify hazardous components and an excess of insufficient minerals. Also, it is utilized in research labs for regular nanotechnology examinations. The use of laser-induced breakdown spectroscopy in research and development is thus predicted to increase because of such applications. This overall results in the market revenue growth of LIBS.
The global laser-induced breakdown spectroscopy market might grow more quickly in terms of revenue share as LIBS is being used for pharmaceutical and medical product development and quality control. It was discovered that the LIBS methodology is an effective analytical method for swiftly determining the internal and external dispersion of pharmaceutical materials, such as medications and recipients, in solid forms. The distribution must be determined during pharmaceutical research, development, and manufacturing processes to better understand medication formulations and at-line process monitoring. The ability of the method to preserve the drug's quality and its use in development constitutes the factors fueling the revenue growth of the global laser-induced breakdown spectroscopy market.
Furthermore, the growth prospects of laser-induced breakdown spectroscopy are increasing because of technological developments combined with new product releases by major market competitors. The innovative handheld LIBS analyzer KT-500 from Rigaku Analytical Devices uses HiRES technology, a compact, carbon-capable, and high-resolution echelle spectrometer. Thus, market revenue growth is expected to be fueled by technological advances.
Although being as the most preferred option in the market, LIBS has a few drawbacks, including complexity and a higher price. Moreover, the potential for ocular damage from the high-power light laser can restrain market revenue growth.
Market Ecosystem
The global laser-induced breakdown spectroscopy market has been analyzed from three perspectives: product type, end user, and region.
Laser-Induced Breakdown Spectroscopy Market by Product Type
[46456]
Based on product type, the global laser-induced breakdown spectroscopy market has been segmented into desktop and handheld.
The handheld LIBS segment accounts for the largest revenue share in the global laser-induced breakdown spectroscopy market. Handheld LIBS is a type of laser-induced breakdown spectroscopy (LIBS) technology that makes use of portable equipment to examine a sample's chemical make-up. It operates by beaming a strong laser at a sample, causing it to melt and emit a distinct spectrum of light. The elements present in the sample can then be determined by analyzing this spectrum. The large revenue share of this segment is attributed to its utilization in the evaluation of a wide range of samples quickly and non-destructively, including rocks, minerals, and other materials. For metal and environmental analysis needs, the market has recently transitioned to portable devices, with competitors including B&W Tek, Bruker, Hitachi, Rigaku, SciAps, and StellarNet providing exclusively handheld analyzers. Because of their excellent speed (20X quicker than portable XRF) and because they are lightweight, user-friendly, and durable, the market currently uses handheld LIBS analyzers.
Laser-Induced Breakdown Spectroscopy Market by End User
Based on end users, the global laser-induced breakdown spectroscopy market has been segmented into pharmaceuticals and biotechnology companies, academic and research institutes, and others.
The pharmaceuticals and biotechnology companies segment accounts for the largest revenue share in the global laser-induced breakdown spectroscopy market. LIBS is a powerful analytical technique that has gained popularity in the pharmaceutical and biotech industries. LIBS involves focusing a laser beam onto a sample, which generates plasma that emits light. This light is then analyzed to determine the elemental composition of the sample.
In the pharmaceutical industry, LIBS has been used for the analysis of drugs and drug formulations. It is particularly useful in the analysis of solid dosage forms, such as tablets and capsules, as well as powders and liquids. LIBS can be used to detect and quantify the active ingredients in a drug, as well as impurities and contaminants. In biotech, LIBS has been applied to the analysis of biological samples such as tissues, cells, and fluids. It has been used to identify and quantify elements in biological samples, including trace elements that are important for cell function and metabolism. This overall contributes to the large revenue share of this segment.
Laser-Induced Breakdown Spectroscopy Market by Region
Based on region, the global laser-induced breakdown spectroscopy market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global laser-induced breakdown spectroscopy market. This is due to the increasing sectors, including those in pharmaceutical, metals and mining, oil and gas, and environmental monitoring, demanding better analytical performance. In comparison to conventional analytical techniques, LIBS technology has several benefits, such as quick analysis times, little sample preparation, and excellent sensitivity and selectivity. Additionally, because of its well-established industrial sector and rising investment in R&D activities, the United States is the largest market for LIBS in North America.
Key players operating in the North American LIBS market include Bruker Corporation, Thermo Fisher Scientific, Zetec Inc., Ocean Optics, and Applied Spectra. These companies are investing heavily in research and development activities to improve the performance and functionality of their LIBS instruments to meet the evolving demands of various industries. Overall, the North American laser-induced breakdown spectroscopy market is expected to continue its growth trajectory in the coming years, driven by increasing demand for high-performance analytical tools and expanding applications across various industries.
Europe accounts for the second largest revenue share in the laser-induced breakdown spectroscopy market. The demand for LIBS technology in Europe is driven by several factors, including the increasing need for rapid and accurate elemental analysis in various industries and government initiatives to promote the adoption of clean energy and environmental monitoring. The automotive, aerospace, and defense industries are also expected to significantly contribute to the LIBS market revenue growth in Europe. Overall, the LIBS market in Europe is expected to continue to grow in the coming years, driven by technological advancements, increasing demand for rapid and accurate elemental analysis, and government initiatives to promote sustainable development.
The laser-induced breakdown spectroscopy market in the Asia-Pacific region is expected to experience significant revenue CAGR in the coming years. LIBS is a type of analytical spectroscopy that uses a laser to vaporize a small portion of a sample, which is then analyzed to determine its elemental composition. The increasing demand for LIBS in various industries, such as environmental monitoring, mining, and industrial manufacturing, is a major driving force behind the growth of the market in the Asia-Pacific region. The rise in investments in the energy and power sector, coupled with the growing adoption of LIBS technology in the healthcare industry, is expected to boost market revenue growth further. Due to the high demand for LIBS technology in these countries, China and Japan are expected to dominate the Asia-Pacific LIBS market. Additionally, the increasing research and development activities in the region are expected to create significant opportunities for market revenue growth. Overall, the Asia-Pacific LIBS market is expected to grow at a significant rate in the coming years, driven by the increasing adoption of technology in various industries and the rise in investments in research and development activities.
Competitive Landscape
The prominent players operating in the global laser-induced breakdown spectroscopy market are: -
The industry’s emerging businesses are collaborating with government-sponsored institutions for research to engage with them on projects while also pursuing patents that will set them apart from the market’s key players. In addition, some tactics they employ include developing LIBS software and working with commercial firms to increase their market share.
Strategic Developments
The global laser-induced breakdown spectroscopy market is expected to grow at a revenue CAGR of 5.8% in the forecast period.
Thermo Fisher Scientific Inc., Hitachi High-Tech Analytical Science, SciAps, Inc., Bruker Corporation, and TSI Incorporated are a few of the key market players in the global laser-induced breakdown spectroscopy market.
The pharmaceuticals and biotechnology company segment accounts for the largest revenue share in the global laser-induced breakdown spectroscopy market.
Europe accounts for the second largest revenue share in the global laser-induced breakdown spectroscopy market.
One of the biggest challenges the global laser-induced breakdown spectroscopy market faces is the high cost of the technology. The initial investment required to purchase a LIBS system can be quite high, making it difficult for some companies to justify the expense.
*Insights on financial performance are subject to the availability of information in the public domain