By Type :

Based on the type, the market is bifurcated into optical spectrometer, mass spectrometer, fluorescence spectrometer, and others. The mass spectrometer segment accounted for the largest revenue share of 39.27% in the year 2022. Mass spectrometers is an analytical instrument that is capable of separating ionized particles such as molecules, atoms, and clusters by utilizing changes in the ratios of its charges to respective masses, which are further used for determining molecular weight of the particles. Moreover, portable mass spectrometers offer several benefits including the requirement of a small sample size, high sensitivity, faster analysis, and the ability to differentiate various isotopes among others. The above benefits of portable mass spectrometers are further increasing its utilization in pharmaceutical, chemical, food & beverage, and other industries.

For instance, BaySpec Inc. offers various portable mass spectrometers including continuity and portability miniature portable mass spectrometers in its product portfolio. The portable mass spectrometers are designed for applications including pharmaceutical, food & beverage, and others. Therefore, the rising availability of portable mass spectrometers for utilization in food & beverage, pharmaceutical, and other industries is a prime factor proliferating the growth of the segment.

The optical spectrometer segment is anticipated to register the fastest CAGR growth during the forecast period. Optical spectrometer is an instrument designed for measuring properties of light over a particular portion of an electromagnetic spectrum and is primarily utilized in spectroscopic analysis for identifying materials. Additionally, portable optical spectrometers are primarily used in the metallurgy industry for quantitative analysis of metals and alloys.

For instance, Hitachi High-Tech Analytical Science is among the manufacturers of portable spectrometers that offers portable optical emission spectrometers that are optimized for metallurgical applications among others. The portable optical spectrometers are capable of providing the chemistry of critical alloy elements at low detection limits. Thus, the increasing development of portable optical spectrometers for utilization in metallurgy and other industrial applications is a vital factor expected to drive the growth of the market during the forecast period.

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By End-User :

Based on the end-user, the market is segregated into food & beverage, pharmaceutical, agriculture, chemical, metallurgy, and others. The pharmaceutical segment accounted for the largest revenue share in the year 2022. Factors including the growing incidence of chronic diseases, rising demand for medical drugs, and increasing pharmaceutical production are driving the growth of the pharmaceutical segment.

For instance, Bruker offers BRAVO portable spectrometer designed for application in pharmaceutical industry in its product portfolio. The utilization of BRAVO portable spectrometers ensures quality control in the pharmaceutical industry while facilitating an efficient work routine and providing complete compliance to the latest pharmaceutical requirements.

Additionally, according to the European Federation of Pharmaceutical Industries and Associations, the total pharmaceutical production in Belgium was valued at USD 24,865.7 million in 2020. Hence, the rising pharmaceutical production is driving the adoption of portable spectrometers for applications including analysis of drug identity and purity, drug crystalline structures, and others, in turn driving the growth of the market.

Chemical segment is expected to witness fastest CAGR growth during the forecast period. The growth of chemical segment is attributed to several factors including rising investments in development of chemical manufacturing units, increasing production of industrial chemicals, and growing demand for reliable solutions for chemical analysis among others.

Portable spectrometers are used in the chemical industry for applications involving chemical analysis to determine the purity and chemical characteristics of substances.

For instance, PerkinElmer Inc. offers a wide range of near infrared portable spectrometers for application in chemical industry among others. Additionally, Renishaw plc offer portable Raman spectrometers designed for fast and accurate chemical analysis. Thus, rising development of portable spectrometers for utilization in chemical applications is projected to drive the market growth during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America is estimated to reach over USD 1,409.54 Million by 2031 from a value of USD 649.21 Million in 2022 and is projected to grow by USD 694.23 Million in 2023. The market growth for portable spectrometers in the North American region is primarily driven by its deployment in pharmaceutical, food & beverage, chemical and other sectors. Moreover, the growing chemical industry and increasing utilization of portable spectrometers for chemical analysis to determine the chemical characteristics and purity of substances are among the significant factors driving the market growth in the region.

For instance, according to the Chemistry Industry Association of Canada (CICA), the chemical industry in Canada grew by 31% in 2022 as compared to 2020. Thus, the growth of chemical industry is boosting the deployment of portable spectrometers, in turn accelerating market growth in the North American region. In addition, growing investments in expansion of pharmaceutical and food & beverage production facilities are anticipated to facilitate lucrative growth prospects for the market in North America during the forecast period.

Asia-Pacific is expected to register fastest CAGR growth of 9.6% and is estimated to reach over USD 1,099.29 Million by 2031 from a value of USD 494.56 Million in 2022 and is projected to grow by USD 529.90 Million in 2023. In addition, in the region, the China accounted for the maximum revenue share of 26.5% in the same year.

Additionally, factors including the growth of various industries including chemical, metallurgy, agriculture, pharmaceutical, and others are driving the market growth for portable spectrometer in the Asia-Pacific region.

For instance, according to the India Brand Equity Foundation, India ranked third in terms of pharmaceutical production in 2021. According to IBEF, the local pharmaceutical industry in India consists of approximately 3,000 drug companies and 10,500 pharmaceutical manufacturing units. Portable spectrometers play a significant role in providing valuable information associated with the levels of active ingredients present in pharmaceutical compounds, along with detecting impurities. Therefore, the growing pharmaceutical sector in the Asia-Pacific region is anticipated to drive the utilization of portable spectrometers, thereby proliferating market growth in the region during the forecast period.