Global LIBS Market Projected to Experience Significant Growth by 2032, With Estimated Value of USD 479.8 Million

Posted  by GoPhotonics

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Spherical Insights recently published a report on, "Global Laser-induced Breakdown Spectroscopy Market Size, Share, and COVID-19 Impact Analysis, By Product, By End-User, By Region, Analysis and Forecast 2023 - 2032." According to a research report, the Global Laser-induced Breakdown Spectroscopy Market Size is expected to reach USD 479.80 Million by 2032, at a CAGR of 6.5% during the forecast period 2023 to 2032.

Laser-induced Breakdown Spectroscopy (LIBS) is an analytical technique that employs high-energy laser pulses to create plasma from a sample, enabling elemental analysis. By analyzing the emitted spectra, LIBS provides valuable information about the elemental composition of the sample. This technique offers advantages such as minimal sample preparation, non-destructive analysis, and rapid data acquisition. LIBS finds applications in diverse fields, including environmental monitoring, material science, and forensic analysis. Ongoing advancements in laser technology and data processing techniques continue to improve the sensitivity and accuracy of LIBS, making it a versatile tool for scientific research and industrial applications.

The desktop segment is expected to grow at a CAGR of around 6.4% during the forecast period 

Based on product type, the global laser-induced breakdown spectroscopy market is segmented into handheld and desktop. The desktop segment is anticipated to register lucrative growth during the forecast period in the laser-induced breakdown spectroscopy (LIBS) market. This growth is attributed to desktop LIBS systems offer higher performance, increased analytical capabilities, and enhanced sensitivity compared to handheld devices. They are typically used in laboratories, research facilities, and industries where larger sample volumes or more complex analysis requirements are involved. Desktop LIBS systems provide advanced data processing and analysis capabilities, enabling more in-depth research and comprehensive elemental analysis. Moreover, desktop systems often offer higher automation levels and customizable features, catering to specific research needs. The anticipated growth of the desktop segment is driven by the demand for more precise and specialized LIBS applications, particularly in fields such as material science, pharmaceuticals, and advanced manufacturing. 

The academic and research institutes segment is expected to grow at a CAGR of around 6.3% during the forecast period 

Based on the end-user, the global laser-induced breakdown spectroscopy market is segmented into academic & research institutes, pharmaceuticals & biotechnology companies, and others. The academic and research institutes segment is expected to grow during the forecast period in the Laser-induced Breakdown Spectroscopy (LIBS) market. This growth can be attributed to several factors. Academic and research institutes play a crucial role in advancing scientific knowledge and conducting fundamental research across various disciplines. LIBS offers researchers a versatile and powerful tool for elemental analysis, enabling them to explore new applications, analyze complex samples, and contribute to scientific advancements. Additionally, academic and research institutes often collaborate with industry partners, leading to technology transfer and commercialization opportunities. The growing emphasis on interdisciplinary research and the need for advanced analytical techniques in academia further drive the demand for LIBS systems and contribute to the expected growth of this segment.

Regional Insights 

Asia-Pacific is predicted to grow at a fastest CAGR of around 6.8% over the projected period 

Based on region, Asia Pacific is projected to experience the fastest growth in the Laser-induced Breakdown Spectroscopy (LIBS) market during the forecast period. The region is witnessing rapid industrialization, especially in sectors such as manufacturing, electronics, and automotive, which drives the demand for efficient elemental analysis techniques like LIBS. Moreover, the growing focus on environmental monitoring, safety regulations, and quality control in countries like China, Japan, and India creates a favorable market environment for LIBS. Additionally, increasing investments in research and development activities, along with the emergence of domestic players in the LIBS market, further boost the adoption of this technology in Asia Pacific.

Competitive Analysis: 

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. 

Companies Covered:

Market Segment 

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global laser-induced breakdown spectroscopy market based on the below-mentioned segments: 

Laser-induced Breakdown Spectroscopy Market, By Product 

  • Handheld
  • Desktop 

Laser-induced Breakdown Spectroscopy Market, By End-User 

  • Academic & Research Institutes
  • Pharmaceuticals & Biotechnology Companies
  • Others 

Laser-induced Breakdown Spectroscopy Market, Regional Analysis 

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

Click here to read the report titled, "Global Laser-induced Breakdown Spectroscopy Market Size, Share, and COVID-19 Impact Analysis, By Product, By End-User, By Region, Analysis and Forecast 2023 - 2032."
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