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Laser-Induced Breakdown Spectroscopy Market

Laser-Induced Breakdown Spectroscopy Market Size, Share and Growth Forecast Product Type (Desktop, Handheld), by End-Use Industry (Pharma & Biotech Companies, Academic & Research Institutes, Others), and by Region for 2024-2031

PMR Foresees Healthy Growth Prospects for the laser-induced breakdown spectroscopy (LIBS) Market in the Light of Increasing R&D Activities, Growing Strategic Collaborations, and Technological Advances

Laser-Induced Breakdown Spectroscopy Market Size and Share Analysis

Over the forecast years 2024 - 2031, the global laser-induced breakdown spectroscopy market is projected to reach a valuation of US$425.06 Mn by 2031 from the revenue worth US$275.12 Mn estimated in 2024. Over the years of forecast, the market is likely to experience a CAGR of 6.1%.

Report Attribute

Details

Market size value in 2024(E)

US$275.12 Mn

Revenue forecast in 2031(F)

US$425.06 Mn

CAGR (2024-2031)

6.1%

CAGR (2019-2023)

5.8%

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Market Introduction and Trend Analysis

The laser-induced breakdown spectroscopy (LIBS) technology offers significant advantages over traditional methods, including its non-destructive nature, real-time analysis capabilities, and minimal sample preparation requirements. These factors, coupled with ongoing advancements, are propelling the laser-induced breakdown spectroscopy market towards significant expansion.

The continuous improvement in laser technology and instrumentation remains an important driving force for the market. Advancements have led to more affordable, compact, and user-friendly LIBS systems.

Increased affordability, and user friendliness have further opened doors for smaller laboratories, field researchers, and even handheld applications, expanding the user base beyond traditional, well-equipped facilities. The accessibility and ease of use associated with these advancements are further fueling market growth.

Furthermore, the integration of Artificial Intelligence (AI) with LIBS is adding another layer of sophistication. AI algorithms are enhancing data analysis capabilities, allowing for more accurate and efficient interpretation of complex LIBS data.

The LIBS market is expected to maintain its upward trajectory. As technological advancements continue, these spectroscopy systems are likely to become even more affordable, portable, and user-friendly.

The future of the laser-induced breakdown spectroscopy market appears bright with its potential to revolutionize elemental analysis across various industries. Additionally, the integration of AI, and the exploration of novel application potential of LIBS devices in diverse fields like agriculture, and environmental monitoring will further drive market expansion over the years to come.

Key Trends Shaping the Market

  • Development of even more compact, portable, and user-friendly instruments is on the rise.
  • Novel application areas become the points of attraction for LIBS device manufacturers.
  • LIBS integration with AI is picking pace.

Historical Growth and Course Ahead

The LIBS market has experienced decent growth in recent years. The technology has been considered effective for its unique advantage over traditional analysis methods.

The entry of compact and user-friendly device models has extended the application base to smaller labs, field researchers, and even handheld applications. Pharmaceuticals, environmental monitoring, and mining sectors have started realizing the potential of LIBS.

The future of LIBS appears healthy, and promising. Technological advancements fuel market growth. The growing integration of Artificial Intelligence (AI) with LIBS is a particularly exciting developments in the market.

AI algorithms are currently revolutionizing data analysis, allowing for more accurate and efficient interpretation of complex LIBS data. This integration not only streamlines the process but also makes LIBS more accessible to users with less expertise in spectroscopy.

LIBS will further play a significant role in newer areas like agriculture, where it can be used for soil carbon measurement, and environmental monitoring. With its expanding capabilities and growing adoption rates, the laser-induced breakdown spectroscopy market is projected to maintain an upward trajectory in future.

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Market Growth Drivers

Expanding Industrial Application Base

LIBS is finding its way into a growing number of industrial processes, propelling market growth. Its ability to conduct rapid and accurate elemental analysis makes it ideal for quality control in manufacturing, fast and precise metal analysis in mining, and efficient exploration in the geological sector. As industries continue to prioritize efficiency and accuracy, the demand for laser-induced spectroscopy systems is expected to rise.

Notable Technological Advancements

Innovation is fueling the effectiveness, precision, and user-friendliness of LIBS systems. Advancements in laser technology are leading to more powerful and precise lasers, enabling deeper analysis, and improved detection limits. Developments in detection systems are enhancing sensitivity, and data collection capabilities.

Additionally, advancements in data analysis software are streamlining the interpretation of complex LIBS data, making it more accessible to a wider range of users. These ongoing improvements are making laser-induced breakdown spectroscopy devices a more attractive, and powerful analytical tool for various industries.

Rising Focus on Environmental Monitoring

The need for stringent environmental regulations and efficient monitoring solutions is driving the adoption of LIBS. Its ability to analyze samples quickly and directly in the field makes it ideal for environmental applications like water and soil testing. As environmental concerns continue to rise, LIBS is expected to play a crucial role in ensuring environmental compliance, and sustainability.

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Factors Impeding the Market Growth

High Initial Costs

A significant hurdle for wider adoption of LIBS technology is its relatively high initial cost. This can be a deterrent for smaller companies and laboratories with limited budgets.

While the long-term benefits of LIBS like speed, accuracy, and minimal sample preparation can be significant, the upfront investment still seems to be a significant barrier to entry for many potential users.

Complexity of Data Interpretation Using LIBS

Accurate interpretation and analysis of LIBS data require trained operators, and sophisticated software. This complexity can limit adoption to a large extent, especially in sectors with limited expertise in spectroscopy.

The need for specialized training, and advanced software remains a longstanding challenge for potential users, thereby hindering the widespread use of LIBS technology. This will be a significant impediment facing the laser-induced breakdown spectroscopy market.

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Category-wise Analysis

Market Segment by End-Use Industry

Market Share (2024)

Pharmaceuticals & Biotechnology Companies

45%

Research & Educational Institutes

xx%

Others

xx%

Pharma & Biotech Companies Lead the Way in End-Use Industry Segment

The pharmaceutical and biotechnology sector reigns supreme in the LIBS market. While the category currently represents a dominant market share of approximately 45%, the primacy of this segment will prevail through the end of 2031.  

Both pharmaceuticals and biotechnology industries operate under stringent regulatory scrutiny to meet rigorous safety and efficacy standards for their products. Here is when laser-induced breakdown spectroscopy presents an ideal solution for quality control testing on the back of its non-destructive and accurate analysis capabilities.

SciAps' Z-900 Series platform exemplifies a user-friendly and portable LIBS solution catering to diverse industries like pharmaceuticals, manufacturing, and environmental monitoring.

Demand from Academic & Research Institutes Grows Higher

On the other side, the academic & research institutes segment is projected for significant growth in the laser-induced breakdown spectroscopy market. Increased focus on R&D in various scientific fields will continue to drive demand for advanced analytical techniques like LIBS.

The versatility of LIBS fosters interdisciplinary research projects, and collaboration, fueling broader adoption. Academic institutions play a crucial role in training future scientists and engineers, integrating LIBS into educational programs to enhance knowledge and skills in this technology.

Increasing focus on innovation, knowledge dissemination, and collaboration marks academic & research institutes as the most lucrative end-use industry segment of the market as it propels future advancements, and adoption of LIBS technology.

Handheld Devices Take Center Stage

The handheld LIBS devices category currently captures over 61% share of the laser-induced breakdown spectroscopy market size. The segment while maintaining the largest market share will also exhibit the fastest growth rate. Through 2031.

The laser-induced breakdown spectroscopy market report is majorly attributed to the device’s cost efficiency as handheld devices offer a cost-effective and accessible solution for a broad range of users.

Moreover, the portability and ease of use of handheld spectroscopy devices position them as an ideal tool for field researchers, smaller labs, and industries that previously lacked access to necessary elemental analysis capabilities.

On the other hand, the desktop devices segment is also anticipated for substantial growth throughout the forecast period, primarily for their versatility. Desktop LIBS systems can be used in both laboratory and field settings.

In addition, offering ease of use, rapid analysis, and non-destructive testing capabilities, the desktop spectroscopy devices category continues to witness advances in laser and spectroscopic technologies leading to development of systems that are more affordable and compact.

With more end users seeking effective results at a cost-competitive price, the demand for desktop variants of LIBS devices will continue to be steady.

Region-wise Analysis

Market Segment by Region

Market Share (2024)

North America

>43%

Europe

xx%

Asia Pacific

xx%

Latin America

xx%

MEA

xx%

North America Remains the LIBS Leader

North America reigns supreme in the global market for laser-induced breakdown spectroscopy devices, currently boasting a revenue share of more than 43%. The region will continue to surge ahead of all, mainly due to the presence of globally leading companies that drive ongoing development in LIBS instruments and applications.

The US, hailed as the global powerhouse in technological advancements, fosters continuous innovation in LIBS technology. This continuous improvement keeps North America at the forefront of the market.

A strong academic and research environment in the region fosters a fertile ground for further LIBS advancements. Dedicated research communities at renowned universities like Stanford, MIT, and UC Berkeley also actively contribute towards market expansion in the region.

Asia Pacific Poised for Noteworthy Growth

Asia Pacific is anticipated to be the fastest-growing LIBS market during the forecast period. In addition to the rapid pace of industrialization across the region, the market here is expected to gain largely from governments’ support.

As the region undergoes rapid industrialization, the demand for quality control and process optimization solutions is skyrocketing. Laser-induced breakdown spectroscopy devices serve as ideal QC aids with their fast and accurate analytical capabilities.

Both domestic and international players are actively participating in Asia Pacific’s market for laser-induced breakdown spectroscopy market. The presence of a wide range of players ensures extensive availability of a host of LIBS systems and solutions to cater to diverse industries.

Moreover, recently, the region has also been witnessing growing awareness across industries about the LIBS technology's potential, which is propelling the Asia Pacific market in global industry. The key Asian markets will emerge as the major player in the global LIBS market landscape.

Key Companies in Global LIBS Market

Significant Industry Developments

March 2024

Applied Spectra, a company based in S, unveiled a cutting-edge elemental analyzer. This new, portable, and affordable LIBS instrument offers exceptional performance for analyzing the elemental composition of solid samples.

November 2023

SciAps, based in S, teamed up with Portable PPB to unlock even more powerful metal analysis capabilities with the industry-leading X-555 handheld XRF Analyzer.

November 2023

A research paper published by the Foundation for Research and Technology -Hellas shows the potential application of LIBS, and elemental imaging for environmental and archeological research on marine shells.

May 2023

Thermo Fisher Scientific made significant advancements in LIBS technology with the introduction of small parts analysis for its Niton Apollo handheld LIBS analyzer.

November 2022

Ocean Insight acquired aluminum analysis tech from Rigaku Analytical Devices. This improves their scrap aluminum sorting process by allowing for better assessment of the chemical composition of each piece. With this new tech, customers can sort scrap aluminum more effectively for recycling, reducing energy consumption and environmental impact.

Spetember 2022

Agrorobótica launched the AGLIBS platform that uses AI and LIBS to quantify soil carbon, enabling carbon certification for farms implementing sustainable practices. This innovation exemplifies advancements driving market growth.

Market Report Scope

Attributes

Details

Forecast Period

2024 to 2031

Historical Data Available for

2019 to 2023

Market Analysis

US$ Billion for Value

Key Regions Covered

  • North America
  • Europe
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • The Middle East and Africa

Key Market Segments Covered

  • By Type
  • By End-Use Industry
  • By Region

Key Companies Profiled

  • Hitachi High-Tech Analytical Science
  • Thermo Fisher Scientific Inc.
  • SciAps, Inc.
  • Princeton Instruments
  • Rigaku
  • Bruker Corporation
  • TSI
  • Applied Spectra
  • Avantes
  • SECOPTA analytics GmbH
  • B&W Tek

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Market Segmentation

By Type

  • Desktop
  • Handheld

By End-Use Industry

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

By Region

  • North America
  • Europe
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • The Middle East and Africa

- Companies Covered in This Report -

- Frequently Asked Questions -

The laser-induced breakdown spectroscopy market currently equals the revenue of US$275.12 million and is expected to witness a CAGR of 6.1% through 2031.

The market growth gains from the rising prevalence of chronic diseases, the rising technological advancements.

Based on product type, the handheld segment holds the largest revenue share of this market.

Integration of the next-generation analytical technique in designing spectroscopes is one of the major trends in the laser-induced breakdown spectroscopy market.

North America is currently the dominant regional market in the global LIBS industry.

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