Laser-Induced Breakdown Spectroscopy Market: Current Analysis and Forecast (2023-2030)

Report Description

Laser-Induced Breakdown Spectroscopy Market Size & Forecast

The Laser-Induced Breakdown Spectroscopy Market was valued at USD 262.1 Million in 2022 and is expected to grow at a strong CAGR of around 6.3% during the forecast period (2023-2030) owing to the rising technological advances concerning laser-induced breakdown spectroscopy.

Laser-Induced Breakdown Spectroscopy Market Analysis

The Laser-Induced Breakdown Spectroscopy Market is escalating due to several reasons including the rise in research & development activities, rising strategic collaborations, and increasing technological advancements. The integration of artificial intelligence with laser-induced breakdown spectroscopy is also driving the growth of the market.

According to Statistics Canada, chronic diseases like, cancer and heart disease remained the two leading causes of death in Canada, accounting for 41.8% of deaths in 2022. In 2021, these diseases account for 44.3% of all deaths.

Moreover, in 2022, Agrorobótica launched the artificial intelligence platform AGLIBS (Laser Induced Breakdown Spectroscopy), which allows carbon certification in agricultural areas through the quantification of soil organic carbon supplies that result from the implementation of management practices in the agricultural area. Such technological advancements are driving the growth of the market during the forecast period.

Laser-Induced Breakdown Spectroscopy Market Trends

This section discusses the key market trends that are influencing the various segments of the laser-induced breakdown spectroscopy market as identified by our team of research experts.

Academic & Research Institutes Transforming Industry Standards

The academic & research institutes segment in the laser-induced breakdown spectroscopy (LIBS) market has been experiencing significant growth mainly due to increased focus on research and development across various scientific disciplines which has spurred demand for advanced analytical techniques like laser-induced breakdown spectroscopy in academic and research institutions. LIBS technology’s versatility makes it attractive for interdisciplinary research projects, leading to collaborations between different departments and institutions, further driving its adoption. Academic institutions play a crucial role in training the next generation of scientists and engineers. Integration of LIBS into educational curriculum and research programs enhances students’ skills and knowledge in analytical spectroscopy and laser physics. Therefore, the academic and research institutes segment is expected to continue growing in the LIBS market as these institutions drive innovation, knowledge dissemination, and collaboration, shaping the future development and adoption of LIBS technology across various scientific fields. For instance, in November 2023, the Foundation for Research and Technology -Hellas, published a paper on the application of laser-induced breakdown spectroscopy (LIBS) and elemental imaging on marine shells for archaeological and environmental research.

North America is Expected to Grow with Significant CAGR During Forecast Period

Within North America, the U.S. holds a major share of the market. The major factors boosting the market’s growth in the country are the increasing number of chronic disease cases like cancer and osteoporosis, rising technological advancements, growing research and development activities, and the presence of several market players.

According to a government source, the Centers for Disease Control and Prevention (CDC), it is estimated that 6 out of 10 adults in the US have a chronic disease. This statistic emphasizes the sheer magnitude of the population in need of laser-induced breakdown spectroscopy and highlights the potential market demand.

According to the Journal of Orthopaedic Surgery and Research, the prevalence of osteoporosis in the spine or hip was reported at 21% in the U.S. in the year 2021.

Laser-Induced Breakdown Spectroscopy Industry Overview

The laser-induced breakdown spectroscopy market is competitive, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Thermo Fisher Scientific Inc.; Hitachi High-Tech Analytical Science; SciAps, Inc.; Rigaku, Bruker Corporation; TSI; Princeton Instruments; Avantes; B&W Tek; Applied Spectra; SECOPTA analytics GmbH.

Laser-Induced Breakdown Spectroscopy Market News

• In March 2024, S- based Applied Spectra, Inc. launched a new compact, low-cost LIBS (Laser Induced Breakdown Spectroscopy) instrument, a next-generation elemental analyzer delivering outstanding performance for solid samples.

• In November 2023, S-based SciAps, partnered with Portable PPB on the new capabilities of the leading handheld X-555 XRF Analyzer to further push the limits of metal analysis.

• In May 2023, Thermo Fisher Scientific Inc. reported enhancing laser-induced breakdown spectroscopy (LIBS) by introducing small parts capabilities for its Niton Apollo handheld LIBS analyzer.

Laser-Induced Breakdown Spectroscopy Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global laser-induced breakdown spectroscopy market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Laser-Induced Breakdown Spectroscopy Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global laser-induced breakdown spectroscopy market were the three major steps undertaken to create and analyze the adoption of laser-induced breakdown spectroscopy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global laser-induced breakdown spectroscopy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the laser-induced breakdown spectroscopy market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the laser-induced breakdown spectroscopy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, end user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the laser-induced breakdown spectroscopy market. Further, we conducted factor analysis using dependent and independent variables such as product type, end user, and region of the laser-induced breakdown spectroscopy market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the laser-induced breakdown spectroscopy market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global laser-induced breakdown spectroscopy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the laser-induced breakdown spectroscopy market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global laser-induced breakdown spectroscopy market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global laser-induced breakdown spectroscopy market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, end user, and region in the global laser-induced breakdown spectroscopy market.

The main objective of the Global Laser-Induced Breakdown Spectroscopy Market Study

The current & future market trends of the global laser-induced breakdown spectroscopy market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the laser-induced breakdown spectroscopy market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product type, end user, and region
• Define and analysis of the regulatory framework for the laser-induced breakdown spectroscopy industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the laser-induced breakdown spectroscopy market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the laser-induced breakdown spectroscopy market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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