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Market Overview and Insights
The global LIBS market was valued at approximately USD 259.8 million in 2022 and is projected to reach USD 434.67 million by 2030, growing at a compound annual growth rate (CAGR) of 6.20% from 2023 to 2030.
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Market Segmentation
- By Product:
- Handheld: Portable devices offering on-site analysis, contributing to the segment's significant market share.
- Desktop: Stationary systems providing high-resolution analysis, typically used in laboratory settings.
- By End-User:
- Academic and Research Institutes: Utilize LIBS for various research applications.
- Pharmaceuticals and Biotechnology Companies: Employ LIBS for quality control and material analysis.
- Others: Includes applications in environmental monitoring, mining, and manufacturing.
Regional Analysis
- North America: Dominated the market with over 43.8% revenue share in 2022, driven by advanced research facilities, high adoption rates of analytical instruments, and a strong presence of key market players.
- Europe: Experiences significant growth due to increasing focus on environmental monitoring and material analysis, with collaborative research initiatives promoting advancements in LIBS.
- Asia-Pacific: Emerging as a key market with rapid industrial growth in countries like China and Japan, supporting market expansion. Investment in R&D and increased adoption of analytical technologies are fostering the growth of LIBS in this region.
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Key Players
The LIBS market features several prominent companies, including:
- Thermo Fisher Scientific Inc.
- Hitachi High-Tech Analytical Science
- SciAps, Inc.
- Rigaku Corporation
- Bruker Corporation
- Princeton Instruments
- TSI Incorporated
- B&W Tek
- Applied Spectra
- SECOPTA analytics GmbH
These companies are actively involved in developing and commercializing LIBS technology, contributing to the market's growth and innovation.
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