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Micro spectrometer is an analytical instrument that is generally used to measure the amount of light transmitted or absorbed through a solution (generallya food dye in food products). In other applications the micro spectrometer plays major role in defining the intensity of color that is measured with the amount of dissolved material in the sample product. This product is in high demand across agriculture, for environment applications, or at the point of care for medical applications owing to its compact size and accurate functioning. Consumer electronics applications have the highest demand of these spectrometers with the need for application oriented products from several sectors.
Micro spectrometers, by name itself depicts the sizes is the compact across other semiconductor devices, thus have several applications across wide range of industrial sectors. In the current pandemic situation, one of the only sector that has not been effected severly is the food industry, as food is the basic need for the humans. However, use of micro spectrometers in food industry have provided reliable controls over the entire value chain from farms to the table of consumers, by accurate examining the food products traded. On the other hand, consumer electronics is expected to hold the highest market share in the global market, as this micro spectrometer evaluates high value in data interpretation, data processing, product design, humand machine interface, etc. by offering relevant information to the end-users. Similarly, in pharmaceuticals, healthcare, agriculture, and many other sectors micro spectrometers are highly prefered for the quality analysis (QA)/ quality check (QC) of the given products. Micro spectrometers have low sensitivity in the chemical situations that occur in pharmaceuticals, helathcare or food industry, thus hampers the functionality of the micro spectrometers market globally.
Key Market Driver -
• Compact size enhances the performance and demand for critical applications • Increasing demand for human machine interface and data interpretation
Key Market Restraint -
• Product has low sensitivity in chemical conditions
Major market players are focusing on combat competition in the market, as emerging players are offering wide range of spectrometers as per the need of applications with lower purchasing costs, thus creating challenge for the existing market players. Considering the above-mentioned situation, the well-established market players have converged over mergers and acquisition strategies in the pandemic situation to enhance their product portfolio and to expand their businesses across the emerging economies.
Some of the key competitors in the micro spectrometers market include Avantes, B&W Tek, Ocean Insight, Buchi, Horiba, Ocean Optics, Stellarnet, ThermoFisher, Zeiss, Hamamatsu Photonics, Viavi, Horiba, Si-Ware Systems, OTO Photonics, INSION, Nanolambda, Ideaoptics, Chromation, and others.
Asia Pacific is anticipated to hold largest market share and grow exponentially in the micro spectrometer market with presence of largest semiconductor industry across China, Singapore, Malaysia, Vietnam, South Korea, etc. Also, Asian countries are considered to be developing economies with highly populated countries such as China and India, thus increases the need for micro spectrometers across the major Asian industrial sectors of food, agriculture, pharmaceutical, and consumer electronics. Moreover, North America is expected to witness progressive market growth with rising need for the micro spectrometers in agriculture, food, and consumer electronics sector to evaluate the value and supply chains. The sudden emergence of pandemic created ample of opportunites for the manufacturers, as the need for appropriate functionality and traceability has increased across all the sectors.
Europe is projected to depict moderate market growth as the food and pharmaceutical sector has been highly affected due to the pandemic situation. Thus to overcome the current situation, manufacturers across the region are focusing over offering application-oriented spcetrometers to their customers, even though it may costs higher prices. Middle East and Africa, and Latin America region are expected to witness stagnant growth over the forecast period, owing to halt in the foreign direct investments and limited presence of major market players. However, the key market players are focusing over expanding their businesses in these regions to maintain their market position and cater large customer base.
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