Benchtop Spectrometer Market by Product Type (Optical Spectrometer, Mass Spectrometer, Nuclear Magnetic Resonance (NMR) Spectrometer, and Others), End-user Industry (Agriculture and Food industry, Medical and Pharmaceutical Industry, Mining Industry, Electronics Industry and Others) and Application Type (Life Sciences, Forensics, Nanotechnology, Material Chemistry, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

COVID-19 Impact analysis

• The COVID-19 pandemic ceased the production of various products in the benchtop spectrometer industry, which is attributed to the global lockdown. This has hampered the growth of benchtop spectrometer market in the years 2020 and 2021, and a similar trend is expected be seen in the first half of 2022.
• The major demand for benchtop spectrometer was previously noticed from giant developed and developing countries including the U.S., Germany, Italy, the UK, India and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for benchtop spectrometer.
• Further, potential long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Benchtop spectrometer manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis
• Benchtop spectrometer manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

Increase in government funding and grants for innovation and development of new technology in many countries, including the U.S., China, and Japan, is causing a growth in the research domain, which is increasing demand for benchtop spectrometers. Furthermore, the high mobility and low cost of benchtop spectrometers increase their demand in mining, construction, and other industries over traditional static spectrometers. In research-oriented industries such as nuclear energy sector, electronics & communication sector, agriculture and food sector and others is anticipated to boost the demand in benchtop spectrometer market. . However, many under-developed countries restrain themselves from research due to its high capital requirement. Hence, this factor is responsible for hindering the growth of benchtop spectrometer market. Contrarily, technological developments in benchtop spectroscopy, such as in optics, detection, and computing technology, along with others boost the efficiency of the equipment. This is anticipated to create lucrative opportunities for the growth of the benchtop spectrometer market during the forecast period.

Market Trends

• New products that contain improved capabilities are launched by leading market players. They take necessary steps to improve accuracy of devices and overall functionality. For instance, in October 2020, in Europe, Bruker Corporation launched the Fourier 80 system, which is an 80 MHz Fourier Transform Nuclear Magnetic Resonance (FT-NMR) benchtop spectrometer. The product launch has enhanced the product offerings by Bruker to sustain the competition in the benchtop spectrometer market.
• Similarly, competitors in the benchtop spectrometer market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in July 2021, Techcomp Instruments Limited (Europe) acquired a majority shareholding in Isotopx Limited, based in Middlewich, Cheshire. This move by Techcomp broadens the portfolio of product offerings.
• Moreover, business expansion strategies assist in enhancing their geographic footprint and help in gaining significant market share for benchtop spectrometer products. For instance, in May 2019, PerkinElmer, Inc., a global manufacturer of spectrometers, opened a new office facility in Singapore. The facility is expected to improve the service offerings for benchtop spectrometer for medical sector consumers in Singapore.

Key Benefits of the Report

• This study presents the analytical depiction of the benchtop spectrometer industry along with the current trends and future estimations to determine the future investment pockets.
• The report presents information related to key drivers, restraints, and opportunities, along with detailed analysis of the benchtop spectrometer market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the benchtop spectrometer market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed benchtop spectrometer market analysis based on competitive intensity and how the competition will take shape in coming years.