XRF Analysers Market, Size, Share, Growth, and Industry Analysis, By Type {Wavelength Dispersive (WDXRF), Energy Dispersive (EDXRF)}, By Application (Pharmaceutical, Environmental, Mining Industry, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2022 To 2030

Updated On: 04 September 2023

XRF Analysers Market Report Overview

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The global XRF analysers market size was USD 720 million in 2021 and is expected to touch USD 957 million by 2028, exhibiting a CAGR of 4.1% during the forecasted period.

XRF analysers are X-ray devices or gadgets used to detect precious metals, mainly in the mining industry and for environmental purposes, with the help of the element fluorescent. These analysers are lightweight and portable, making them easy to use and providing accurate results for on-site surveys and testing. The analysers are used to detect metals such as gold, platinum, and other materials such as glass and ceramics. The product use is divided into pharmaceutical, environmental, oil & gas, glass and ceramics, cement production, and the mining industry based on application segment.

XRF devices deploy a wide range of chemical analysis processes that have applications in mining, environment, healthcare, geology, forensics, and others. There are mainly two types of XRF analysers, i.e., wavelength dispersive and energy dispersive analysers. The accurate and quality results assured by these analysers are driving the market growth of the analysers. Cost-effectiveness, technological advancements, and new launches are the factors propelling the market growth. The growing number of applications of these analysers and substantial demands and developments along with quality material characterization are set to augment market growth further. 

COVID-19 Impact: Virus Caution and Alarm Accelerated Market Growth

The XRF market witnessed high demands during the pandemic due to increased fears of the virus circulating worldwide, with people taking caution and raising their guard. The increased testing for accurate testing via XRF devices proliferated market growth as COVID-19 cases augmented worldwide. However, demand for XRF analysers continues to rise after the pandemic as life returns to the new normal. Investors see this as a potential opportunity to invest in the worldwide market share.

LATEST TRENDS

"Technologically Advanced XRF Devices to Propel Market Growth"

The XRF analysers market will see a boom in its production and demand as the availability of technologically advanced analysers increases with time. The features of the modern, tech-driven analysers include proximity sensors, radiation safety, safe detection, and a high-resolution rate. These factors are significantly affecting the market growth. They are set to expand the industry's market share as production in developing Asian countries increases, which will benefit the market.

XRF Analysers Market Segmentation

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• By Type

Based on the types, the market is subcategorized into wavelength dispersive (WDXRF) and

energy dispersive (EDXRF) analysers.

• By Application

Based on applications, the market is subcategorized into pharmaceutical, environmental, mining industry, and others.

DRIVING FACTORS

"Demand in Mining Industry to Boost Market Growth"

The demand for XRF analysers in the mining industry is increasing due to its need to detect various materials such as glass, metals, ceramics, and others. Handheld analysers are used for on-site geochemical analysis of the drill or the preparation of samples. This is a prominent factor that is boosting the market growth and will drive the XRF analysers market to profits. These analyzers thus apply to the high use of environmental and mining industry segments.

"Technological Innovations and Developments to Augment Market Growth"

The vast demand for XRF analysers in the healthcare and mining sector, along with technological innovations and developments, will drive market growth. The low costs of X-ray analysers will help the device to make multiple measurements of elements throughout their lifecycle. This will increase profits in the market, thereby increasing revenues for critical players in the industry. Furthermore, the demand for XRF-related devices with total reflection XRF devices will augment the market growth.

RESTRAINING FACTORS

"High Initial Investment Costs to Stagger Market Growth"

The high costs of installing an XRF device may stagger the market growth as technology evolves and brings innovations. The market players may consider this an obstacle, which may drive the demand downward. Developing countries in the Asian region are also affected due to the high installation costs, limiting the scope for market expansion, profits, and revenues. Thus, investors must keep the initial outlay in mind as returns may start generating only after the market has been established well in a region.

XRF Analysers Market Regional Insights

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"Asia Pacific to Lead Market Share Owing to Rising Production"

The Asia Pacific region will lead the XRF analysers market share due to the increasing production and manufacturing capacities of crucial players in the market. With countries such as Japan and China expanding production worldwide, the demand for these analysers is seeing a boom in the market. The leading companies that own 55% of the share are based in Asia, thus making the region a hotspot for investments. The investors must consider these factors and make investments accordingly in the area.

KEY INDUSTRY PLAYERS

The report analyzes different market players in the industry, and the information is published after proper research, analysis of trends, key developments, new initiatives, and technological developments and innovations. Other aspects of the report include research on companies, regions, technical and environmental outcomes, and newly emerging industries' impact and risks. The report also analyzes the micro and macro factors affecting the market demand on a global scale. The facts in the information may be subject to change, given the situation of market players from time to time.

List of Market Players Profiled

• AMETEK (U.S.)
• Thermo Fisher (U.S.)
• Shimadzu (Japan)
• Rigaku (Japan)
• Oxford-Instruments (U.K.)
• HORIBA (Japan)
• Hitachi High-tech (Japan)
• Olympus Innov-X (U.S.)
• Bruker (U.S.)
• BSI (U.K.)
• Malvern Panalytical (U.K.)
• Skyray (U.S.)
• Focused Photonics (China)

INDUSTRY DEVELOPMENT

July 2022: NKT Photonics, a Denmark-based company, announced that it would become a part of Japan's Hamamatsu Photonics, expanding the company's future and growth prospects. The move will also help Hamamatsu to broaden its range of products, thereby increasing the market for the Asian region. The laser and analysers specialist company will thus be equipped to provide a range of products such as optical sensors, devices, and others for scientific, technical, geological, and medical uses.

REPORT COVERAGE

The report examines elements that affect the demand and supply situations, estimates dynamic market forces for the forecast period, and offers drivers, restraints, the latest trends, and critical industrial developments. After evaluating financial and technical market factors, the report provides an extensive SWOT analysis. The research is subject to alteration if crucial players and analysis of market dynamics change. The information is an approximate estimation of the factors mentioned, taken into consideration after thorough research. The report also provides information on segmentation and key industrial developments.