XRF analyzer sales surpassed US$ 2.2 billion in 2018, and will reportedly increase by approximately 5.3% annually, in 2019. A newly published research outlook by Future Market Insights (FMI) has projected promising revenue growth prospects for the global XRF analyzer market over the course of upcoming years.
While the XRF analyzers demand within Asia Pacific (excluding Japan) will continue to account for nearly a fourth of the global market value, the report also highlights robust growth in the market value share of developed regional markets of North America and Europe, which currently equates nearly 2/5th of the global XRF analyzer market revenues.
Substantial Opportunities Lie in Metal & Mining, and Oil & Gas
According to FMI’s analysis, a majority of XRF analyzer adoption will prevail in metal & mining industry, followed by the pharmaceutical industry. Oil & gas industry is also cited as one of the key end-use industries for XRF analyzers in the near future.
With steady growth of the mining industry and resurgence of the oil & gas industry, it is highly likely that the demand for instruments such as XRF analyzers will prevail at a significantly high pace in coming years. Metal & mining, collectively with oil & gas, are likely to account for more than 45% of the total demand for XRF analyzers that has been estimated for 2019.
In the wake of waning popularity of benchtop XRF analyzer instruments that are subsequently leading to their dwindling sales, the market has been witnessing soaring preference for the high convenience offered by handheld/portable XRF analyzers. According to the report, portable or handheld XRF analyzers currently account for nearly 65% of overall sales and are anticipated to demonstrate healthy growth potential through years to come.
The report opines that key features such as light weight, portability, and convenient usage will continue to attract more sales opportunities for portable or handheld XRF analyzers to use on field, over the benchtop variants.
For More Detailed Insights on XRF Analyzer Market Structure Analysis
Energy-dispersive XRF Analyzers Gaining Ground
XRF analyzers, according to the report, will continue to enjoy soaring sales within manufacturing industries as they support easy operation, precise functioning, quicker turnaround time, and most importantly, non-invasive analysis. Some of the key applications of XRF analyzers include the determination of several precious metals and metal alloys, in addition to the examination of mining exploration areas and detection of hazardous chemicals. Technological advancements such as radiation safety, proximity sensors, enhanced detection limits, high-resolutions, and high-count rate are prominently assisting the growth of XRF analyzer market.
As suggested by FMI’s research, more than half of the XRF analyzer sales are of energy-dspersive type. Although wavelength-dispersive XRF analyzers have their own set of advantages, energy-dispersive XRF analyzers are more preferred across industries owing to their functional versatility and efficiency in terms of space, price, and sample preparation times.
Competition Landscape Analysis & Recent Developments in XRF Analyzer Market
Prominent vendors competing in the XRF analyzer market are focusing on product innovation and upgrade to gain an edge over the competition. Furthermore, several manufacturers of XRF analyzers are concentrating on developing high-performance and cost-effective XRF analyzer instruments, to complement end user demands.
Handheld or portable XRF analyzers are also being refined in terms of standards of testing faults, which is trending among some of the leading companies in global XRF analyzer market.
According to FMI analysis, Thermo Scientific, Hitachi High-Technologies Corporation, and SPECTRO Analytical Instruments GmbH are among the key manufacturers of XRF analyzers. Some of the key manufacturers profiled in the XRF analyzer market report, include HORIBA, Ltd. Applied Rigaku Technologies, Inc., Bruker, OLYMPUS Corporation, Skyray Instrument Co., Ltd., XOS (Danaher), Malvern Panalytical Ltd, Torontech Inc., Elvatech Ltd., Globetek, PARISA TECHNOLOGY, Oxford Instruments, and Xenemetrix.
In 2018, Elvatech Ltd., a prominent German manufacturer of XRF analyzers, launched Elvatech ProSpector 3. This handheld instrument has been claimed to be the smallest-ever, lightweight XRF analyzer, and comes with a new level of analysis accuracy, speed, and detection limits. An additional feature of the product includes two CCD cameras for macro- & micro-view, radiation safety, proximity sensors, and low count rate detection.
More recently, in 2019, the European manufacturer SPECTRO Analytical Instruments GmbH. Launched SPECTROCUBE ED-XRF for metal testing with non-destructive ED-XRF detector technology. The product benefits include high resolution and high count rate, which deliver short measurement intervals and low downtime. SPECTROCUBE ED-XRF ensures significant precision for wide-ranging concentration levels, plus testing times of 15 seconds, capable of testing hundreds of samples per day.
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Future Market Insights (FMI) is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace, with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure that our clients prepare for the evolving needs of their consumers.