The global 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.
APEJ is likely to continue being a lucrative market for XRF analyzer, driven by the renewed focus on metal & mining applications in the region. MEA is estimated to promise new opportunities for the key players of XRF analyzer market, on the back of ever-increasing pace of industrialization.
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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.
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.
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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.
Key Segment
Modularity Type
- Portable/ Handheld
- Benchtop
Product Type
- Energy Dispersive XRF
- Wavelength Dispersive XRF
End Use
- Metal and Mining Industries
- Pharmaceutical
- Oil and Gas
- Environmental Research
- Art and Archeology
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
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