Future Market Insights, in its new study, reveals that the global colorimeter market is estimated to be valued at ~US$ 797.3 Mn in 2022, and expand at a CAGR of ~7.5% during the forecast period of 2022-2029. Gains remain primarily fuelled by the increasing usage of colorimeters in rapidly expanding end-use sectors such as food & beverages, pharmaceuticals, paints & textiles, chemical, and water utilities.
Colorimeters are in demand for the study of materials, such as consumer electronics, vehicles, food items, and plastics in which colours are among the crucial parameters. In addition, the need for conducting constant environmental analysis, which includes water quality and analysis of soil components, has been on the rise, as factors such as global warming and pollution are affecting the quality of natural content. As a result, colorimeters are gaining significant traction among researchers, scientists and laboratory experts for the testing of environmental factors.
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Lucrative Growth Opportunities in North America & East Asia
Regions such as North America & East Asia are anticipated to hold significant share in the colorimeter market in terms of value. In East Asia, China will continue to offer greater opportunities for the colorimeter market players, in the view of rapidly expanding water utilities and food & beverage industries to sustain the needs of growing populace.
Some macroeconomic factors such as increasing contribution of water utilities towards GDP growth, heavy investments in research and development, significant growth of end-use industries, and strong presence of manufacturers in the region are also playing a role in shaping the market for colorimeters. In sequence, the analytical testing instruments manufacturing industry of East Asia is gaining substantial and positive momentum, which is forecasted to drive the growth of the colorimeter market in East Asia.
There are stricter regulations for water utilities for environmental monitoring in North American countries, especially in the US. Therefore, the demand for colorimeters is expected to increase considerably during the forecast period, at a significant CAGR.
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Portable Colorimeters to Witness High Demand
In the FMI’s study, the colorimeter market has been analysed across various regions such as North America, Latin America, Europe, Middle East & Africa, East Asia, South Asia, and Oceania, in terms of product, portability, and end use.
In recent years, portable colorimeters are gaining higher traction over their stationary counterparts, though the latter continues to account for greater share in the global market. FMI’s study finds that the sales of color densitometers will remain higher than that of color photometers, due to their increasing usage in the manufacturing of food & beverage and water utility industry.
While increasing application of colorimeters in oil & gas industry continues to influence the growth strategies, manufacturers are tapping into newer opportunities in automotive, pharmaceuticals, food & beverages, paints & textiles, chemical, research & educational institutes, agriculture, water utilities, healthcare, automotive & transportation, and electronics.
Colorimeter Market: Vendor Insights
The report highlights some of the prominent market players that are holding significant shares of the colorimeter market. Some of the prominent players in the global colorimeter market are Thermo Fisher Scientific, Inc., Danaher, Konica Minolta Sensing Americas, Inc., Xylem Inc., Hanna Instruments, and PCE Instruments.
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