X-ray Fluorescence (XRF) Market is Evolving with High Growth Rate of CAGR 5.0% by 2026

The global X-ray fluorescence (XRF) market was valued nearly US$ 1.2 Bn in 2018, and is expected to register a CAGR of over 5.0%. The first five-year cumulative revenue (2018–2022) is projected to be over US$ 6.5 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period.

Wide applicability of X-ray Fluorescence (XRF) for material analysis in industrial quality control, raw material analysis, and research applications is a major factor driving growth of the global X-ray Fluorescence (XRF) market. In addition, increasing demand from the glass and ceramic industry in order to control the chemical composition of raw materials used in the process is further expected to support growth of the global X-ray Fluorescence (XRF) market.

On the basis of product type, the market is segmented into handheld and desktop. The desktop equipment segment is expected to grow at a steady rate over the forecast period. The handheld segment is expected to be fastest growing product type segment in the global X-ray fluorescence (XRF) market with a CAGR over 5% between 2018 and 2027

On the basis of application, the market is segmented into cement, mining & metals, petroleum, chemicals, environmental, and food & pharmaceutical. The mining & metals is leading the application segment in the global X-ray fluorescence (XRF) market and is expected to maintain its dominance over the forecast period. The mining & metals segment is expected to account for highest revenue share among the application segments in the global X-ray fluorescence (XRF) market, which is projected to expand at highest CAGR of over 5% over the forecast period

Based on the region/country the market is segmented into North America, China, Europe, Japan, Southeast Asia, and India. The market in Europe is estimated to account for second highest share in terms of revenue over the forecast period. Increasing adoption of X-ray fluorescence devices in various end-use industries, primarily in food and beverage, and pharmaceutical industries, coupled with increasing manufacturing activities in countries in the region are other factors expected to drive growth of the X-ray fluorescence market in Europe.

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The market in North America accounted for highest revenue share in the global X-ray fluorescence (XRF) market in 2017, and is expected to register a CAGR over 4.5% between 2018 and 2027.

Key players operating in the global X-ray fluorescence (XRF) market include OJSC NPP Burevestnik, Bruker Corporation, Baltic Scientific Instruments Ltd., Dandong Dongfang Measurement & Control Technology Co Ltd., Elvatech Ltd., HELMUT FISCHER GmbH, Hitachi High-Technologies Corporation, HORIBA, Ltd., SUZHOU LANScientific Co., Ltd., Olympus Corporation, Oxford Instruments plc., Malvern Panalytical Ltd., PERSEE ANALYTICS, INC., Polywis Technology Ltd., Rigaku Corporation, Shimadzu Corporation, Skyray Instrument Inc., AMETEK, Inc., Thermo Fisher Scientific Inc., and Eurocontrol Technics Inc.

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