Global Colorimeter Market to grow with a year-on-year growth of 8.1% in 2022 reaching a value of about US$ 797.3 Mn by 2022 end. Colorimeters are used to detect color and calculate solution concentration. Colorimeter demand is rising because of expanding water utilities and food & beverage industries which are majorly contributing to the market growth.
The global colorimeter market is also anticipated to be driven by the effective production of colorimeters and the expanding applications of colorimeters in numerous industries, including paints & textiles, chemical, research & educational institutions, agriculture, water utilities, automotive, and others. A significant CAGR of 7.5% is predicted for the global economy between 2022 and 2029.
FMI has identified North America to remain a key market for colorimeters over the forecast period owing to increasing demand from end-use applications. The region is estimated to witness a value of CAGR of 7.5% in the industry of colorimeter.
The rapidly expanding pharmaceutical, water utility, and food and beverage industries in numerous developing economies around the world are contributing to an increase in the demand for colorimeters. The region’s growing industrialization is one of the main factors that are likely to support the market’s growth during the forecast period.
Because of increased R&D spending by manufacturers, the market is growing quickly. Additionally, the importance of quick, inexpensive, and safe material handling operations in the construction and transportation industries is propelling the market growth. The utilization of colorimeters for various applications such as textile, paint, automotive, and electronics, is accelerating the market’s growth.
The demand outlook for colorimeters between 2014 and 2021 remains 6.6% as the pandemic crisis has impacted the market. The usage of colorimeters is likely to grow at a growth rate of 6.8% by Volume over the assessment period of 2022-2029.
In 2022, the U.S. Global Colorimeter Market is expected to register 8.4% year-on-year growth by volume. During the forecast period, the North American region is expected to hold a major value share in the worldwide colorimeter market. The U.S.’ highly developed electronic infrastructure is one of the primary factors driving the region’s quick expansion of the colorimeter industry.
The Indian market is anticipated to expand at a CAGR of 8.4% between 2022 and 2029. The adoption of colorimeters is being accelerated by the presence of quickly expanding economies like India. India’s modernization and urbanization, which have increased demand for consumer electronics, textiles, automobile parts, and other goods, are primarily responsible for the region’s economy’s rise. In this area, a significant increase in the use of colorimeters to evaluate the color qualities of these products is anticipated. Furthermore, as disposable income rises in this region, customer expectations in terms of food quality are shifting in industries like food and drinks.
- Thermo Fisher Scientific, Inc.
- Konica Minolta Sensing Americas, Inc.
- Xylem Inc.
- The Biochrom subsidiary of Harvard Bioscience
- Hanna Instruments
- PCE Instruments
- Taylor Technologies
- Metrohm AG