India Spectrometer Market Shipment Analysis
India Spectrometer Market registered a growth of 17.46% in value shipments in 2022 as compared to 2021 and a decrease of -1.82% CAGR in 2022 over a period of 2017. In Spectrometer Market India is becoming less competitive as HHI index in 2022 was 1649 while in 2017 it was 1288. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Spectrometer Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Spectrometer Market in 2022 was 13.41 while in 2017 it was 18.3. Singapore, Germany, USA, China and United Kingdom were among the top players of the market in 2022, where Singapore acquired the largest market share of 30.85% with a shipment value of 52.78 million USD in 2022 Singapore also offered the product below the average market price thus having a competitive advantage over others In 2017 USA had the largest market share of 24.12% with the shipment value of 39.23 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although USA offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Spectrometer Market in 2017.
