The global process spectroscopy market size was USD 976.9 million in 2017 and is projected to reach USD 1,910.1 million by 2025, exhibiting a CAGR of 8.9% during the forecast period (2018 – 2025)
This information is provided by Fortune Business Insights, in its report, titled, “Process Spectroscopy Market, 2018-2025.”
Surging usage of spectroscopy in the drug safety procedure, demand for reliable water & wastewater management, and augmentation in oil & gas process operations are few of the developing application areas of process spectroscopy. Surging customer consciousness concerning the significance of good product quality considerably favors advancement in the market for process spectroscopy.
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FT-IR to Arise as Most Enticing Technology during Forecast Period
In terms of technology, the global process spectroscopy market is categorized into NIR Spectroscopy, Raman Spectroscopy, FT-IR Spectroscopy, and others. NIR spectroscopy is anticipated to lead the global market during the forecast period, owing to extensive embracement across end-use industries.
Based on end-use industry, the global market is segmented into polymer, oil and gas, pharmaceutical, food and agriculture, chemical, metal & mining, and others. Pharmaceutical and food & agriculture are projected to be among the leading end-use segments during 2018-2025.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints:
Surging Awareness About Device Importance to Augur Growth
Companies are focusing to reduce variable expenditure by minimizing the re-work and errors. This equipment enables monitoring and control effectively & efficiently and also checks quality, which in turn will drive process spectroscopy market share over the forecast timeframe. Increasing competition has led to companies lowering the price and raising quality to gain competitive advantage. Growing awareness regarding importance of these devices among industries is forecast to drive demand.
Companies with ineffective process control face numerous problems such as high production and inventory time, visual defects, which is likely to hamper brand image. Effective implementation offers benefits such as consumer satisfaction, low production cost & inspection cost, efficient utilization of resources, and increased sales. High capital investment coupled with deficiency of skilled labor will negatively impact the production rate.
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North America to Lead Stoked by Stringent Government Norms
The global market is led by North America mainly owing to rigorous government guidelines concerning the analysis of produced products and implementation of process analytical technology to assure the great quality performance of the end product. The region produced a revenue of USD 427.2 million in 2017 and is anticipated to endure its domination throughout the forecast period.
Asia Pacific is projected to register the fastest growth rate during the forecast period. The existence of leading producers and suppliers in APAC such as Shimadzu Corporation, Kett Electric Laboratory, Horiba, Ltd., and so on is further estimated to thrust the process spectroscopy market growth in the region with comparatively substantial CAGR.
Innovative Product Unveiling by Key Players to Spur Market Growth
The fundamental players implement numerous strategies to bolster their position in the market as dominating companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Developments:
February 2020: Sartorius AG unveiled BioPAT Spectro to empower Raman spectroscopy competence and QbD with its ambr and BIOSTAT STR platforms.
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List of Key Players Mentioned in the Report:
- Agilent Technologies Ltd.
- ABB Ltd.
- BUCHI Labortechnik AG
- Bruker Corporation
- Danaher Corporation
- Foss A/S.
- HORIBA, Ltd.
- Kett Electric Laboratory
- Shimadzu Corporation
- Sartorius AG
- Thermo Fisher Scientific Inc.
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