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The global process spectroscopy market size which was valued at US$ 976.9 Mn in 2017 is projected to reach US$ 1,910.1 Mn by 2025, exhibiting a CAGR of 8.9% during the forecast period (2018 – 2025)
Process spectroscopy has emerged as one of the finest techniques for analyzing finished products due to its numerous valuable aspects. Spectroscopy processes offer various benefits in terms of saving time as well as reducing the overall cost of monitoring operations. Increasing use of spectroscopy in the drug safety process, demand for reliable water & wastewater treatment, and increment in oil & gas process operations are some of the emerging application areas of process spectroscopy.
Rising customer awareness regarding the importance of good product quality significantly favors development in the global market. Thus, the growing demand for superior quality products is a key factor associated with the rising application of process spectroscopy in the global market. Moreover, the introduction of technologically advanced spectroscopic equipment by key manufacturers across the globe is projected to boost the market for process spectroscopy during the forecast period of 2018-2025.
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"FT-IR to Emerge as Most Attractive Technology"
In terms of technology, the global process spectroscopy market is categorized into NIR Spectroscopy, Raman Spectroscopy, FT-IR Spectroscopy, and others. NIR spectroscopy is expected to dominate the global market during the forecast period, due to widespread adoption across end-use industries.
The NIR Spectroscopy segment covered approximately 52.6% of the global market in 2017. FT-IR spectroscopy segment is anticipated to be the fastest-growing technology segment. FT-IR spectroscopic instruments display better performance than traditional methods in terms of spectral quality, easy maintenance, and application, data collection speed+, reproducibility of data.
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Based on the end-use industry, the global process spectroscopy market is segmented into polymer, oil and gas, pharmaceutical, food and agriculture, chemical, metal & mining, and others. Pharmaceutical and food & agriculture are estimated to be among the leading end-use segments during 2018-2025. The introduction of next-generation cloud-based spectroscopy by key companies is estimated to boost the growth of chemicals and polymer segments by the end of the forecast period.
"Government Regulations Regarding Implementation of Advanced Process Monitoring Systems for Improved Quality Enables Market Exhibit Highest CAGR in the Asia Pacific"
The global market is dominated by North America mainly due to stringent government regulations regarding the analysis of manufactured products and the implementation of process analytical technology to guarantee the high-quality performance of the end product. The region generated a process spectroscopy market revenue of US$ 427.2 Mn in 2017 and is expected to continue its dominance throughout the forecast period.
In terms of growth rate, Asia Pacific is likely to witness the fastest growth rate during the forecast period. The Presence of dominant manufacturers and distributors in APAC such as Shimadzu Corporation, Kett Electric Laboratory, Horiba, Ltd., etc. is likely to propel the growth of the market in the region with relatively significant CAGR.
North America Process Spectroscopy Market, 2017
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Development of standard, and cost-effective spectroscopic equipment design, and having comprehensive analytical features for enhanced performance are major trends observed across this region.
"Shimadzu Corporation, Kett Electric Laboratory, ABB Ltd. and Bruker Corporation Leading the Global Process Spectroscopy Market in Terms of Revenue"
At present, the competitive landscape of the global process spectroscopy market is consolidated due to the extensive distribution network of major companies in emerging economies. New market entrants are expected to increase the number of companies in the global market while the leading market players are likely to maintain their strategic position during the forecast period. Presently, Shimadzu Corporation, Kett Electric Laboratory, ABB Ltd., and Bruker Corporation are leading the market together and constituting considerable market share.
These players are involved in launching new products and improving the technical capability of their products. In April 2017, Shimadzu Corporation released the pharmaceuticals impurities screening method package. The main aim of this launch was to ensure effective analysis of elemental impurities in pharmaceuticals by utilizing EDX fluorescence spectrometry. Such business strategies are expected to affect the market positioning of players during 2018-2025. Other players operating in the global process spectroscopy market are Horiba Ltd., Agilent Technologies, BUCHI Labortechnik AG, Danaher Corporation, Foss A/S., Sartorius AG, Thermo Fisher Scientific Inc., and Yokogawa Electric Corporation.
Spectroscopy techniques enable accurate detection of metals in drug samples. Increasing focus on drug safety regulations across the globe is favoring market growth. Also, quality awareness among industries is rising along with a growing emphasis on reducing operational expenditure. There are several government legislations regarding the process monitoring system which demands improved spectroscopic analysis with the development of continuous manufacturing processes.
The report provides qualitative and quantitative insights on process spectroscopy industry and the detailed analysis of market size & growth rate for all possible segments in the market. The global process spectroscopy market is segmented by technology, end-use industry, and regionally. Based on technology, the global market is categorized into NIR spectroscopy, Raman spectroscopy, FT-IR spectroscopy, and others. Based on end-use industry, the market is categorized into polymer, oil & gas, pharmaceutical, food and agriculture, chemical, metal & mining, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of key spectroscopic methods, recent industry developments such as partnerships, mergers & acquisitions, industry SWOT analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
· NIR Spectroscopy
· Raman Spectroscopy
· FT-IR Spectroscopy
By End-Use Industry
· Oil and Gas
· Food and Agriculture
· Metal & Mining
· North America (U.S. and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
· Latin America (Brazil, Mexico and Rest of Latin America)
Fortune Business Insights says that the value of the global Process Spectroscopy Market was US$ 976.9 Mn in 2017
The Process Spectroscopy Market is projected to reach US$ 1,910.1 Mn by 2025
The Process Spectroscopy Market will grow at the rate of 8.9% CAGR