Growing emphasis on matching international standards of quality across industries and rising adoption of process technology in the pharmaceutical as well as food and agriculture industries is promoting growth in the global process spectroscopy market. The global process spectroscopy market is anticipated to grow at a CAGR of more than 9% during the forecast period from 2017 to 2025.
There has been several technological developments in Raman spectroscopy such as ability to estimate purity of a compound and a detailed fingerprinting can be derived from Raman spectrum. Moreover, introduction of cloud-based spectroscopy holds diverse opportunities in terms of adoption by various end-use industries. The next-generation cloud-based spectroscopy has the ability to dynamically scale up and down the resources to be computed so as to match a varying workload.
Also, implementation of Process Analytical Technology (PAT) to ensure high quality performance of the final product that provides additional benefits. However, high initial capital investment needed for employing spectroscopic equipment and complications involved in the use of these devices might create challenge for the overall growth of this market.
Raman Spectroscopy Promises a Bright Future to the Global Market
The process spectroscopy market has been segmented on the basis of technology, end-use industry and region. On the basis of technology, the market is segmented into near infrared (NIR) spectroscopy, Raman Spectroscopy, fourier transform infrared (FT-IR) spectroscopy and others. In 2018, near infrared (NIR) spectroscopy accounted for maximum share in the total market revenue. However, with increasing popularity of Raman spectroscopy, the market share of NIR spectroscopy is predicted to reduce of the total market revenue in 2027.
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The fourier transform infrared (FT-IR) spectroscopy segment is expected to grow at a moderate CAGR during the forecast period due to better performance in terms of spectral quality, reproducibility of data, data collection speed, and ease of maintenance and use. FT-IR spectrometers have several performance advantages over traditional dispersive infrared instrumentation.
Based on end-use industry, the market is segmented into polymer, oil and gas, pharmaceutical, food and agriculture, chemical and others. In order to meet current industry standards cost-effective design, in-depth analytical features and enhanced performance is required. Pharmaceutical segment leads the process spectroscopy market with a highest market share in 2018 followed by food and agriculture industry. However, with the increase in application areas of process spectroscopy, chemical industry is anticipated to showcase substantial growth during the forecast period.
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Asia Pacific Shows Signs of Fastest Growth in Near Future
The process spectroscopy market has been divided into five regions globally as North America, South America, Europe, Asia Pacific, and Middle East and Africa. North America was the largest segment in terms of revenue and hold approximately half of the market in 2019. During the forecast period, Asia Pacific region is anticipated to witness fastest growth rate due to the presence of leading market players such as Shimadzu Corporation, Kett Electric Laboratory, Horiba, Ltd., etc. in this region. APAC is expected to be followed by the Middle East and Africa due to technological advancements taking place in field of spectroscopic analysis in these regions.
The report includes competition landscape which covers competition matrix, market share analysis of major players in the global process spectroscopy market based on their 2018 revenues and profiling of major players (process spectroscopy provider). Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are included to explain the company’s capabilities. Further, factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments carried out by the leading players.
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Company profiling includes company overview, major business strategies adopted, recent developments, SWOT analysis and market revenues for past years. The key players in Process spectroscopy market include BUCHI Labortechnik AG, Shimadzu Corporation, Thermo Fisher Scientific Inc., ABB Ltd., Agilent Technologies, Danaher Corporation.
