Process Spectroscopy Market
Process Spectroscopy Market (Technology - Near Infrared (NIR) Spectroscopy, Raman Spectroscopy, Fourier Transform Infrared (FT-IR) Spectroscopy and Others; End-use Industry - Polymer, Oil and Gas, Pharmaceutical, Food and Agriculture, Chemical, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
Press Release :
Global Process Spectroscopy Market: Overview
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.
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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. 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.
Other prominent players of the market are
- Agilent Technologies,
- Danaher Corporation,
- Bruker Corporation,
- Foss A/S.,
- Sartorius AG,
- HORIBA, Ltd.,
- Kett Electric Laboratory, and
- Yokogawa Electric Corporation among others.
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Global Process Spectroscopy Market: Snapshot
This report on the global process spectroscopy market provides analysis for the period 2017–2027, wherein 2017 is the base year and the period from 2019 to 2027 is the forecast period. Data for 2016 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global process spectroscopy market growth during the forecast period. Components (such as detectors, IR source, laser source, amplifier, signal processor, microscope, and display) are playing a major role in driving the global process spectroscopy market have also been covered in the report. The study provides a comprehensive analysis on market growth throughout the above mentioned forecast period in terms of revenue estimates (in US$ Mn), across different geographies. Spectroscopy techniques provide detailed information about the properties of the matter. Process spectroscopy involves the use of spectroscopy to obtain real-time information for observing and improving a manufacturing process to increase efficiency.
Global Process Spectroscopy Market: Segmentation
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 terms of end-use industry, the market is segmented into polymer, oil and gas, pharmaceutical, food and agriculture, chemical, and others.
Global Process Spectroscopy Market: Regional Outlook
Geographically, the report classifies the global process spectroscopy market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. The regions are analyzed in terms of revenue generation. Furthermore, the study also includes quantitative analysis of the competitive scenario for region wise prominent countries. These countries include the U.S, Canada, Germany, France, the U.K., China, India, Japan, GCC countries, South Africa, and Brazil. The market size and forecast for each region has been provided for the period from 2017 to 2027 along with the CAGR (%) for the forecast period from 2019 to 2027.
Global Process Spectroscopy Market: Research Methodologies
The report also includes key market indicators in the process spectroscopy market. Porter’s five forces analysis (Bargaining Power of Suppliers, Threat of Substitutes, Threat of New Entrants, Bargaining Power of Buyers, etc.) is also included in the report. Value chain analysis which identifies the key participants in the process spectroscopy is also covered in the report. The process spectroscopy market report covers segment wise comparison matrix and value share analysis in the scope of our research study. The report also includes market attractiveness analysis for all the segments and for all the regions in the scope of study which identifies and compares segments market attractiveness on the basis of CAGR and market share index.
Global Process Spectroscopy Market: Competitive Landscape
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.
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, Bruker Corporation, Foss A/S., HORIBA, Ltd., Kett Electric Laboratory, Sartorius AG and Yokogawa Electric Corporation, among others.
The global process spectroscopy market is segmented on the basis of: