The process spectroscopy market is likely to witness substantial revenue growth across the globe. Increasing demand for quality control and process optimization in various industries would drive the market demand. According to Market Research Future (MRFR), the global process spectroscopy market value is poised to escalate from USD 20.1 BN in 2022 to USD 38.53 BN by 2032, growing at a 7.50% CAGR over the review period (2023-2032).
Major Players
Leading process spectroscopy market players include
- Shimadzu Corporation
- ABB Ltd.
- Agilent Technologies, Inc.
- Bruker Corporation
- Sartorius AG
- Kett Electric Laboratory
- Horiba Limited
- Buchi Labortechnik AG
- Danaher Corporation
- Foss A/S, among others.
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Growing investments in technology development and spurring rise in the chemicals, food & beverages, and healthcare & pharmaceutical industries drive the market growth. Besides, increasing product launches with innovative and easy-to-use technologies boosts market size. With increasing expenditures in scientific research, the market is projected to garner significant traction in the years to come.
Process spectroscopy plays a pivotal role in drug manufacturing, environmental monitoring, and mining, improving quality control & efficiency, maintaining regulatory compliance, and supporting research & development efforts in various industries. Scientists need advanced spectroscopic techniques for the accurate and rapid analysis of compounds. Especially at refinery and petrochemical sites, companies need efficient measurement of various streams in harsh environments.
Global Process Spectroscopy Market – Segments
The technology segment is sub-segmented into NIR, FT-IR, and Raman. The end-user segment is sub-segmented into polymer, oil & gas, pharmaceuticals, food, agriculture, chemicals, and others. By region, the process spectroscopy market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Global Process Spectroscopy Market – Geographical Analysis
North America leads the global process spectroscopy market. The continuous growth in infrastructural developments in the region drives market growth. The growing adoption of advanced technologies, increased R&D activities, and the focus on improving manufacturing processes across industries, particularly chemicals and pharmaceuticals, drive the process spectroscopy market growth. Besides, the strong presence of major market players and high-tech technology & developed infrastructure substantiate the region’s process spectroscopy market shares.
APAC is another major market for process spectroscopes. The growing adoption of process spectroscopy in rapidly growing industries, such as oil & gas, food, agriculture, and chemicals, boosts market demand. Moreover, the proliferation of the healthcare and pharmaceutical sectors in the region fosters the process spectroscopy market value. Rising healthcare spending and the adoption of process spectroscopy to analyze the chemical composition and study its physical structure of matter are major trends in the market.
Global Process Spectroscopy Market – Competitive Landscape
The process spectroscopy market appears highly competitive, with many well-established players forming a competitive landscape. Market players adopt strategic approaches such as mergers & acquisitions, product & technology launches, expansion, and collaboration to gain a larger competitive share. Players make substantial investments to drive the R&D required for innovation and product launch and increase the global footprint.
Industry/ Innovation/ Related News
Oct.12, 2023 — HORIBA Instruments Incorporated announced the acquisition of Process Instruments, Inc., a leading developer & manufacturer of Raman process spectroscopy, to expand its Raman analyzer offering for the petrochemical and renewable energy markets. The acquisition will enable HORIBA Instruments to strengthen its global leading position in the research and development markets, adding laboratory QC/QA and process Raman technology to HORIBA’s Raman portfolio.
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