The global process spectroscopy market size is estimated to
reach USD 25.10 billion by 2025, according to a new report by Grand View
Research, Inc., progressing at a CAGR of 7.5% during the forecast period.
Growing efforts in the pharmaceutical industry to undertake advanced research
and development is leading to increased adoption of various spectroscopy
techniques over the forecast period.
The technology is anticipated to witness
healthy growth owing to rising awareness regarding the importance of product
quality among industries. Reducing operational expenditure is another factor
expected to drive the market over the forecast period. Furthermore, significant
R&D activities are undertaken, which have led to several drug discoveries.
Increasing number of drug discovery processes is leading to a greater number of
treatment options for various diseases. Treatment options include drugs as well
as non-drug therapies such as surgeries and radiations.
Surging demand for spectroscopic techniques
and related equipment installations across the globe are poised to augment the
market over the forecast period. The process spectroscopy market is likely to witness
tremendous growth over the forecast years, owing to increasing awareness of
quality spectroscopic devices among end-use industries.
Technological advancements necessitate
matching international quality standards, such as ISO or Six Sigma, and cost- &
time-saving approaches of companies are encouraging adoption of process
spectroscopic instruments. Increasing availability of counterfeit products in
the market are mandating governments globally to educate masses about quality
products and quality standards.
Molecular spectroscopy is a technology that is
widely adopted across different application sectors including pharmaceuticals
and food & agriculture. The molecular spectroscopy segment held the largest
share in the market in 2017 and is projected to maintain its dominance over the
forecast period.
Additionally, the Raman spectroscopy
technology is gaining popularity across the agricultural sector owing to its
ability to allow non-destructive extraction of chemicals and physical
information about samples of fruits, vegetables, and food grains and it helps
in rapid analysis of these food items. Hence, these advantages of spectroscopic
techniques are attracting new applications across the food & agricultural
sector, ultimately fostering the growth of the global process spectroscopy
market.
Although, the considerable initial investment
required for installation of spectroscopic equipment have forced industry
players to pass the cost onto consumers, thereby increasing prices of process
spectroscopic instruments. However, emergence of cost-effective technologies in
the coming years can lead to reduction in prices of these instruments.
For full research report on Process
Spectroscopy Market visit here: https://www.grandviewresearch.com/industry-analysis/process-spectroscopy-market
Further key
findings from the report suggest:
- Several law enforcement authorities and
government regulatory bodies imposed for betterment of product quality in
the food & agriculture sector are encouraging the manufacturing &
packaging industries to adopt measures to meet imposed specifications
- The adoption of various spectroscopic
techniques is expected to rise significantly over the forecast period in
the pharmaceutical and food & agriculture segments
- The Asia Pacific market is estimated to
witness tremendous growth over the forecast period
- The key industry participants include ABB
Group, Buchi Labortechnik AG, Danaher Corporation, Shimadzu Corporation,
and Sartorius AG
- The prominent strategies followed by large
market players include signing partnerships or distribution agreements and
mergers & acquisitions along with enriching their portfolios by
involving in intense R&D practices.
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Grand
View Research has segmented the global process spectroscopy market based on
technology, application, component, and region:
Process
Spectroscopy Technology Outlook (Revenue, USD Billion, 2014 - 2025)
- Molecular
Spectroscopy
- Near Infrared (NIR)
- Fourier-Transform
Infrared (FT-IR)
- Raman
- Nuclear Magnetic
Resonance (NMR)
- Others
- Mass Spectroscopy
- Atomic Spectroscopy
Process
Spectroscopy Application Outlook (Revenue, USD Billion, 2014 - 2025)
- Polymer
- Oil & Gas
- Pharmaceuticals
- Food &
Agriculture
- Chemicals
- Water &
Wastewater
- Pulp &
Paper
- Metal &
Mining
- Others
Process
Spectroscopy Component Outlook (Revenue, USD Billion, 2014 - 2025)
- Hardware
- Software
Process
Spectroscopy Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East &
Africa (MEA)
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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