The process spectroscopy market size was valued at USD 18,856.9 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.00% from 2023 to 2030. Process spectroscopy is a technique that involves the application of spectroscopy, which refers to studying infraction between matter and electromagnetic radiation. A spectrometer produces signals used to perform in-process and at-line measurements of the product sample. There are various types of spectrometry techniques namely near-infrared (NIR) spectroscopy, Raman spectroscopy, Fourier Transform infrared (FT-IR) spectroscopy, etc. The signals generated are used for either controlling or monitoring the process of manufacturing the product.
Global Process Spectroscopy Market: Regional Insights
North America region held dominant position in the global process spectroscopy market in 2022, accounting for 46.2% share in terms of value, followed by Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America respectively.
Figure 1. Global Process Spectroscopy Market Share (%), By Region, 2022
To learn more about this report, Request sample copy
Global Process Spectroscopy Market Drivers:
Growing focus on matching international quality standards is expected to drive growth of the global process spectroscopy market during the forecast period
Many industries across the globe such as pharmaceutical, food & beverage, chemical, and agriculture are focused on improving their product quality, in order to match international quality standards such as ISO or Six Sigma certification. Currently, there are around 162 standard organizations representing ISO in different countries. Moreover, according to statistics given by Six Sigma, more than 150 companies across the globe have claimed to have successfully implemented Six Sigma models for their operations. These certifications are applicable to business operations as well as the process of manufacturing the products within an industry. Furthermore, are increasingly demanding packaged food, medicines, seeds for agriculture, and chemicals of the best quality. Therefore, these factors are expected to drive growth of the global process spectroscopy market during the forecast period.
Rising emphasis on minimizing variable expenses of rework and reducing scrap is expected to propel the global process spectroscopy market growth over the forecast period
Process spectroscopy allows product manufacturers to monitor and control the process of manufacturing their products. Spectroscopy is used to analyze and test the quality of raw materials and to conduct quality checks at every stage of production. This also helps manufacturers of products, especially medicine, packaged food, and chemicals to analyze and predict the quality of the end product. If results at any stage are negative, then the production is halted at that stage itself. This minimizes the rework of the entire process and scrap produced at the end. Moreover, it reduces the cost of maintaining huge inventories, and thus the time to market is minimized. Hence, these factors are expected to propel the global process spectroscopy market growth over the forecast period.
Global Process Spectroscopy Market Opportunities:
Establishment of oil & gas, chemical, and pharmaceutical companies in emerging regions can present lucrative growth opportunities in the global process spectroscopy market
Emerging countries such as Singapore, Qatar, China, India, Saudi Arabia, and Brazil are rich in resources such as labor and land. The cost of land and labor in these countries is significantly less as compared to other parts of the world. This offers lucrative opportunities for companies to establish their manufacturing plant in regions.
Development of portable instruments with wireless connectivity can provide major business opportunities in the global process spectroscopy market
The companies worldwide are laying emphasis on developing portable spectrometer instruments for instantaneous results, owing to constant changes in regulations by EMA and U.S. FDA. This, in turn, saves time and reduces the cost of scrap. Moreover, these devices are connected through wireless connections with a computer to directly store the information in a storage disk. These factors offer potential opportunities for companies in process spectroscopy.
Process Spectroscopy Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2022 | Market Size in 2022: | US$ 18,856.9 Mn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 7.00% | 2030 Value Projection: | US$ 32,399.7 Mn |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
ABB Ltd., Shimadzu Corporation, Agilent Technologies, Inc., Sartorius AG, Bruker Corporation, Kett Electric Laboratory, Buchi Labortechnik AG, Horiba Limited, Danaher Corporation, and Foss A/S. |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
Uncover macros and micros vetted on 75+ parameters: Get instant access to report
Global Process Spectroscopy Market Trends:
Research and development activities are a major trend
Key players operating in the market are focused on research and development activities, in order to enhance the product portfolio and gain a competitive edge in the market. For instance, in June 2012, ABB Ltd. introduced an infrared spectrometer, MB-Rx to monitor chemical processes at both pilot plants and laboratories.
Merger acquisition activities among market players is another key trend
Major market players are involved in merger and acquisition activities, in order to gain a significant advantage in the market
Global Process Spectroscopy Market Restraints:
High capital investment is expected to restrain growth of the global process spectroscopy market during the forecast period
Despite its various advantages, process spectrometry faces numerous challenges including high capital investment. The development and maintenance of spectroscopes require significant expenditure. Spectroscope manufacturers offer these devices at high prices, which limits the purchase of these devices. Furthermore, the spectroscope also needs additional operational and maintenance costs, which increases the overall investment. Hence, these factors are expected to restrain growth of the global process spectroscopy market during the forecast period.
Lack of skilled personnel is expected to hamper the global process spectroscopy market growth over the forecast period
Operating and handling a spectroscope requires skilled personnel with adequate training and experience. If workers are unskilled, proper training is needed to be provided, which incurs into additional cost. Therefore, these factors are expected to hamper the global process spectroscopy market growth over the forecast period.
Figure 2. Global Process Spectroscopy Market, By Technology
To learn more about this report, Request sample copy
Global Process Spectroscopy Market Segmentation:
The process spectroscopy market report is segmented into By Technology, By End use.
Global Process Spectroscopy Market: Key Companies Insights
The Global Process Spectroscopy Market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.
Some of the key players in the process spectroscopy market are ABB Ltd., Shimadzu Corporation, Agilent Technologies, Inc., Sartorius AG, Bruker Corporation, Kett Electric Laboratory, Buchi Labortechnik AG, Horiba Limited, Danaher Corporation, and Foss A/S.
*Definition: The approach of process spectroscopy uses spectroscopy, which is the study of interaction between matter and electromagnetic radiation. Measurements of the product sample are carried out in-process and at-line using signals generated by a spectrometer. There are several different kinds of spectrometry methods, including near-infrared (NIR), Raman, and Fourier Transform infrared (FT-IR) spectroscopy. The signals produced are either used to control or monitor the product's production process
Share
About Author
Monica Shevgan has 9+ years of experience in market research and business consulting driving client-centric product delivery of the Information and Communication Technology (ICT) team, enhancing client experiences, and shaping business strategy for optimal outcomes. Passionate about client success.
Missing comfort of reading report in your local language? Find your preferred language :
Transform your Strategy with Exclusive Trending Reports :
Frequently Asked Questions
Select a License Type
Credibility and Certifications
860519526
9001:2015
27001:2022
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients