PROCESS SPECTROSCOPY MARKET ANALYSIS

Process Spectroscopy MarketSize and Trends

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 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