Penetration of process spectroscopy technology in untappedregions is expectedto enable growth in the global process spectroscopy market. Recently Fortune Business Insights, published a report,titled “process spectroscopy: global market analysis, insights and forecast, 2018-2025.”As Per the report in 2017, the global process spectroscopy market was valued at US$ 976.9 Mn and is expected to expand at a CAGR of 8.9% and value US$ 1910.1 Mn by the end of 2025.
According to the report North America is leading the global process spectroscopy market. In 2017, the North America market was valued at US$ 427.2 Mn. The report forecasts the process spectroscopy market in North America to continue dominating the rest of the world through the forecast period. Supported by rapid technological advancements, the market will witness impressive growth opportunities in the region.
Analysis by Top Key Players:
- Thermo Fisher Scientific
- Agilent Technologies Ltd.
- Danaher Corporation
- Shimadzu Corporation
- BUCHI Labortechnik AG
- Foss A/S.
- Kett Electric Laboratory
- Sartorius AG
During the forecast period, Asia Pacific is expected grow at a relatively higher CAGR. The growth foreseen is attributable to the high presence of spectroscopy developers and service providers in Asia Pacific. Additionally, the Middle East and Africa is expected to witness impressive growth during the forecast period. Growth witnessed in the region is the result of increasing investments in research and development (R&D) on spectroscopy.
On the basis of technology, NIR spectroscopy is the most popular technology in the global process spectroscopy market. According to the report, NIR spectroscopy held a dominant share of 52.6% in the global process spectroscopy market in 2019. In addition to this the market is likely to gain from the rapid adoption of Raman spectroscopy in the agriculture sector. Raman spectroscopy is integrated with various useful functions and features; hence its application is increasing across diverse sectors. This is likely to propel the demand in the global process spectroscopy market. Besides this, molecular spectroscopy technology is exhibiting growth at a promising pace. The technology is widely adopted in food and agriculture and pharmaceuticals industry and is anticipated to gain traction in several other application areas. Increased adoption of spectroscopy is likely to propel the growth rate in the global market during the forecast period.
Rapid Technological Advancements in Spectroscopy to Fuel Demand
The factors anticipated to drive the global process spectroscopy market during the forecast period are introduction of new drugs and rising willingness among organizations to invest in improving their product quality. Moreover, spectroscopy service providers are conducting special researchesto integrate innovative features in spectroscopy. This is expected to fuel the demand in the global process spectroscopy market.
On the flip side, high cost associated with spectroscopy and lack of awareness about spectroscopy availability may restrain the global process spectroscopy market.
“Programs launched by governments to encourage use of spectroscopy, especially in developing nations such as India and China are anticipated to boost the global process spectroscopy market,” said a lead analyst at Fortune Business Insights.
Increasing Demand for Cloud-based Spectroscopy to Drive Global Market
The global process spectroscopy market is significantly gaining fromfrequent technological advancements. Market players are investing in the development of novel technologies and updating the existing ones. For instance, the introduction of cloud-based technology in spectroscopy will give considerable impetus to the global process spectroscopy market.
Some of the organizations operating in the global process spectroscopy market are Yokogawa Electric Corporation,Agilent Technologies, Bruker Corporation, HORIBA Ltd., Foss A/S., Sartorius AG, Kett Electric Laboratory, and Danaher Corporation.
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