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.
The global Process Spectroscopy market is estimated to account for US$ 1179.6 Mn in terms of value by the end of 2019.
Market Dynamics- Drivers
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.
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.
North America region held dominant position in the global process spectroscopy market in 2019, 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 (%), in terms of Value, By Region, 2019
Market Dynamics- Restraints
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.
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.
|Base Year:||2019||Market Size in 2019:||USD 1,179.6 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||7.4%||2027 Value Projection:||USD 2,080.9 Mn|
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.
|Restraints & Challenges:||
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. For instance, in 2010, Agilent Technologies, Inc. started its manufacturing plant in Singapore to focus on the rising demand in this region.
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.
Figure 2: Global Process Spectroscopy Market Value (US$ Mn), 2017 - 2027
The global process spectroscopy market was valued at US$ 1,179.6 Mn in 2019 and is estimated to reach US$ 2,080.9 Mn by 2027 exhibiting a CAGR of 7.4% between 2020 and 2027.
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. Furthermore, in April 2014, Bruker Corporation introduced EM27/SUN, an innovative compact spectrometer for atmospheric measurement using solar absorption spectroscopy technology.
Major market players are involved in merger and acquisition activities, in order to gain a significant advantage in the market. For instance, in November 2011, ABB acquired Powercorp (Australia), a renewable power automation company. In May 2014, ABB acquired Powercorp (Australia), a renewable power automation company.
Value Chain Analysis
Key players operating in the global process spectrometry 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.
Key players are involved in product launches, in order to gain a significant advantage in the market. For instance, in February 2020, Sartorius AG launched BioPAT Spectro to enable Raman spectroscopy capability and QbD with its ambr and BIOSTAT STR platforms.
The spectroscopic technique has been applied virtually in technical fields of science and technology. Process spectroscopy has been majorly getting adopted for the analysis of the manufactured products. Moreover, process spectroscopic has several advantages such as it is time-efficient, and it can reduce the overall cost of product monitoring. In addition, process spectroscopic can be used with a number of processes such as Raman spectroscopic, near-infrared, and Fourier transform infrared spectroscopic.
The adoption of a process spectroscopic is mainly get attributed due to an increasing focus of manufacturers on manufacturing the products according to international standards such as ISO, which requires proper monitoring and analysis of manufactured products.
Moreover, increasing adoption of spectroscopic techniques by various end-use industries such as healthcare, and food & agriculture, and regulations imposed by the governments such as for ensuring the quality of drugs FDA is imposing Current Good Manufacturing Practice (CGMP) regulations, are among the factors that are stimulating the market growth.
Concerns regarding the safety and security of user data are expected to hamper the growth of the Process Spectroscopy over the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.