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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
- 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.
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
- 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.
Process Spectroscopy Market Report Coverage
||Market Size in 2019:
||USD 1,179.6 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||USD 2,080.9 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
- By Technology: (NIR, FT-IR, Raman)
- By End-user: (Polymer, Oil and Gas, Pharmaceutical, Food and Agriculture, Chemical and Others)
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.
- Growing focus on matching international quality standards
- Rising emphasis on minimizing variable expenses of rework and reducing scrap
|Restraints & Challenges:
- Issues regarding instrumentation safety
- 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. For instance, in 2010, Agilent Technologies, Inc. started its manufacturing plant in Singapore to focus on the rising demand in this region.
- 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.
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.
- 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. Furthermore, in April 2014, Bruker Corporation introduced EM27/SUN, an innovative compact spectrometer for atmospheric measurement using solar absorption spectroscopy technology.
- 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. 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.
- Major companies are focused on product launches, in order to expand the product portfolio. For instance, in April 2020, Agilent Technologies, Inc. launched a handheld Raman spectroscopy instrument ‘Agilent Vaya Raman’ that boosts quality control testing in biopharmaceutical industry.
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.