The “Global Process Spectroscopy Market, By Technology (NIR, FT-IR, Raman), By End-user (Polymer, Oil and Gas, Pharmaceutical, Food and Agriculture, Chemical and Others), and by Geography (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) - Global Forecast to 2027”, was valued at US$ 1,179.6 million in 2019, witnessing a CAGR of 7.4% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Process spectroscopy uses spectroscopic technology so as to monitor and analyze manufactured products in a cost-efficient manner. It generates signals that are converted into graphical representations to gain spectrum. Process spectrometry finds application in various industries such as chemical, pharmaceutical, chemical, food processing & manufacturing, oil & gas, and semiconductor manufacturing. The global process spectroscopy market focuses on five regions namely North America, Europe, Asia Pacific, and Rest of the World.
The global Process Spectroscopy market is estimated to account for US$ 1,179.6 Mn in terms of value by the end of 2019.
Product quality improvement initiatives by regulatory authorities are expected to boost the global process spectroscopy market growth over the forecast period
Process analytical technology (PAT) is a system that designs, controls, and analyzes manufacturing processes by measuring the quality and performance of the in-process materials as well as a raw material used for the manufacturing of any product. The primary objective is to ensure the high-quality performance of the final product. Furthermore, the U.S. Food and Drug Administration (FDA) has taken various initiatives to implement the PAT framework for innovation and development in pharmaceutical products to ensure quality assurance. Pharmaceutical companies in the U.S. are expected to implement process spectroscopy technology since it is the fastest and most accurate process analysis technique available. Therefore, these factors are expected to drive growth of the global process spectroscopy market growth over the forecast period.
Growing demand from emerging economies such as India and China can present lucrative growth opportunities
Process spectroscopy has witnessed robust demand from prominent emerging economies from Asia Pacific namely China and India in the recent past. This is owing to high growth of end-use sectors such as chemical, pharmaceutical, food manufacturing, and more. According to India Brand Equity Foundation (IBEF), the Indian pharmaceutical sector is expected to reach US$ 100 billion by 2025. High growth pharmaceutical industry has increased the demand for process spectroscopy to ensure the final product quality and reduce the cost of the entire operation. Key companies in the market can capitalize on these opportunities by providing novel solutions and gain a competitive edge in the market.
Issues regarding instrumentation safety are expected to hinder the global process spectroscopy market growth over the forecast period
There are several issues regarding instrumentation safety that hinder the adoption of process spectroscopy. Static electricity can ignite flammable materials and damage sensitive electronic process control equipment. Such issues are detrimental for business owners and can lead to major revenue loss. Therefore, these factors are expected to hinder the global process spectroscopy market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global process spectroscopy market during the forecast period. This is owing to large presence of major market players such as Agilent Technologies, Inc., Bruker Corporation, and Danaher Corporation across the region. Furthermore, high growth of the oil & gas process sector is expected to drive the regional market growth over the forecast period.
Asia Pacific is expected to exhibit a robust growth rate in the global process spectroscopy market over the forecast period. This is owing to rising technological advancements and increasing the use of spectroscopy for drug safety processes across the region. Moreover, increasing demand for process analyzers in emerging economies such as India and China are expected to propel the regional market growth over the forecast period.
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 market players are involved in collaborations and partnerships, in order to enhance the market presence. For instance, in December 2018, Bruker Corporation collaborated with Mestrelab Research SL to focus on industrial application of spectroscopic data.