Process Spectroscopy Market to Surpass US$ 32,399.7 Mn by 2030
The Process Spectroscopy Market is valued at US$ 18,856.9 Mn in 2022. 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: Drivers
In order to meet international quality standards like ISO or Six Sigma certification, many global industries, including pharmaceutical, food and beverage, chemical, and agricultural, are focusing on improving product quality. There are approximately 162 standard organizations representing ISO in various nations at the moment. In addition, statistics provided by Six Sigma indicate that more than 150 businesses worldwide claim to have successfully implemented Six Sigma models in their operations. These certifications can be used for business operations as well as the way products are made in an industry. In addition, consumers are increasingly demanding high-quality chemicals, pharmaceuticals, seeds for agriculture, and packaged food. The global process spectroscopy market is expected to expand as a result of these factors over the forecast period.
Global Process Spectroscopy Market: Opportunities
The organizations overall are laying accentuation on creating compact spectrometer instruments for quick outcomes, attributable to consistent changes in guidelines by EMA and U.S. FDA. Time is saved and scrap costs are reduced as a result. In addition, these devices are connected to a computer via wireless connections to directly store the data on a storage disk. Process spectroscopy businesses might be able to capitalize on these factors.
Global Process Spectroscopy Market: Restraints
Process spectrometry has a lot of advantages, but it also has a lot of disadvantages, like the high cost of capital. The creation and upkeep of spectroscopes necessitate significant investment. The high cost of these devices offered by manufacturers of spectroscopes restricts their purchase. Additionally, the spectroscope requires additional costs for operation and upkeep, which raises the overall investment. As a result, the global market for process spectroscopy is anticipated to experience growth restraints during the forecast period.
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Key Takeaways:
The process spectroscopy market was valued at US$ 18,856.9 Mn in 2022 and is forecast to reach a value of US$ 32,399.7 Mn by 2030 at a CAGR of 7.00% between 2023 and 2030.
Global Process Spectroscopy Market Trends:
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.
Global Process Spectroscopy Market: Competitive Landscape
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 Developments
- In April 2020, Agilent Technologies, Inc. launched a handheld Raman spectroscopy instrument ‘Agilent Vaya Raman’ that boosts quality control testing in biopharmaceutical industry.
- In 2020, Shimadzu Corporation manufacturer of precision instruments, and Horiba, Ltd. is a Japanese manufacturer of precision instruments for measurement and analysis Collaborate to Develop and Sales of LC-Raman Analytical and Measuring Instruments
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