With 8.9% CAGR, Process Spectroscopy Market Worth USD 1910.1 Million by 2025
According to Fortune Business Insights, the global process spectroscopy market size is projected to reach USD 1910.1 million in 2025, at a CAGR of 8.9% during the forecast period
Pune, India, July 07, 2022 (GLOBE NEWSWIRE) -- The global process spectroscopy market size is expected to reach USD 1910.1 Million by 2025, exhibiting a CAGR of 8.9% between 2018 and 2025. The widespread adoption of NIR spectroscopy across several end-use industries the segment is expected to rise remarkably in terms of technology. This information is published by Fortune Business Insights™ in its report titled, “Process Spectroscopy Market Forecast, 2022-2025”. As per the report, the global market size was USD 976.9 Million in 2018.
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In 2017, the NRI spectroscopy segment accounted for an approximate share of 52.6% in the market. However, the FT-IR spectroscopy segment is expected to display a better performance as compared to the traditional methods of data reproducibility and collection speed, spectral quality, and easy application and maintenance. Thus, the FT-IR segment is expected to be the fastest growing segment with respect to technology.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2018 to 2025 |
| Forecast Period 2018 to 2025 CAGR | 8.9% |
| 2025 Value Projection | USD 1910.1 Million |
| Base Year | 2017 |
| Process Spectroscopy Market Size in 2017 | USD 976.9 Million |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 120 |
| Segments covered | Technology, End-use Industry and Geography |
| Process Spectroscopy Market Growth Drivers | Rapid Technological Advancements in Spectroscopy to Fuel Demand |
| Increasing Demand for Cloud-based Spectroscopy to Drive Global Market | |
| Adoption of Process Spectroscopy in Various Sectors to Propel Market Globally |
The application of Raman spectroscopy is increasing in agriculture sector due to its varied features that are useful in the agricultural sector. Growth in this sector is attributable to various technological developments namely detailed fingerprinting, ability to estimate the purity of a compound, and others. On the other side, the wide adoption of molecular spectroscopy technology in pharmaceutical, as well as in food and agriculture sectors is likely to propel growth in the market for process spectroscopy in future.
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Drivers & Restraints:
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 researches to 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 from frequent 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.
This Report Answers Following Questions:
- How many opportunities and challenges would the market come across in the coming years?
- Which important strategies are being adopted by companies to gain competitive edge?
- What are the market trends, barriers, and growth drivers?
- Which organizations would dominate in terms of revenue?
- Which region is likely to lead the market by procuring the highest share?
Segment:
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.
Increasing Demand for Cloud-based Spectroscopy to Drive Global Market
The global process spectroscopy market is significantly gaining from frequent 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.
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Regional Analysis:
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.
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.
Competitive Landscape:
Shimadzu Corporation Emerges Dominant
Extensive distribution channels of leading players have catapulted them to the fore of the global process spectroscopy market. This has also rendered the global market consolidated. Currently the market is dominated by companies such as Horiba, Ltd., Kett Electric Laboratory, Shimadzu Corporation.
List of key players in event management software market:
- Agilent Technologies Ltd.
- ABB Ltd.
- BUCHI Labortechnik AG
- Bruker Corporation
- Danaher Corporation
- Foss A/S.
- HORIBA, Ltd.
- Kett Electric Laboratory
- Shimadzu Corporation
- Sartorius AG
- Thermo Fisher Scientific Inc.
- Yokogawa Electric Corporation
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Market Overview
- Macro and Micro Economic Indicators
- Emerging Market Trends
- Industry SWOT Analysis
- Global Process Spectroscopy Market Analysis, Insights and Forecast, 2015-2026
- Definitions
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- NIR Spectroscopy
- Raman Spectroscopy
- FT-IR Spectroscopy
- Others
- Market Analysis, Insights and Forecast – By End Use Industry
- Polymer
- Oil and Gas
- Pharmaceutical
- Food and Agriculture
- Chemical
- Metal & Mining
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Process Spectroscopy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- NIR Spectroscopy
- Raman Spectroscopy
- FT-IR Spectroscopy
- Others
TOC Continued…!
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