The global process spectroscopy market size is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the wide adoption of the device for various applications across industries including chemicals, oil & gas, and metal & mining.
Process spectroscopy involves the application of spectroscopy for various purposes to examine the matters used in different industries for different products. Spectroscopy refers to a scientific tool that allows to study of the interaction between electromagnetic radiation and matter, which has wide applications for numerous operations ranging from medicine to astronomy. The three types of atomic spectroscopy are atomic absorption spectroscopy (AAS), atomic emission spectroscopy (AES), and atomic fluorescence spectroscopy (AFS). Some of the key functions of process spectroscopy are to monitor, analyze, as well as control manufacturing processes along with recognizing defects in product materials as well as enhancing the quality of products.
Market Trends, Drivers, Restraints, and Opportunities
- Growing adoption of spectroscopic techniques across industries due to rising need to abide by necessary regulations to maintain the quality and standard of products is a key factor drives the market.
- Increasing improvements in technologies especially in Raman technologies and molecular spectroscopy instruments are anticipated to propel the market.
- Growing requirement of process spectroscopy in healthcare and pharmaceuticals along with significant demand in chemical and petrochemical industries are likely to fuel the market in the coming years.
- High cost of device installment and lack of experts or technicians for handling the devices are major challenges that can hamper the market growth.
- Rising customer awareness about product quality and developments in the global process spectroscopy market are expected to drive the market.
Scope of the Report
The report on the global process spectroscopy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Process Spectroscopy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Components (Hardware and Software), Technologies (Mass Spectroscopy, Atomic Spectroscopy, and Molecular Spectroscopy [NIR, FT-LR, Raman, NMR, and Others]), and Applications (Oil & Gas, Pharmaceuticals, Polymer, Chemicals, Food & Agriculture, Pulp & Paper, Water & Wastewater, Metal & Mining, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Danaher Corporation; Sartorius AG; and Shimadzu Corporation; BrU.K.er Corporation; ABB Group; and Buchi Labortechnik AG
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Market Segment Insights
Hardware segment is projected to expand at a considerable CAGR
On the basis of components, the market is bifurcated into hardware and software. The hardware segment is projected to expand at a considerable CAGR during the forecast period due to high demand for advanced hardware components to accelerate the effective evaluation of several materials of various products. Hardware is made up of light sources, spectrometers, systems, accessories, and analyzers. The software segment, however, is anticipated to account for a major market share during the forecast period. Software used in process spectroscopy includes Linux drivers, spectrum analysis tools, spectroscopy pro-tools, and others.
Mass spectrometry segment to grow at a rapid pace
Based on technologies, the global process spectroscopy market is divided into mass spectroscopy, atomic spectroscopy, and molecular spectroscopy. The mass spectrometry segment is expected to grow at a rapid pace during the forecast period as mass spectrometry is a powerful examination tool that finds implementation in the healthcare and pharmaceutical sectors. The mass spectrometry segment is anticipated to hold a key share of the market in the coming years as the application of mass spectrometry is associated with drug discovery, pharmaceutical industry, and development processes in the market. It offers high-performance liquid chromatography-mass spectrometry in drug metabolism, pharmacodynamic, and pharmacokinetic studies.
Pharmaceuticals segment is projected to expand at a considerable CAGR
On the basis of applications, the market is segregated into polymer, oil & gas, pharmaceuticals, food & agriculture, chemicals, water & wastewater, pulp & paper, metal & mining, and others. The pharmaceuticals segment is projected to expand at a considerable CAGR during the forecast period due to wide use of the devices for pharmaceutical products including drugs and medicines. The food & agriculture segment, however, is anticipated to account for a major market share during the forecast period as spectroscopy techniques enable identification and tracking of materials in the food industry, and impurities and their recognition in water & wastewater management.
North America is anticipated to constitute a key market share
In terms of regions, the global process spectroscopy market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period owing to growing shale gas production in countries including the US and Canada. On the other hand, the market in North America is anticipated to expand at a rapid pace during the forecast period due to significant growth of various industries, rapid advancement in R&D activities, and robust manufacturing hub in the region.
Segments
The global process spectroscopy market has been segmented on the basis of
Components
Technologies
- Molecular Spectroscopy
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- NIR
- FT-IR
- Raman
- NMR
- Others
- Mass Spectroscopy
- Atomic Spectroscopy
Applications
- Polymer
- Oil & Gas
- Pharmaceuticals
- Food & Agriculture
- Chemicals
- Water & Wastewater
- Pulp & Paper
- Metal & Mining
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global process spectroscopy market are Danaher Corporation; Sartorius AG; and Shimadzu Corporation; BrU.K.er Corporation; ABB Group; and Buchi Labortechnik AG. The companies are constantly looking for adopting strategies and initiatives including innovation in product development, intensive R&D activities, and enhancement in spectroscopic techniques and equipment to expand their market position.
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