According to the new market research report “Process Spectroscopy Market Size By Technology (NIR, FT-IR, Raman), By Application (Polymer, Oil and Gas, Pharmaceuticals, Food & Agriculture, Chemical), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”GlobalProcess Spectroscopy Marketsize contribution was greater than $801 million for 2015 and is projected to register CAGR higher than 6.6% during forecast timeline.
The equipment helps in monitoring and checking the quality of process carried out in firms in order to reduce errors as well as re-work. This has promoted the global process spectroscopy industry trends during forecast timeline.
Further, increasing consciousness among industries about significance of these equipments is projected to stimulate industry demand. Firms with inefficient process monitoring method can face various problems of visual faults and high manufacturing time as well as increase in inventory time that can tarnish its reputation and image. All these factors have contributed to increase in process spectroscopy market share globally.
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Global process spectroscopy industry is segmented into technology like near infrared spectroscopy (NIR), Fourier transform infrared spectroscopy (FT- IR) and Raman spectroscopy.
Near infrared spectroscopy technology segment contributed more than 60.1% to total process spectroscopy market share for 2015 and is projected to register CAGR of more than 6.1% during forecast timeline. Growth of the segment can be credited to its increasing use in many sectors like biogas plants, quality monitoring, plastics identification in chemical sector, food industry and paper production control.
Fourier transform infrared spectroscopy technology segment was evaluated at more than $171 million for 2015 and is predicted to contribute more than 20.1% of global industry share by end of forecast timeframe. Increasing utilization of the technology in assessment and identification of many substances as well as chemicals & compounds like fibers, chemical warfare agents, particulates, narcotics, residues and pesticides can fuel global process spectroscopy industry demand in future.
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Global process spectroscopy market is segmented into various geographical locations like MEA, North America, Latin America, Europe and Asia Pacific.
Presence of major industry players and strict quality standards in food & agriculture sector, pharmaceuticals sector and healthcare sector is predicted to drive U.S. process spectroscopy industry growth.
Process analytical technologyis a technique that plans, examines and controls production by determining parameters which affect critical value attributes. Food and rug Administration framed process analytical technology framework to assure outstanding performance. All this has resulted in growing acceptance of the framework by many pharmaceutical firms in U.S. Due to this, U.S. process spectroscopy market is predicted to experience great impact of the framework in future.
APAC process spectroscopy market is predicted to register CAGR of about 8.1% in revenue terms during forecast timeline. Industry players are growingly relocating their research & development units as well as production units in the region due to low costs of labor and resources. All these factors are projected to contribute towards regional industry growth.
Major industry participants profiled in the report include Yokogawa Electric Corporation, ABB Limited, Horiba Limited, Bruker Corporation, Danaher Corporation, Agilent Technologies Incorporation, Sartorius AG, Buchi Labortechnik AG, Foss A/S, Kett Electric Laboratory, Shimadzu Corporation and Thermo Fisher Scientific Incorporation.
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