The increasing adoption of various spectroscopic techniques in a variety of industrial applications, including chemicals, oil & gas, pharmaceutical, and food and agriculture, is expected to propel the overall market growth.
Moreover, the need to abide by the necessary specifications to maintain the standard and quality specifications is pushing the manufacturers and packaging industries to adopt spectroscopic techniques, eventually, catapulting the demand for process spectroscopy to instigate further growth.
Process spectroscopy market by technology, 2015 (USD Billion)
The technology segment is further categorized into molecular, mass, and atomic technologies. The molecular technology segment held maximum market and revenue in 2015 and is estimated to maintain its dominance over the coming years.
Furthermore, the molecular technology has led to the evolution of different technologies such as Near Infrared (NIR), Fourier-Transform Infrared (FT-IR), Nuclear Magnetic Resonance (NMR), and Raman spectroscopy. The ever-increasing demand and growing adoption of Raman spectroscopy is playing a respectable role in flourishing the global market.
The key industry players, such as ABB Group, Shimadzu Corporation, Sartorius AG, and Kett Electric Laboratory in the North American, European, and the Asia Pacific continents, have been extensively investing in R&D of spectroscopy technologies and related techniques. These innovations are generating a substantial demand for spectroscopy equipment in several industrial applications across the globe.
The growing adoption of technology in pharmaceutical and food & agriculture applications across the Asia Pacific region has led to the enhanced growth over the projected period. The demand arising from these nations coupled with the established oil & gas sector in the Middle Eastern region is another factor, playing a key role in attracting the applications of process spectroscopy, therefore, paving the way for a better and continuously growing future of the process spectroscopy market across the globe over the estimated time.
In-depth report on global process spectroscopy market by Grand View Research:
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