Process Spectroscopy Market Size, Share & Trends Report

Process Spectroscopy Market Size, Share & Trends Analysis Report By Technology (Molecular, Mass, Atomic), By Application (Pharmaceutical, Food & Agriculture), By Component, And Segment Forecasts, 2018 - 2025

  • Published Date: Aug, 2018
  • Base Year for Estimate: 2017
  • Report ID: 978-1-68038-561-8
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 155

Report Overview

The global process spectroscopy market size was valued at USD 14.08 billion in 2017. The technique is gaining popularity owing to the ability to analyze, monitor, and control manufacturing processes along with identifying defects in product materials and enhancing the quality of products. Process spectroscopy is a technique involving the application of spectroscopy, which includes studying the interaction between matter and electromagnetic radiation.

U.S. process spectroscopy market

Surging adoption of spectroscopic techniques in the pharmaceutical and food & agriculture sectors, rising awareness of quality food & drugs, and various rules and regulations being imposed by governments & related organizations are among the key trends stimulating market growth. 

Researchers are constantly focusing on innovations and upgrades in spectroscopy techniques, which has resulted in numerous discoveries in a wide range of applications. Industries, such as pharmaceuticals, chemicals, oil & gas, and food & drug, have reached notable milestones, owing to advancements in process spectroscopic techniques.

The forensics sector has also significantly benefited from spectroscopic techniques as various substances and organic compounds such as paint, fuels, ink, hair, and sweat are commonly found at crime scenes. They can be analyzed using process spectroscopy techniques. End-users include pharmaceutical, oil & gas, food & agriculture, water and wastewater management, and chemical industries. These industries implement various spectroscopy methodologies in their wide range of applications, as required.

The key players in the market include Shimadzu Corporation, Yokogawa Electric Corporation, Foss, and Agilent Technologies. The growing importance of quality products and standards among people is impelling market players to comply with guidelines of international quality standards. A majority of prominent industry players are focusing on strengthening their presence in the arena through agreements and distribution partnerships.

Technology Insights

Based on technology, the market has been segmented into molecular, mass, and atomic spectroscopy. Molecular spectroscopy is expected to emerge as the dominant segment over the forecast period. The segment is further divided into near-infrared (NIR), Fourier-transform infrared (FT-IR), Raman, nuclear magnetic resonance (NMR), and others.

Growing miniaturization of molecular spectroscopy instruments and improvements in Raman technologies are expected to propel the segment market growth over the forecast period. Increasing requirements in pharmaceuticals and healthcare along with significant demand in the petrochemical and chemical industries are anticipated to drive the market over the forecast period.

Mass spectrometry is also being considered as a powerful analytical tool that finds applications in the pharmaceutical and healthcare sectors. Application of mass spectrometry in the pharmaceutical industry, associated with drug discovery and development process, offers high-performance liquid chromatography-mass spectrometry in drug metabolism, pharmacodynamic, and pharmacokinetic studies.

Component Insights

The hardware segment dominated the process spectroscopy market in terms of revenue in 2017 and is estimated to retain its position over the forecast period. This can be attributed to the increasing adoption of spectroscopic techniques by manufacturers and packaging industries as there is a soaring need to abide by necessary specifications to maintain the standard and quality of products. In contrast/comparison, the software segment is poised to record the fastest growth over the forecast period.

Hardware comprises of spectrometers, light sources, systems, analyzers, and accessories. Software used in process spectroscopy includes spectrum analysis tools, Linux drivers, spectroscopy pro-tools, and others. The price of spectrometers is largely dependent on prices, availability, and quality of building materials and components used in manufacturing.

Application Insights

Based on application, the market has been classified into polymer, oil & gas, pharmaceuticals, food & agriculture, chemicals, water & wastewater management, pulp & paper, metal & mining, and others. The pharmaceutical segment is likely to lead the market throughout the forecast horizon.

Global process spectroscopy market

The food & agriculture and water & wastewater segments are projected to register noteworthy CAGRs over the forecast period. Spectroscopy techniques have enabled tracking and identification of materials used in the food industry, detection of impurities, and their identification in water & wastewater management.

Similarly, it can be used in fermentation processing and its reaction-monitoring and to check product uniformity & avoid repeatability in the food & agriculture sector. Furthermore, the spectroscopic techniques such as NIR and FT-IR enable routine analysis in the food & agriculture industry, offering advantages such as accuracy, precision, and shorter analysis time.

Regional Insights

North America spearheaded the global arena, generating the highest revenue in 2017. The region will continue to be at the forefront of the market until 2025. On the other hand, Asia Pacific is expected to be the most promising region during the same period.

The market is experiencing a major swift across North America due to increased shale gas production in countries such as the U.S. and Canada. Well-established R&D infrastructure in the region across major industrial sectors such as food & beverage, pharmaceuticals, and chemicals is one of the primary growth stimulants for the regional market.

The significant growth of the market in Asia Pacific can be attributed to the region’s robust manufacturing hub and advancements in R&D. Usage of spectroscopic techniques for producing, refining, and distributing oil & gas in countries in the region is resulting in greater adoption of spectroscopy devices and techniques.

Key Companies & Market Share Insights

Some of the prominent companies operating in the market are BrU.K.er Corporation, ABB Group, Buchi Labortechnik AG, Danaher Corporation, Sartorius AG, and Shimadzu Corporation. To stay ahead in the competition, companies are undertaking initiatives and adopting strategies such as intensive R&D activities, innovation in product development, and enhancement in spectroscopic techniques and equipment.

Process Spectroscopy Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 17.54 billion

Revenue forecast in 2025

USD 25.10 billion

Growth Rate

CAGR of 7.5% from 2018 to 2025

Base year for estimation

2017

Historical data

2014 - 2016

Forecast period

2018 - 2025

Quantitative units

Revenue in USD billion and CAGR from 2018 to 2025

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Applications, products, and region.

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa.

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; and Mexico.

Key companies profiled

BrU.K.er Corporation; ABB Group; Buchi Labortechnik AG; Danaher Corporation; Sartorius AG; and Shimadzu Corporation.

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Segments Covered in the Market

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the process spectroscopy market report based on technology, application, component, and region:

  • Technology Outlook (Revenue, USD Billion, 2014 - 2025)

    • Molecular Spectroscopy

      • NIR

      • FT-IR

      • Raman

      • NMR

      • Others

    • Mass Spectroscopy

    • Atomic Spectroscopy

  • Application Outlook (Revenue, USD Billion, 2014 - 2025)

    • Polymer

    • Oil & Gas

    • Pharmaceuticals

    • Food & Agriculture

    • Chemicals

    • Water & Wastewater 

    • Pulp & Paper

    • Metal & Mining

    • Others

  • Component Outlook (Revenue, USD Billion, 2014 - 2025)

    • Hardware

    • Software

  • Regional Outlook (Revenue, USD Billion, 2014 - 2025)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • The U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • Middle East & Africa (MEA)

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