Process Spectroscopy Market Size, Share & Trends Analysis Report By Technology (Molecular, Mass, Atomic Spectroscopy), By Application, By Component (Hardware, Software), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global process spectroscopy market size was valued at USD 17.84 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.09% from 2022 to 2030. The total number of shipments was 691,500 units in 2021 which is expected to reach 1,361,573 units by 2030. The rising focus on matching the international standards for meeting the quality across the industries and increasing developments of handheld and portable instruments has contributed to the market growth across the globe. The market is expected to expand owing to the ability of spectrometers to analyze, monitor, and control processes along with identifying defects in the product materials and enhancing the quality of the product.

Process spectroscopy is a technique involving the application of spectroscopy which include studying the interaction between matter and electromagnetic radiation. The notable market growth can be accredited to the increasing adoption of spectroscopic techniques in the pharmaceutical and food & agriculture sectors. The growing awareness of quality food & drugs and various rules and regulations being imposed by the government & related organizations are the key factors expected to drive the growth of the global market.

Spectroscopy techniques have always been intense fields for researchers, aiming toward continuous up gradations and innovations, enhancing the techniques day by day. Their research and improvisations have led to numerous discoveries in a wide range of applications. The industries, such as pharmaceuticals, chemicals, oil & gas, and food & drug, have reached several considerable milestones, owing to the advancements in process spectroscopic techniques. The forensics department is another sector that has significantly benefitted through spectroscopic techniques.

Spectroscopy instrument is witnessing increased adoption in the pharmaceutical industry due to Process Analytical Technology (PAT) guidelines by the FDA framework. Raman spectroscopy instrument is popular in the pharmaceutical industry due to its low cost of analysis and high accuracy. It is witnessing a high demand from the agricultural industry owing to its ability to enable non-destructive extraction of physical and chemical data about the samples, helping to the faster analysis. The handheld and portable instruments are anticipated to gain market shares. These instruments use Wi-Fi connectivity to transfer the data to the connected device.

COVID-19 Impact

In the wake of the COVID-19 pandemic, the most challenging aspects have been the lack of testing required to trace and identify infections. At present, there are several tests available that use biochemicals but are challenging and expensive. Therefore, several researchers are trying to develop a new test technology for coronavirus based on physics, not biochemicals, which could deliver a low percentage of false negatives, be fast and inexpensive, and provide high sensitivity specificity.

Several researchers have stated that the utilization of FT-IR spectroscopy on the RNA extracts and the use of machine learning is significantly efficient and convenient for the analysis of COVID-19 disease. According to Spectroscopy Media, Surface-enhanced Raman spectroscopy and ATR-FT-IR have significant prospective as COVID-19 detection techniques.

Technology Insights

Molecular spectroscopy led the market and accounted for a 45.19% share of the global revenue in 2021 and is expected to continue contributing to the growth significantly over the forecast period. The total number of shipments of atomic and molecular spectroscopy were 318,762 units and 278,350 units respectively in 2021. The shipment units are expected to increase up to 592,033 units and 558,351 units for atomic and molecular spectroscopy respectively by 2030.

The molecular spectroscopy segment is also segregated into Near Infrared (NIR), Fourier-Transform Infrared (FT-IR), Raman, and Nuclear Magnetic Resonance (NMR) technology. Growing miniaturization of molecular spectroscopy instruments, improvements in Raman technologies are expected to propel market growth. Increasing requirements in the pharmaceuticals and life sciences along with significant demand in the petrochemical and chemical industries.

Mass spectrometry has also emerged as a powerful analytical tool applied to the pharmaceutical and health life sciences. The application of mass spectrometry in the pharmaceutical industry associated with the Drug Discovery and Development process provides superior performing liquid chromatography-mass spectrometry in pharmacodynamics, drug metabolism, and pharmacokinetic studies.

The mass spectrometer is majorly used in biological therapeutics with more mixed indicators. The mass spectroscopy technique enables accurate meta detection in drug samples. Thus, increasing focus on drug safety regulations, where spectroscopy techniques are used to monitor several metalloid and metal impurities in drug samples to ensure patient safety.

Component Insights

The hardware segment led the market and accounted for more than 77% share of the global revenue in 2021. The segment is anticipated to dominate over the forecast period owing to the increasing adoption of spectroscopic techniques. The software segment is expected to grow at the highest CAGR. The supply chain of the process spectroscopy market encompasses component suppliers that provide detectors, probes, exciting sources, and microscopes.

The spectroscopy equipment manufacturers either design their product or assemble the components to produce the final product. A few of the leading players are Agilent Technologies, Inc.; Thermo Fisher Scientific, Inc.; and Danaher Corporation. The companies also offer customized solutions to their customers coupled with analytical software for data storage and analysis. Thermo Fisher Scientific, Inc. offers GRAMS Spectroscopy Software suite to collaborate data sets and perform analysis on the data sets.

Hardware: process spectroscopy hardware comprises spectrometers, light sources, systems, analyzers, and accessories. Software: software used in process spectroscopy contains 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 for manufacturing.

Application Insights

The pharmaceutical segment accounted for the largest revenue share of 31.42% in 2021. Based on applications, the market is segmented into polymer, oil & gas, pharmaceuticals, food & agriculture, chemical, water & wastewater management, pulp & paper, metal & mining, and others. The pharmaceutical and food & agriculture segments together were major revenue contributors in 2021. The pharmaceutical segment is anticipated to dominate over the forecast period owing to the increasing adoption of spectroscopic techniques.

The food & agriculture and water & wastewater segments are anticipated to witness remarkable growth over the forecast year. In the past few years, numerous new wastewater treatment plants (WWTP) have been built to reduce and counter untreated wastewater's impact on the environment. The operations of WWTP are complex and need continuous monitoring to reduce the level of contamination in wastewater.

The challenging issues about WWTP are considerable variability in the level of contamination and volume of wastewater from the incoming sewage. The traditional wastewater treatment methods need a notable continuum cost and are time-consuming. WWTP requires reliable and fast information about the incoming sewage and the operation of the different treatment stages.

The spectroscopy techniques have allowed the tracking and identification of materials, detection of impurity and identification, fermentation processing and reaction monitoring, and product uniformity and repeatability in the food & agriculture sector. Furthermore, spectroscopic techniques such as Near-infrared (NIR) and Fourier transform infrared (FT-IR) enable routine analysis in the food & feed industry with the advantages such as accuracy, precision, and shorter analysis time.

Regional Insights

North America held the largest revenue share of over 44% in 2021 and is expected to maintain its dominance over the estimated period. The market is experiencing a significant shift across North America due to the increased shale gas production in the U.S. and Canada. The region is well equipped with the infrastructure for various R&D across all the major industrial sectors such as food & beverage, pharmaceutical, and chemicals, and possesses the potential for investments in various technological developments.

Asia Pacific is anticipated to witness the fastest CAGR over the forecast period, attributed to the region’s strong manufacturing hub and advancements in R&D practices. The usage of spectroscopic techniques for producing, refining, and distributing the oil & gas in these countries is resulting in the growing adoption of spectroscopy devices and methods, which drive the overall market at a considerable pace. All these factors have increased the adoption of spectroscopic techniques, largely, helping the regional growth.

Key Companies & Market Share Insights

The industry participants are adopting process spectroscopic instruments to enhance their product quality and adhere to the international quality standards such as ISO and Six Sigma. The companies operating in this market are making huge investments in research and development initiatives.

For instance, Agilent Technologies, Inc. invested USD 441 Million in 2021 for their research and development activities. The process spectroscopic instruments are subject to rapid technological changes and possess the risk of becoming absolute due to the emergence of newer technologies.

Market players engage in several strategic initiatives, such as acquisitions, mergers, partnerships, and new product launches, to achieve a competitive advantage. For instance, in August 2021, Danaher Corporation announced that the company has acquired Aldevron. Aldevron would be branded within the Life Science segment of Danaher Corporation and operate as a standalone company. Some prominent players in the global process spectroscopy market include:

• ABB Group

• Agilent Technologies, Inc.

• Bruker

• Buchi Labortechnik AG

• Danaher Corporation

• Foss

• HORIBA, Ltd

• Kaiser Optical Systems, Inc

• Kett Electric Laboratory

• Sartorius AG

• Shimadzu Corporation

• Thermo Fisher Scientific, Inc.

• Yokogawa Electric Corporation

Process Spectroscopy Market Report Scope

Segments Covered in the Market

This report forecasts revenue growth on the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments, from 2017 to 2030. For this study, Grand View Research has segmented the global process spectroscopy market based on technology, application, component, and region:

• Technology Outlook (Shipment, Units; ASP, USD; Revenue, USD Billion, 2017 - 2030)

  • Molecular Spectroscopy

    • NIR

    • FT-IR

    • Raman

    • NMR

    • Others

  • Mass Spectroscopy

  • Atomic Spectroscopy

• Application Outlook (Revenue, USD Billion, 2017 - 2030)

  • Polymer

  • Oil & Gas

  • Pharmaceutical

  • Food & Agriculture

  • Chemical

  • Water & Wastewater

  • Pulp & Paper

  • Metal & Mining

  • Others

• Component Outlook (Revenue, USD Billion, 2017 - 2030)

  • Hardware

  • Software

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East and Africa (MEA)