The global process spectroscopy market size is projected to attain USD 33.14 billion by 2030 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.09% from 2022 to 2030. The increasing demand from the pharmaceutical industries, to commence sophisticated research and development, is directing to the enactment of several spectroscopy approaches across the sector, at a considerable rate over the forecast period.
The technology is projected to witness high growth owing to increasing quality consciousness among industries. The increasing prominence of decreasing operational expenditure is anticipated to boost the demand for these apparatuses during the forecast period. Substantial R&D undertakings have led to the development of numerous drug findings.
The drug discoveries have resulted in the development of efficient medications for numerous diseases and disabilities. The continuously increasing demand for spectroscopic procedures and associated equipment installations is expected to drive market growth. The market is projected to witness immense growth over the forecasted years, owing to the rising cognizance of quality spectroscopic apparatuses among end-use industries.
In the wake of the COVID-19 pandemic, the most challenging aspects have been the lack of testing required to trace and identify infections. Several researchers across the globe are trying to develop new test technologies for coronavirus based on physics, not biochemicals, to reduce the cost and to provide high sensitivity specificity. Also, it could overcome the challenges posed by current shortages of test efficacy and test kits. For instance, a research team from Northern Arizona University is developing surface-enhanced single-molecule Raman spectroscopy (SM-SERS), which would identify the S proteins of the SARs-Cov-2 virus, involved in the virus at the cellular level.
Even though, the high capital investment essential for employing spectroscopic equipment has enforced industry players to distribute the cost to consumers, thus increasing the costs of process spectroscopic instruments. Nevertheless, the advent of cost-efficient technologies over the forecast period is expected to lead to the reduction in prices of process spectroscopic products.
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Raman spectroscopy is witnessing a high demand across the agricultural industry owing to its ability to enable non-destructive extraction of physical and chemicals data about the samples, helping faster analysis
Government and independent bodies have laid down quality standards such as Six Sigma and ISO for the product's enhanced quality
Manufacturing companies are focusing on improving the production processes to minimize operational cost, reduce rework, and manufacture quality products
The high capital investment essential for employing spectroscopic equipment has forced market players to distribute the price to consumers, thus increasing the costs of process spectroscopic apparatuses
Asia Pacific region is expected to witness the fastest CAGR, owing to the presence of a strong manufacturing hub in the region and advancements in R&D practices
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)
Application Outlook (Revenue, USD Billion, 2017 - 2030)
Oil & Gas
Food & Agriculture
Water & Wastewater
Pulp & Paper
Metal & Mining
Component Outlook (Revenue, USD Billion, 2017 - 2030)
Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Middle East and Africa (MEA)
List of Key Players in the Process Spectroscopy Market
Agilent Technologies, Inc.
Buchi Labortechnik AG
Kaiser Optical Systems, Inc
Kett Electric Laboratory
Thermo Fisher Scientific, Inc.
Yokogawa Electric Corporation
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