Global Process Spectroscopy MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $2,004.7 Million by 2025 from $1,051.0Million in 2017, growing at a CAGR of 8.4% from 2017 to 2025. By Geography, Asia-Pacific and RoW are expected to grow at a CAGR of 9.1% and 8.8%, respectively, during the forecast period.
"Process Spectroscopy Market (By Technology: Near Infrared (NIR) Spectroscopy, Fourier Transform Infrared (FT-IR) Spectroscopy, Raman Spectroscopy and Other Technologies; By End Use Industry: Polymer, Pharmaceutical, Oil & Gas, Food & Agriculture, Chemical and Other End Use Industries; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global Process Spectroscopy Market is mainly driven by rising usage of spectrometry in the drug safety process
Growing usage of Spectrometry in the drug safety process, and food & agriculture sectors are the factor propelling the growth of the process spectroscopy market. Additionally, rising demand for water & wastewater treatment have also encouraged the market growth. Though, lack of skilled professionals, and high infrastructure costs are the restraints of the market growth. Moreover, demand for next-generation cloud-based spectroscopy, and rapid advancement in technologies, improvement of products that match global quality standards, and rising need amongst players to save time in numerous process would generate profitable opportunities for the global market.
Technology, end-use industry and geography are the segment of the global process spectroscopy market. On the basis of technology, the market is classified into near infrared (NIR) spectroscopy, Fourier transform infrared (FT-IR) spectroscopy, Raman spectroscopy and other technologies. Further, end use industrysegment isbifurcated into polymer, pharmaceutical, oil & gas, food & agriculture, chemical and other end use industries.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK,and Rest of Europe are analyzed under the European market. India, China, Japan, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Near infrared (NIR) spectroscopy, by technology segment led the market with major share in 2017
Near infrared (NIR) spectroscopy contributed for the majority of the share in 2017, in the technology segment,Though, with growing popularity of Raman spectroscopy, the market share of NIR spectroscopy is projected to decrease of the total market revenue in 2025. Also, Fourier Transform Infrared (FT-IR) Spectroscopysegment expected to achieve the fastest CAGR during the forecast period, owingto better reproducibility of data, ease of maintenance & use, best performance in terms of spectral quality, and data collection speed.
Pharmaceutical dominated the largest market share in the end use industry segmentin 2017
Pharmaceutical occupied the largest market share in the end use industry segment and is likely to continue its dominance throughout the forecast period2017 – 2025. The reason being, upsurge in appliance areas of process spectroscopy, and chemical industry
Asia-Pacific led the global process spectroscopy market with fastest CAGR during the forecast period.
Asia Pacific is expected to grow with the fastest CAGR of 9.1% throughout the forecast period, driven by the presence of leading market players, advancements in R&Dpractices, and the region’s strong manufacturing hub. Also, North America was the highest revenue generating region of the global embedded computing market share, in the year 2017.
Prominent players operating in the market include Endress+Hauser Management AG, ABB, AMETEK.Inc., Applied Analytics, Inc., Emerson Electric Co., SUEZ, METTLER TOLEDO, PAC L.P., Yokogawa Electric Corporation, Thermo Fisher Scientific Inc., Siemens AG, among others.