Global Process Spectroscopy Market Size Is Set to Skyrocket with a CAGR of 7.10% to Reach Around $33.15 Billion by 2030 | Medical Devices Analysis

Denver, CO, March 23, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Process Spectroscopy Market - By Technology (Molecular Spectroscopy, Mass Spectroscopy, And Atomic Spectroscopy), By Application (Polymer, Pharmaceuticals, Oil & Gas, Food & Agriculture, Water & Wastewater, Chemical, Pulp & Paper, And Metal & Mining), By Component (Hardware And Software), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Process Spectroscopy Market size & share in terms of revenue was valued at USD 19.18 Billion in 2022 and it is expected to surpass around USD 33.15 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.10% during the forecast period 2023 to 2030.”

What is Process Spectroscopy? How big is the Process Spectroscopy Industry?

Process Spectroscopy Report Coverage & Overview:

Process spectroscopy is a method that monitors and analyses the chemical and physical properties of materials while they are being manufactured. Process spectroscopy utilizes a variety of spectroscopic methods, including infrared (IR), near-infrared (NIR), Raman, and UV-visible spectroscopy, among others.

Process spectroscopy can provide real-time feedback on the composition and quality of a product by analyzing the spectral data, which can assist in optimizing production processes and improving product quality. This feedback can be used to further refine the product. The pharmaceutical industry, the chemical industry, the food and beverage industry, and the oil and gas industry all make frequent use of this method.

As for the market size, the process spectroscopy market was valued at approximately $ 19.18 billion in 2022 and is expected to reach $33.15 billion by 2030, with a compound annual growth rate (CAGR) of 7.10% during the forecast period. The growth is driven by the increasing demand for quality control and process monitoring, as well as the need for cost-effective manufacturing processes.

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Global Process Spectroscopy Market: Growth Dynamics

The global process spectroscopy market is expected to see growth due to the high focus of players in sectors such as chemical, life sciences, pharmaceuticals, food & beverages, and farming on improving product quality to meet ISO and Six Sigma quality standards. Additionally, as consumers increasingly demand high-quality packaged products, the market for process spectroscopy is predicted to gain traction. Process spectroscopy is also useful for regulating and supervising the entire manufacturing process, as well as assessing and testing raw material quality through quality checks at every production stage, assisting product manufacturers in examining the final product quality. These factors will drive global market trends.

Moreover, companies are emphasizing the need to prevent variable rework expenses and scrap costs, which can further boost the global market's growth potential. The growing awareness among end-users about the benefits of using process spectroscopy will also enhance market demand, while favorable government regulations regarding product safety standards will contribute to the global market's expansion.

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Report Scope

Process Spectroscopy Market: Segmentation Analysis

The global process spectroscopy market is sectored into technology, component, application, and region.

In terms of technology, Mass spectroscopy, molecular spectroscopy, and atomic spectroscopy are the three submarkets that make up the market for process spectroscopy on a global scale. It would appear that the molecular spectroscopy segment, which was responsible for roughly 45% of the total market share in 2021, is going to be the one to lead the way in the expansion of the segment during the time period that is covered by the forecast. The increasing downsizing of the equipment used in molecular spectroscopy as well as developments in Raman systems can be linked with the segmental rise that has occurred. The rise in molecular spectroscopy's penetration in the life sciences and pharmaceuticals industries will contribute to the segmental growth surge.

Based on the component, The global process spectroscopy market may be broken down into two distinct subsectors: the hardware market, and the software market. In addition, the hardware sector, which was responsible for roughly over 75% of the global industry share in 2021, is continuing to maintain its dominant position in the industry over the course of the anticipated timeline. It's possible that rising demand for spectroscopic methods was a driving factor in the segment's growth over the course of the analysis period.

On basis of application, the process spectroscopy market across the globe is sectored into food & agriculture, polymer, pulp & paper, pharmaceuticals, water & wastewater, oil & gas, chemical, and metal & mining segments.  The pharmaceuticals segment, which accounted for nearly 32% share of the global market revenue in 2021, is projected to dominate the global market revenue share even in the near future. The segmental expansion over the forecast period can be attributed to the large-scale use of spectroscopic techniques in the pharmaceuticals segment.

The global Process Spectroscopy market is segmented as follows:

By Technology

• Molecular Spectroscopy
• Mass Spectroscopy
• Atomic Spectroscopy

By Application

• Polymer
• Pharmaceuticals
• Oil & Gas
• Food & Agriculture
• Water & Wastewater
• Chemical
• Pulp & Paper
• Metal & Mining

By Component

• Hardware
• Software

Browse the full “Process Spectroscopy Market - By Technology (Molecular Spectroscopy, Mass Spectroscopy, And Atomic Spectroscopy), By Application (Polymer, Pharmaceuticals, Oil & Gas, Food & Agriculture, Water & Wastewater, Chemical, Pulp & Paper, And Metal & Mining), By Component (Hardware And Software), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/process-spectroscopy-market

Competitive Landscape

Some of the main competitors dominating the global Process Spectroscopy market include - 

ABB Group
Kaiser Optical Systems Inc
HORIBA Ltd.
Agilent Technologies Inc.
Bruker Corporation
Magritek
Danaher Corporation
FOSS
Buchi Labortechnik AG
Kett Electric Laboratory
Shimadzu Corporation
Yokogawa Electric Corporation
Sartorius AG
Thermo Fisher Scientific Inc
Timegate Instruments Ltd
PerkinElmer Inc

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Process Spectroscopy market is likely to expand at a CAGR of around 7.10% during the forecast period (2023-2030).                  
• In terms of revenue, the Process Spectroscopy market size was valued at around US$ 19.18 Billion in 2022 and is projected to reach US$ 33.15 billion by 2030.
• The global market is anticipated to record massive growth over the forecast period High focus of players in chemical, life sciences, pharmaceuticals, food & beverages, and farming sectors on improving product quality to fulfill quality standards set by ISO and Six Sigma.
• Based on technology, molecular spectroscopy to account for the major market share over the forecast period
• In terms of component, the hardware segment is predicted to account for a major share of the global market during the analysis timeframe.
• On basis of application, the pharmaceuticals segment is predicted to account for a major share of the global market during the analysis timeframe.
• Region-wise, the North American process spectroscopy market is projected to contribute majorly towards the global market share over the assessment period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Process Spectroscopy industry?
• What are the main driving factors propelling the Process Spectroscopy Market forward?
• What are the leading companies in the Process Spectroscopy Industry?
• What segments does the Process Spectroscopy Market cover?
• How can I receive a free copy of the Process Spectroscopy Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Technology, By Application, By Component, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

In 2021, the North American region had the highest market share in process spectroscopy, accounting for nearly 45% of the total market. This dominance is expected to continue in the coming years, mainly due to the increase in shale gas production in Canada and the U.S. Additionally, the region has well-established infrastructure facilities and there is a continuous focus on technological innovations in process spectroscopy, which is further driving regional market trends.

On the other hand, the Asia-Pacific process spectroscopy industry is predicted to experience the highest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to the presence of a large number of manufacturing firms in the region, as well as the use of spectroscopic techniques in the manufacturing and refining of oil and gas.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

In the second half of 2021, Thermo Fisher Scientific Inc., a U.S.-based supplier of reagents, consumables, and scientific instruments, introduced next-generation of mass spectrometry devices and software at the American Society for Mass Spectrometry Conference held in Pennsylvania, the U.S. The new equipment will help in performing of perfect analysis of peptide mapping, monoclonal antibodies, and oligonucleotide mass determination. The move will boost the expansion of the process spectroscopy market globally.

In the first quarter of 2022, PerkinElmer, Inc., a key player in diagnostics & life sciences research, introduced a new FT-IR liquid food-testing tool that includes streamlined workflows, equipment, and software. The new process spectroscopy platform will help in delivering results in just a few seconds. The move will expand the scope of the growth of the global industry.

In the third quarter of 2020, Wasatch Photonics, a key supplier of spectroscopy equipment, launched WP 248 Raman spectrometer, an addition to the UV Raman spectrometer product line. Furthermore, the product will be used in gas detection, protein & nucleic acid analysis, and material analysis. The initiative will enlarge the popularity of spectroscopy across the globe.

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