Global Process Spectroscopy Market Is Predicted to Increase Approximately $33.15 Billion By 2030

Global Process Spectroscopy Market Analysis, Size & Share, Trend & Demand, Forecast to 2030

The global process spectroscopy market size was nearly $19.18 Billion in 2022 and is predicted to increase to approximately $33.15 billion by 2030 along with recording a CAGR of nearly 7.10% from 2023 to 2030.

Process spectroscopy devices are designed for determining the physical & electronic structure of matter at molecular levels. The main principle of spectroscopy includes the analysis of interactions between electromagnetic radiation and matter with the help of radiation frequency or radiation wavelength. Moreover, the process spectroscopy methods find immense applications in food & beverages, pharmaceutical, healthcare, oil & gas, agriculture, and chemicals sectors.

Growing penetration of spectroscopy in microplastics, material science research, nanotechnology, testing of electronics & semiconductor material, polymer analysis, geology research, and academic research will drive the global process spectroscopy market trends. Need for reducing rework and scrap will proliferate the size of the process spectroscopy market globally. Ability of spectrometers in analyzing, monitoring, and controlling processes along with determining defects in the materials will spearhead the expansion of the process spectroscopy market. In addition to this, the need for improving product quality will spur the demand for process spectroscopy and this will help in charting a profitable growth graph for the process spectroscopy market size in the upcoming years.

However, the growing need for capital investments and the lack of availability of skilled persons can prove to be a major hindrance in the growth path of the process spectroscopy industry across the globe. Moreover, an increase in demand for spectrometers in biopharmaceuticals & life sciences applications will open new opportunities for growth of the global industry. Launching of portable devices with wireless connectivity can further offer novel avenues of growth for the industry globally.

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

In terms of technology, the process spectroscopy market globally is segmented into mass spectroscopy, molecular spectroscopy, and atomic spectroscopy segments. Furthermore, the molecular spectroscopy segment is anticipated to account lucratively toward the global market share during the predicted timespan. The segmental growth can be owing to an increase in the miniaturization of molecular spectroscopy devices and advancements witnessed in Raman spectroscopy. Apart from this, the rise in the penetration of process spectroscopy in pharma, life sciences, chemical, and petrochemical sectors will boost segmental growth.

Based on the component, the global process spectroscopy industry is bifurcated into hardware and software segments.

On basis of application, the process spectroscopy industry across the globe is bifurcated into food & agriculture, polymer, pulp & paper, pharmaceuticals, water & wastewater, oil & gas, chemical, and metal & mining segments. Moreover, the pharmaceuticals segment, which contributed the highest share of the global industry in 2022, will retain its numero uno status in the forecasting years. The segmental expansion can be subject to a rise in the use of process spectroscopy methods in the pharmaceuticals segment

The process spectroscopy market in North America is set to garner a major chunk of the global market share during the analysis period. Apparently, the regional market surge in the upcoming years can be due to an increase in the number of key market players in the countries such as Canada and the U.S. In addition to this, the availability of strong healthcare infrastructure in these countries will result in an increment in the growth of the process spectroscopy market in the sub-continent.

Furthermore, the process spectroscopy industry in the Asia-Pacific will record the highest CAGR during the forecast period. The expansion of the industry in the sub-continent can be due to the application of process spectroscopy techniques in the production, refinement, and distribution of oil & gas in countries such as India, China, Malaysia, Singapore, Taiwan, Indonesia, and Japan.

This review is based on a report by Zion Market Research, 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.”- Report at https://www.zionmarketresearch.com/report/process-spectroscopy-market

Recent Developments:

• In the first quarter of 2022, PerkinElmer, Inc., a U.S.-based firm in diagnostics, life sciences research, and environmental & industrial testing business, introduced FT-IR liquid food testing tool for testing of wine and liquids within 45 seconds. The move is likely to boost the demand for process spectroscopy in the U.S. and across North America.
• In 2021, Agilent Technologies, Inc., a key firm offering instruments, consumables, and software services, introduced a new mass spectrometry & automation software services referred to as MassHunter BioConfirm, MassHunter Workstation Plus 11.0, and MassHunter Networked Workstation 11.0. The strategic move will augment the scope of growth of process spectroscopy in the U.S.
• In the third quarter of 2020, Wasatch Photonics, a key industry player supplying spectroscopy devices, gratings, and OCT, introduced WP 248 Raman spectrometer which provides improved sensitivity & selectivity during analysis & detection in gas, materials, and biomolecules. The initiative will scale up the global process spectroscopy market proceeds.

Key players in 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.

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

By Region

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

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