The global process spectroscopy market is expected to reach USD 1.27 billion by 2022, according to a new report by Grand View Research, Inc. Increasing government initiatives to heighten quality awareness on a global level is expected to contribute to revenue growth.
Technology development and price is anticipated to be the critical parameter affecting the industry. Popularity of portable or handheld technology products is anticipated to drive gains over the forecast period.
Process spectroscopy market is anticipated to witness growth owing to rising quality awareness among end-use industries. These instruments are used to analyze, monitor, and control process along with identifying defect at an early stage to avoid production delays. Increasing trend for reducing operation expenditure is anticipated to drive industry growth.
Industry participants are increasing adopting spectroscopy instruments to enhance their product quality and adhere to international quality standards such as ISO and Six Sigma. Companies such as Boeing, 3M, Hewlett Packard (HP), General Electric (GE), and Lockheed Martin have implemented Six Sigma to minimize error in manufacturing and gain operational effectiveness.
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Further key findings from the report suggest:
- Near Infrared (NIR) accounted for over 60% of the revenue in 2014 and is expected to remain the key technology segment over the forecast period. Raman spectroscopy market is anticipated to show high potential. Products that can offer combined functionality of the available technologies are expected to gain popularity.
- Pharmaceutical is anticipated to be key end-use segment over the forecast period, with an estimated CAGR of over 8.0% from 2015 to 2022. The polymer application segment is anticipated to witness growth owing to high demand, stringent quality parameters, and availability of customized products.
- Pharmaceutical industry in the U.S. is anticipated to show increase in demand owing to Process Analysis Technology (PAT) initiative by the Food and Drug Administration (FDA). Asia Pacific process spectroscopy market is anticipated to show high growth potential owing to presence of fast growing nation such as Japan, China and India. “Make in India” initiative is anticipated to open new avenues for industry players.
- Key industry players include Thermo Fisher Scientific, Inc., Bruker Corporation, ABB Ltd, Danaher Corporation, Agilent Technologies Inc., Foss A/S, and Horiba Industries. Companies such as Bruker Corporation, ABB Ltd., Thermo Fisher Scientific, Inc., and Agilent Technologies, Inc. are key players in the chemical application segment. In May 2012, Thermo Fisher Scientific introduced Nicolet iS50, which can initiate novel Raman, ATR, and NIR modules, without needing to manually change system components.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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