Process Spectroscopy Market Growth Trajectory – Insights On Key Drivers, Major Trends, And Top Market Segments
25 May, 2023
The global process spectroscopy market size is expected to grow from $18.83 billion in 2022 to $20.43 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The process spectroscopy market size is expected to reach $27.32 billion in 2027 at a CAGR of 7.5%.
Global Process Spectroscopy Market Key Driver
The growing demand from pharmaceutical industries is expected to propel the process spectroscopy market forward in the coming years. Nuclear magnetic resonance (NMR) is one example of a spectroscopic method. Process spectroscopy plays an important role in the pharmaceutical industry, from identifying and inspecting raw materials to the development and formulation of pharmaceutical products. As a result, the pharmaceutical industry is growing, and as a result, the demand for process spectroscopy is increasing. For instance, in August 2021, according to the Office for National Statistics, a UK-based government department, the manufacture of pharmaceuticals increased by US$1.12 billion (8%) to a total of US$15.25 billion in 2020. Therefore, increasing demand from pharmaceutical industries drives the process spectroscopy market.
Get a sample of the global process spectroscopy market reportGlobal Process Spectroscopy Market Segments
The global process spectroscopy market is segmented:
1) By Component: Hardware, Software
2) By Technology: Molecular Spectroscopy, Mass Spectroscopy, and Atomic Spectroscopy
3) By End-User Industry: Polymer, Oil And Gas, Pharmaceutical, Food And Agriculture, Chemicals, Other End User Industries
4) By Geography: The regions covered in the process spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global process spectroscopy market.
Major Process Spectroscopy Industry Players
ABB Group, Agilent Technologies, Inc., Bruker, Buchi Labortechnik AG, Danaher Corporation, Foss, HORIBA, Ltd., Kaiser Optical Systems, Inc., Kett Electric Laboratory, Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific, Inc., Yokogawa Electric Corporation, SCIEX, and Tec5USA Inc.
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Process Spectroscopy Market Overview
Process spectroscopy is a spectroscopy technique for measuring the spectra formed by matter interacting with or producing electromagnetic radiation, which results in absorption or emission. This technique employs various devices to examine the interaction of electromagnetic radiation, light, and matter.
Process Spectroscopy Global Market Report 2023 provides data on the global process spectroscopy market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The process spectroscopy market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.