How Has The Process Spectroscopy Market Size Evolved Historically?
The process spectroscopy market has seen considerable growth due to a variety of factors.
• In the last few years, the process spectroscopy market has seen substantial growth. This market size is anticipated to increase from $21.75 billion in 2024 to $23.4 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.6%. The reasons for the growth in the historical period include the need for quality control, cost-effectiveness, speed of analysis, market rivalry, and advances in healthcare.
What Is The Projected Growth Of The Process Spectroscopy Market?
The Process Spectroscopy market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of process spectroscopy is anticipated to witness robust growth, reaching $31.77 billion by 2029, with a compound annual growth rate (CAGR) of 7.9%.
This projected growth during the forecast period could be ascribed to factors such as the integration of industry 4.0, miniaturization and portability, emphasis on sustainability, progress in pharmaceuticals, and advances in biotech and life sciences. The period is also likely to see key trends like collaboration across industries, customization & software solutions, expansion in emerging markets, precision agriculture, and remote monitoring solutions.
What Are The Key Drivers Fueling Growth In The Process Spectroscopy Market?
The projected expansion of the process spectroscopy market is anticipated to be driven by rising demand from pharmaceutical companies. Process spectroscopy, which utilizes technologies including nuclear magnetic resonance (NMR) to study at a molecular level, is instrumental in operations such as identification and examination of raw materials, as well as the formulation and creation of pharmaceutical products. As such, the increase in pharmaceutical industries translates to increased demand for process spectroscopy. The Government of Canada reported in August 2024 that domestic exports in the pharmaceutical trade in 2022 increased to 12.79 from 10.71 in 2021, indicating growth. Thus, the process spectroscopy market is being propelled by this increasing demand from pharmaceutical industries.
What Are The Principal Market Segments In The Global Process Spectroscopy Industry?
The process spectroscopy market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Technology: Molecular Spectroscopy, Mass Spectroscopy, Atomic Spectroscopy
3) By End-User Industry: Polymer, Oil And Gas, Pharmaceutical, Food And Agriculture, Chemical, Other End User Industries
Subsegments:
1) By Hardware: Spectrometers, Detectors, Light Sources
2) By Software: Data Acquisition Software, Analysis And Interpretation Software, Calibration Software
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Which Emerging Market Trends Are Altering The Process Spectroscopy Industry?
The progress in technology represents a prominent trend that is being increasingly adopted in the process spectroscopy market. To maintain their dominance in this sector, leading companies are pursuing sophisticated technologies, one example being the Ramina Process Analyzer. In a recent development in April 2022, Thermo Fisher Scientific, a company based in the USA that specializes in scientific instruments, introduced the Ramina Process Analyzer. This state-of-the-art Raman spectroscopic analyzer is specifically designed for the continuous and non-destructive assessments in the biopharmaceutical manufacturing sector. The system’s compact design facilitates swift installation and automation of measurements, eliminating the need for sample preparation and thus, making it more accessible to users regardless of their experience. With its patented probes, this apparatus provides elevated speed and sensitivity thus providing real-time data and simplifying processes, thereby proving to be a more effective substitute to conventional methods.
Who Are the Key Players In The Process Spectroscopy Market?
Major companies operating in the process spectroscopy market include:
• ABB Group
• Agilent Technologies Inc.
• Bruker Corporation
• Buchi Labortechnik AG
• Danaher Corporation
• Foss A/S
• HORIBA Ltd.
• Kaiser Optical Systems Inc.
• Kett Electric Laboratory
• Sartorius AG
• Shimadzu Corporation
• Thermo Fisher Scientific Inc.
• Yokogawa Electric Corporation
• SCIEX
• tec5USA Inc.
• PerkinElmer Inc.
• Jasco Inc.
• Metrohm AG
• Anton Paar GmbH
• Malvern Panalytical Ltd.
• Oxford Instruments PLC
• Spectris PLC
• Teledyne Technologies Inc.
• MKS Instruments Inc.
• Emerson Electric Co.
• Endress+Hauser AG
• Analytik Jena AG
• Hitachi High-Technologies Corporation
• JEOL Ltd.
• Rigaku Corporation
• WITec GmbH
• Ocean Optics Inc.
• Avantes BV
• StellarNet Inc.
• Wasatch Photonics Inc.
• B&W Tek Inc.
• LightMachinery Inc.
What Are The Regional Insights Into The Process Spectroscopy Market?
North America was the largest region in the process spectroscopy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
