Global Process Spectroscopy Market: Market Research by Knowledge Sourcing Intelligence


Process Spectroscopy Market to Reach $2.433 Billion by 2023


The process spectroscopy market was valued at US$1.645 billion in 2017 and is projected to expand at a CAGR of 6.75% over the forecast period to reach US$2.433 billion by 2023. Process spectroscopy is a technique in which the interaction between the matter and electromagnetic radiation is studied. It is required to monitor the progress of a reaction, to know when the end pint of a reaction is reached, detecting the impurities, and granulation, etc. The growing awareness regarding quality and regulation has led to the increased utilization of process spectroscopy technology. Similarly, the booming pharmaceutical industry has positively impacted the process spectroscopy market. Moreover, the increased focus on drug safety regulations and monitoring of impurities in drug samples to ensure patient safety are also propelling the market demand thereby increasing the process spectroscopy market size. However, the high initial capital investment in the process of spectroscopy equipment and the complications involved in the use of these devices is a restraint for the growth of the market to continue at this pace. The competitive intelligence done by Knowledge Sourcing Intelligence shows that the key players in the market are Ametek Process Instruments, Buchi Labortechnik AG, ABB, Shimadzu Corporation, Emerson Electric, Bruker Corporation, and Danaher Corporation.


Market Segmentation

The process spectroscopy market has been segmented based on technology, application, and geography. By technology, the market is segmented into the mass, atom, and molecular. The atomic spectroscopy technology accounts for the highest share in the market. It is an innovative technology that has its applications over various divisions such as pharmaceuticals, nourishment, and horticulture.
By application, the market is segmented into Chemical, Polymer, Oil & Gas, Pharmaceuticals, Food & Agriculture, and Others. The process spectroscopy market analysis shows that the pharmaceuticals segment holds for the highest amount of revenue generation due to the increasing stringent drug safety regulations by various countries and international bodies such as World Health Organization (WHO), and others. The oil & gas segment is also using the process of spectroscopy technology in the production activities of shale oil and other byproducts.
By geography, the market is segmented into North America, South America, Europe, the Middle East, and Africa, and The Asia pacific. The North America region holds for the highest process spectroscopy market share owing to the rising shale gas production in the US and the growing demand for water and wastewater treatment. The Asia Pacific region is also expanding and growing at a high pace due to the increasing investment in the sector and the rising oil and gas production activities.

Key questions answered in the report:
·      What has been the performance of Process Spectroscopy Market and how it will perform in the future?
·         What are the key players in the target market study?
·         What are the various segments on which the market research is conducted?
·         What are the driving factors that are leading to the growth of the market?
·         What are the recent developments happening in the industry?

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