Process Spectroscopy Market - Fastest growing regional market

Growing demand for quality check and accuracy in product manufacturing has led to the increasing demand for process spectroscopy. Further, factors such as increasing usage of process spectroscopy in pharmaceutical, chemical and food and agriculture industries, and convergence of spectroscopy technologies into single instrument are expected to foster innovations in the process spectroscopy market.

Growing consumer preference for better quality products and change in regulations across different industries including oil and gas, pharmaceutical, and food and agriculture among others, are mainly encouraging the companies to adopt process analytical technologies.

These factors are driving the market for process spectroscopy instruments and solutions. Additionally, the ability of process spectroscopy technologies to provide accurate results in less time encourages several manufacturing companies to adopt these technologies.

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Further, as the use of process spectroscopy results into quality check at every stage of production, it reduces the cost of rework and scrap for manufacturing companies, hence save inventory cost of the company. High capital investment in developing and maintaining spectroscopes is one of the prominent factors restraining the growth of this market.

Furthermore, the introduction of portable and handheld devices with wireless connectivity to computers offers potential opportunities for the market.

Near infrared (NIR) process spectroscopy led the global process spectroscopy market with highest revenue share in 2012. This is due the compatibility of NIR with product manufacturing process in industries such as oil and gas, pharmaceutical, food and agriculture, chemicals and others.

However, Raman spectroscopy is expected to grow at faster rate owing to the growing adoption of this technology in pharmaceutical and food and agriculture industry. Due to non-destructive nature of Raman spectroscopy, it leaves no change in the chemical structure of the products during the process analysis.

Further, due to convergence capability of FT-IR with both Raman and NIR, it is expected that the demand for process spectroscopy will increase over the forecast period.

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