Process Spectroscopy Market Key Information By Top Key Player Bruker, ABB, Buchi Labortechnik, Danaher, Horiba, Agilent Technologies, Eureka Forbes, Panasonic, Haier, iRobot, LG

The global process spectroscopy market share is predicted to soar high in the years forward, owing to the rising importance of quality attributes across various industries, and the urge to reduce expenditure on account of re-work and errors. Process spectroscopy is essentially a technique of employing spectroscopy to gather real-time information for analyzing and improving a production process to augment efficiency. The process is inclusive of myriad technologies such as Fourier Transform Infrared (FT-IR) Spectroscopy, Near Infrared (NIR) Spectroscopy, Raman Spectroscopy, and others. Citing an instance of the intense deployment of these technologies, recently, the United States Department of Agriculture & the National Academy of Agricultural Sciences, Rural Development Administration of South Korea, have made it to the headlines by sponsoring a collaborative research project. The project would reportedly investigate the employability of Near-Infrared Spectroscopy to detect Fusarium infection in barley. As per experts, Fusarium, a kind of fungus, reduces grain yields and generates a toxin which is potentially harmful to human beings and cattle that consume the infected grains.

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Process analytical technology (PAT) is a mechanism to design, analyze and control manufacturing through measuring process parameters that affects critical quality attributes. NIR sector is estimated to grow at 6.1% CAGR from 2016 to 2024, accounting for more than 55% of the overall industry share by 2024. Surging application in various industry sectors such as food, quality monitoring &process control and chemical may surge demand over the forecast timeline.

Advent of PAT framework by Food and Drug Administration (FDA) with an aim to ensure high quality product performance is forecast to boost growth. This has led to adoption pharmaceutical companies across the U.S. This equipment enables effective &efficient process monitoring and also perfroms quality check, which in turn aids in reducing variable expenditure involved by minimizing errors as well as re-work. Furthermore, growing industry competition is anticipated to increase price as well as quality pressure in order to gain competitive advantage over the next eight years.

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Key insights from the report include:
FT-IR (fourier transform infrared) technology segment was valued at more than USD 170 million in 2015. Rising prominence of this technology in numerous industries for assessment and identification of various chemicals &compounds and materials such as residues, particulates and pesticides is expected to propel industry demand through 2024.

Polymer sector accounted for over 16% of the process spectroscopy market share in 2015 and estimated to grow at 6.2% CAGR from 2016 to 2024. High product volumes, customization as well as strict quality requirement will positively imapct polymer application revenue through 2024.

Strict quality norms in healthcare, food &agriculture, and pharmaceuticals sector may positively impact revenue in the North American industry.
Asia Pacific process spectroscopy market size is expected to grow at 8% CAGR from 2016 to 2024. Industry participants are increasingly relocating R&D and manufacturing facilities owing to presence of cheap labor and resource cost may catapult regional growth.

Key competitors include Bruker, ABB, Buchi Labortechnik, Danaher, Foss A/S, Horiba and Agilent Technologies. Other prominent industry participants are Eureka Forbes, Panasonic, Haier, iRobot, LG, Bissell, Royal Philips Electronics and Samsung.

Table of Contents

Chapter 1 Process Spectroscopy Market Methodology and Scope

Chapter 2 Process Spectroscopy Market Executive Summary

Chapter 3 Process Spectroscopy Industry Insights

Chapter 4 Process Spectroscopy Technology Insights

Chapter 5 Process Spectroscopy Application Insights

Chapter 6 Process Spectroscopy Regional Insights

Chapter 7 Process Spectroscopy Market Company Profiles

Outer scope of this report increasing implementation of process spectroscopy in drug safety procedures and the food and agriculture sectors will perpetually augment the market size. In addition to this, augmenting demand for water and wastewater treatment have also backed the market development in recent years. Furthermore, rapid technological advancements, burgeoning demand for cloud-based spectroscopy, product enhancement for better efficiency, and rising competition among market players to save processing time, are also anticipated to add considerable momentum to market growth. However, the dearth of skilled professionals, high infrastructure setup costs, and maintenance expenses are likely to slightly deter process spectroscopy market growth in the ensuing years.

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