Process Spectroscopy Market Size and Growth Analysis by 2024 - ABB, Agilent Technologies, Bruker, Danaher Corporation, FOSS, HORIBA, SHIMADZU CORPORATION and Thermo Fisher Scientific

Over the recent years, Process Spectroscopy Market has witnessed a phenomenal upswing, the credit of which can primarily be given to the rising demand for accuracy and quality control in product manufacturing. In order to save valuable time and money, companies are focusing to reduce expenditure by lessening the re-work and errors. In this regard, market participants are widely adopting the process spectroscopy technique to measure and monitor their work processes. Regulatory bodies worldwide are also expected to partake heavily in the deployment of process spectroscopy to enable an efficient work procedure. Evident from the massive applications of this technique, the global process spectroscopy market is certain to witness a heavy surge in the years ahead with a CAGR estimation of 6.5% over the period of 2016-2024.

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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.

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.

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Key competitors include ABB, Agilent Technologies, Bruker, BÜCHI Labortechnik AG, Danaher Corporation, FOSS, HORIBA, Kett Electric Laboratory, Sartorius AG, SHIMADZU CORPORATION, Thermo Fisher Scientific and Yokogawa Electric Corporation. Other prominent industry participants are Eureka Forbes, Panasonic, Haier, iRobot, LG, Bissell, Royal Philips Electronics and Samsung.

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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Rising conciousness regarding high quality standards and products among customers may encourage process spectroscopy market players to adhere guidelines for international quality standards. Companies across the world have started implementing quality measures in order to gain certifications. For instance, Boeing, 3M, Hewlett Packard (HP), Lockheed Martin and General Electric (GE), have successful implemented Six Sigma.

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