Process Spectroscopy Market Opportunities, Demand and Forecasts (2020-2026)

Awareness programs launched by governments to spread knowledge about quality food and drugs are driving the Process Spectroscopy Market, finds Fortune Business Insights in a new study. The study is titled, "Process Spectroscopy Market: Global Market Analysis, Insights and Forecasts, 2018 - 2025." According to this study, the overall process spectroscopy market is expected to grow from USD 976.9 Million in 2017 to USD 1,910.1 Million by 2025 at a CAGR of 8.9% during the forecast period.

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List of Top Key Players Mentioned:

Agilent Technologies Ltd.
ABB Ltd.
BUCHI Labortechnik AG
Bruker Corporation
Danaher Corporation
Foss A/S.
HORIBA, Ltd.
Kett Electric Laboratory
Shimadzu Corporation
Sartorius AG
Thermo Fisher Scientific Inc.
Yokogawa Electric Corporation

"Shimadzu Corporation Emerges Dominant"

Extensive distribution channels of leading players have catapulted them to the fore of the global process spectroscopy market. This has also rendered the global market consolidated. Currently, the market is dominated by companies such as Horiba, Ltd., Kett Electric Laboratory, Shimadzu Corporation.

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With the widespread adoption of NIR spectroscopy across several end-use industries, the segment is expected to rise remarkably in terms of technology. In 2017, the NRI spectroscopy segment accounted for an approximate share of 52.6% in the market. However, the FT-IR spectroscopy segment is expected to display a better performance as compared to the traditional methods of data reproducibility and collection speed, spectral quality, and easy application and maintenance. Thus, the FT-IR segment is expected to be the fastest-growing segment with respect to technology.

The application of Raman spectroscopy is increasing in the agriculture sector due to its varied features that are useful in the agricultural sector. Growth in this sector is attributable to various technological developments namely detailed fingerprinting, the ability to estimate the purity of a compound and others. On the other side, the wide adoption of molecular spectroscopy technology in pharmaceutical, as well as in food and agriculture sectors is likely to propel growth in the market for process spectroscopy in the future.

"Adoption of Process Spectroscopy in Various Sectors to Propel Market Globally"

The increasing focus on maintaining international quality standards across industries and the growing adoption of process technology across various sectors such as food and agriculture and pharmaceuticals are key factors driving the global spectroscopy market. Governments have also taken initiatives to spread awareness about quality maintenance and all have implemented rules regarding the same. This is expected to boost the uptake of process spectroscopy across diverse industries. Furthermore, the increasing adoption of process spectroscopy in the pharmaceutical industry is also enabling growth in the market.

The global process spectroscopy market is expected to show impressive growth bolstered by various factors. These include the rise in demand for water and wastewater treatment and the rising popularity of spectroscopy for drug safety processes across the globe.

However, the high cost of deploying adequate infrastructure to support process spectroscopy may hinder the market in the future. Again, once installed, there is the constant need for maintenance of process spectroscopy and this may hamper the market to an extent. Besides this, the lack of skilled professionals for process spectroscopy technology might as well hinder the overall growth of the market in the long run.

Nevertheless, the adoption of such technologies in developing nations such as China and India and the increasing demand for process analyzers will give tailwinds to the growth of the global market.

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