Process Spectroscopy Market Size 2022-28: Growth, Trends, Global Share Analysis

According to Precision Business Insights (PBI), the latest report, the process spectroscopy market is expected to be valued at USD 1,058.0 million in 2022 and is poised to grow at a significant CAGR of 9.1% over 2022-2028. The primary drivers of the expansion of the process spectroscopy cans market include the increasing adoption rate of spectroscopic techniques, amid applications of spectroscopy in various sectors, growing awareness of quality food and drugs, and increasing investment in the research and development sector.

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Pharmaceutical Sector to Dominate the Process Spectroscopy Market:
Based on application, the global process spectroscopy market is segmented into polymer, oil and gas, pharmaceuticals, biotechnology industry, food and agriculture, chemicals, water and wastewater, pulp & paper, metal & mining, and others. Among them, the pharmaceutical sector is holding a major market share and is expected to lead the market further in the forecasted years due to the increased adoption rate of pharmaceutical techniques and growing awareness of quality food and drugs.

Asia Pacific Process Spectroscopy Market:
On the basis of region, the global process spectroscopy market is segmented into North America, Europe, Asia Specific, Latin America, and MEA countries. North America held considerable market share during the estimated period owing to well-developed infrastructure in laboratories, the high adoption rate of advanced technology, and various applications of spectroscopy in the pharmaceutical and food sectors. The Asia Pacific market is expected to increase in the process spectroscopy cans market over the forecast period. The Asia Pacific market is expanding due to the presence of leading market players such as Shimadzu Corporation, Kett Electric Laboratory, Horiba, Ltd., etc. in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The process spectroscopy cans market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In April 2022, Shimadzu Scientific Instruments introduced the IRXross Fourier transform infrared (FTIR) spectrophotometer. This midlevel FTIR model achieves upper-end performance, including high-level S/N ratio, resolution, measurement speed, and ease of use. In April 2022, Thermo Fisher Scientific Inc announced the release of a new Raman spectroscopic analyzer for process monitoring for a variety of applications, including biopharmaceutical manufacturing.

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The process spectroscopy market is segmented based on component, technology, application, and geography.
Based on the component, the market is segmented into the following:
• Hardware
• Software

Based on the technology, the market is segmented into the following:
• Molecular Spectroscopy
• Mass Spectroscopy
• Atomic Spectroscopy

Based on the application, the market is segmented into the following:
• Polymer
• Oil and Gas
• Pharmaceuticals
• Biotechnology industry
• Food and Agriculture
• Chemicals
• Water and Wastewater
• Pulp & Paper
• Metal & Mining
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the process spectroscopy market report are ABB Group, Agilent Technologies, Inc., Bruker, Buchi Labortechnik AG, Danaher Corporation, Foss, Kaiser Optical Systems, Inc, Kett Electric Laboratory, Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific, Inc., and Yokogawa Electric Corporation.

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This release was published on openPR.