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Spectroscopy Solutions: Unlocking Processes Across Industries
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According to The Business Research Company's, The process spectroscopy market size has grown strongly in recent years. It will grow from $20.41 billion in 2023 to $22.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to quality control demands, cost efficiency, rapid analysis, market competition, healthcare innovations.
The process spectroscopy market size is expected to see strong growth in the next few years. It will grow to $30.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to industry 4.0 integration, miniaturization and portability, sustainability focus, pharmaceutical advancements, biotech and life sciences. Major trends in the forecast period include cross-industry collaboration, customization & software solutions, emerging markets expansion, precision agriculture, remote monitoring solutions.
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Market Drivers and Trends:
The growing agriculture sector is expected to boost the growth of the process spectroscopy market going forward. The agriculture sector refers to a broad range of activities related to the cultivation of land, raising and harvesting crops, and the rearing of livestock. As the agriculture sector continues to embrace technological advancements for improved efficiency and sustainability, the demand for process spectroscopy solutions is expected to grow, making a positive impact on the overall market. For instance, in November 2023, according to a report published by the United States Department of Agriculture, a US-based government agency, in 2021, the combined contribution of agriculture, food, and related industries to the US gross domestic product (GDP) stood at around $1.264 trillion, constituting a 5.4% portion. U.S. farms accounted for $164.7 billion, equivalent to around 0.7% of the country's GDP. The overall impact of agriculture on GDP surpasses the 0.7% figure. Therefore, the growing agriculture sector is driving the growth of the process spectroscopy market.
Technological advancement is a key trend gaining popularity in the process spectroscopy market. Major market players are developing advanced technologies to sustain their position in process spectroscopy, such as the ZenoTOF 7600 system. For instance, in June 2021, SCIEX, a US-based company engaged in life science analytical technologies, launched the ZenoTOF 7600 system, a novel, accurate mass LC-MS/MS instrument for biotherapeutics. This new system allows scientists to identify, classify, and quantify molecules more accurately than ever before by generating previously unachievable data. This finding will help to progress the development of novel precision diagnostics and biotherapeutics by resolving genuine analytical problems. For the first time in a commercial instrument, the ZenoTOF 7600 system includes the patented Zeno trap and electron-activated dissociation (EAD) fragmentation. Zeno trap pulsing eliminates the conventional duty cycle problems of orthogonal TOF technology, offering up to 20x the sensitivity and enabling the identification of crucially low levels of abundant compounds on a regular basis.
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Major Key Players of the Market:
ABB Group, Agilent Technologies Inc., Bruker Corporation, Buchi Labortechnik AG, Danaher Corporation, Foss A/S, HORIBA Ltd., Kaiser Optical Systems Inc., Kett Electric Laboratory, Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific Inc., Yokogawa Electric Corporation, SCIEX, tec5USA Inc., PerkinElmer Inc., Jasco Inc., Metrohm AG, Anton Paar GmbH, Malvern Panalytical Ltd., Oxford Instruments plc, Spectris plc, Teledyne Technologies Inc., MKS Instruments Inc., Emerson Electric Co., Endress+Hauser AG, Analytik Jena AG, Hitachi High-Technologies Corporation, JEOL Ltd., Rigaku Corporation, WITec GmbH, Ocean Optics Inc., Avantes BV, StellarNet Inc., Wasatch Photonics Inc., B&W Tek Inc., LightMachinery Inc.
Process Spectroscopy Market 2024 Key Insights:
• The process spectroscopy market size is expected to see strong growth in the next few years. It will grow to $30.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Elevated Demand From Pharmaceutical Industries Fueling The Growth Of The Process Spectroscopy Market
• Impact Of Technological Advancements In The Process Spectroscopy Market
• North America was the largest region in the process spectroscopy market in 2023
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