Press release
Process Spectroscopy Industry Outlook 2025-2029: Market Set to Cross $31.76 Billion Milestone
Process Spectroscopy
How Large Will the Process Spectroscopy Market Size By 2025?
In recent years, the size of the process spectroscopy market has seen a robust growth. The market, which is projected to expand from $21.75 billion in 2024 to $23.4 billion in 2025, will witness a compound annual growth rate (CAGR) of 7.6%. This expansion during the historical period can be ascribed to factors such as the demand for quality control, cost-effectiveness, swift analysis, competitive market conditions, and healthcare innovations.
How Big Is the Process Spectroscopy Market Size Expected to Grow by 2029?
The market size of process spectroscopy is predicted to have a substantial growth in the coming years, reaching $31.77 billion in 2029, with a compound annual growth rate (CAGR) of 7.9%. Factors contributing to this growth during the projected period include the integration of Industry 4.0, miniaturization and portability, emphasis on sustainability, advancements in pharmaceuticals, biotech and life sciences. Major trends for the forecast period encompass cross-sector cooperation, customisation and software solutions, expansion into emerging markets, precision farming, and remote monitoring solutions.
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Which Key Market Drivers Powering Process Spectroscopy Market Expansion and Growth?
The growth of the process spectroscopy market is anticipated to be driven by the escalating demand from pharmaceutical sectors. Spectroscopic methods, including nuclear magnetic resonance (NMR), offer molecular scale studies that are critical to the pharmaceutical production process. They aid in everything from the identification and inspection of raw materials to the creation and formulation of pharmaceutical products. Consequently, as pharmaceutical industries expand, the need for process spectroscopy also rises. The Government of Canada, a federal administration based in Canada, reported in August 2024 that domestic exports in the pharmaceutical trade had risen to 12.79 in 2022, up from 10.71 in 2021. Thus, the surging demand from pharmaceutical sectors catalyzes the growth of the process spectroscopy market.
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Which Fast-Growing Trends Are Poised to Disrupt the Process Spectroscopy Market?
The rising trend of technological innovation is becoming increasingly apparent in the process spectroscopy market. To maintain their market positions, leading companies are introducing cutting-edge technologies, such as the Ramina Process Analyzer. For instance, Thermo Fisher Scientific, an American firm recognized for its scientific instruments, rolled out the Ramina Process Analyzer in April 2022. This user-friendly analyzer uses Raman spectroscopy for continuous and non-destructive assessment in biopharmaceutical manufacturing. Its compact design enables quick set up and machine-controlled measures devoid of the requirement for sample planning, thus promoting ease of use for all expertise levels. With its patented probes, the analyzer delivers superior speed and sensitivity, encouraging real-time data creation and simplifying processes. This makes it a more effective substitute for conventional methods.
What Are the Emerging Segments in the Process Spectroscopy Market?
The process spectroscopy market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Technology: Molecular Spectroscopy, Mass Spectroscopy, Atomic Spectroscopy
3) By End-User Industry: Polymer, Oil And Gas, Pharmaceutical, Food And Agriculture, Chemical, Other End User Industries
Subsegments:
1) By Hardware: Spectrometers, Detectors, Light Sources
2) By Software: Data Acquisition Software, Analysis And Interpretation Software, Calibration Software
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Who Are the Global Leaders in the Process Spectroscopy Market?
Major companies operating in the process spectroscopy market are 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.
Which are the Top Profitable Regional Markets for the Process Spectroscopy Industry?
North America was the largest region in the process spectroscopy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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