Press release
Process Spectroscopy Market grow at 6.5% CAGR from 2016 to 2024
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This mechanism helps design, analyze, and control manufacturing processes by monitoring vital parameters that may affect crucial quality attributes and by establishing efficient process control, which will spur process spectroscopy industry over the next few years. As per Global Market Insights, Inc., process spectroscopy market size, worth USD 800 million in 2015, is anticipated to cross a revenue of USD 1.47 billion by the year 2024, with a CAGR projection of 6.5% over 2016-2024.
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Of late, companies have been reducing product prices and enhancing the quality to secure an edge over their rivals. Increasing public awareness has also prompted manufacturers to come up with high quality standards to meet the required demand.
Having accounted for more than 60% of the total share in 2015, NIR based process spectroscopy market is anticipated to grow at a rate of 6.1% over 2016-2024. Subject to the huge demand for this technology across the food & beverage, plastics identification, quality monitoring, and biogas productions sectors, NIR technology will hold more than 55% of the overall process spectroscopy industry in 2024.
The Fourier Transform (FT-IR) technology is being heavily deployed across material, compound, and chemical assessment for identifying residues, pesticides, narcotics, fibers, particulates, and chemical warfare agents. With a valuation of USD 170 million in 2015, FT-IR-based process spectroscopy market is anticipated to grow at a lucrative rate over 2016-2024, and will hold more than 20% of the overall share in 2024.
Industry players have been concentrating on manufacturing numerous instruments and devising solutions that will incorporate both the FT-IR and NIR technologies in one device. Bruker Corporation, a leading process spectroscopy market participant, has already developed the MPA, a multifunctional FT-NIR analyzer.
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The United States houses most of the companies operating in process spectroscopy industry. In addition, the government has enforced strict norms regarding the quality standards on the agriculture, pharmaceuticals, medical, and the food & beverage sectors, which will stimulate U.S. market share over 2016-2024.
Many companies have been shifting their manufacturing base to emerging economies pertaining to the reduced production & operating costs and the availability of cheap labor. This will propel Asia Pacific process spectroscopy industry share, which is anticipated to grow at a rate of 8% over 2016-2024.
Process spectroscopy market is characterized by the presence of numerous biggies such as Kett Electric Laboratory, Sartorius, Foss A/S, Shimadzu Horiba, ABB, Thermo Fisher Scientific, Yokogawa Electric, Bruker, Danaher, Buchi Labortechnik, and Agilent Technologies.
This latest Process spectroscopy market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Process spectroscopy industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across 89 Pages with 48 market data tables & 42 figures from the report, “Process Spectroscopy Market Size By Technology (NIR, FT-IR, Raman), By Application (Polymer, Oil and Gas, Pharmaceuticals, Food & Agriculture, Chemical), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
https://www.fractovia.org/news/industry-research-report/process-spectroscopy-market
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