Process Spectroscopy Market was valued at over USD 800 million in 2015, and is expected to reach USD 1.47 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising focus on improvisation in order to eleminate ineffective process such as visual defects, inventory and production time is expected to propel industry growth. Effective control offers numerous benefits such as low production & inspection cost, consumer satisfaction, increased sales as well as optimized resource utilization, which in turn will catalyze process spectroscopy market size from 2016 to 2024.
Process analytical technology (PAT) is a mechanism to design, analyze and control manufacturing through measuring process parameters that affects critical quality attributes. NIR sector is estimated to grow at 6.1% CAGR from 2016 to 2024, accounting for more than 55% of the overall industry share by 2024. Surging application in various industry sectors such as food, quality monitoring & process control and chemical may surge demand over the forecast timeline.
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Advent of PAT framework by Food and Drug Administration (FDA) with an aim to ensure high quality product performance is forecast to boost growth. This has led to adoption pharmaceutical companies across the U.S. This equipment enables effective & efficient process monitoring and also performs quality check, which in turn aids in reducing variable expenditure involved by minimizing errors as well as re-work. Furthermore, growing industry competition is anticipated to increase price as well as quality pressure in order to gain competitive advantage over the next eight years.
Rising consciousness regarding high quality standards and products among customers may encourage process spectroscopy market players to adhere guidelines for international quality standards. Companies across the world have started implementing quality measures in order to gain certifications. For instance, Boeing, 3M, Hewlett Packard (HP), Lockheed Martin and General Electric (GE), have successful implemented Six Sigma.
Lack of skilled workforce accompanied by high capital investment is anticipated to hamper production rate. Emergence of cost effective technologies is expected to offer massive growth opportunities for process spectroscopy market share through 2024.
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FT-IR (fourier transform infrared) technology segment was valued at more than USD 170 million in 2015. Rising prominence of this technology in numerous industries for assessment and identification of various chemicals & compounds and materials such as residues, particulates and pesticides is expected to propel industry demand through 2024.
Polymer sector accounted for over 16% of the process spectroscopy market share in 2015 and estimated to grow at 6.2% CAGR from 2016 to 2024. High product volumes, customization as well as strict quality requirement will positively imapct polymer application revenue through 2024.
Strict quality norms in healthcare, food & agriculture, and pharmaceuticals sector may positively impact revenue in the North American industry.
Asia Pacific process spectroscopy market size is expected to grow at 8% CAGR from 2016 to 2024. Industry participants are increasingly relocating R&D and manufacturing facilities owing to presence of cheap labor and resource cost may catapult regional growth.
Key competitors include Bruker, ABB, Buchi Labortechnik, Danaher, Foss A/S, Horiba and Agilent Technologies. Other prominent industry participants are Eureka Forbes, Panasonic, Haier, iRobot, LG, Bissell, Royal Philips Electronics and Samsung.
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:
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.