Transparency Market Research, in a 95-page research publication, states that the global market for process spectroscopy is on course to expanding at a healthy CAGR of 7.4% from 2013 to 2019, driven by the growing focus on matching global quality standards such as Six Sigma and ISO (International Organization for Standardization) across various industries. The report is titled “Process Spectroscopy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019” and is available for sale on the company’s website. The value of the gloabl process spectroscopy market is poised to rise from US$714.5 mn in 2012 to US$1.1 bn by 2019.
Process spectroscopy is a technique used by companies to measure, monitor, and assess product quality during the process of manufacturing as well as during the analysis of the final product. It has become imperative for companies to produce high-quality products that match industry standards in this competitive and highly commercialized business environment and as a result, process spectroscopy has gained much significance over the years.
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The global process spectroscopy market has been studied based on technology, end use, and geography.On the basis of technology, the process spectroscopy market has been segmented into Raman, near-infrared (NIR), and Fourier transform infrared (FT-IR). In 2012, the near-infrared segment dominated the overall market for process spectroscopy in terms of revenue owing to its compatibility with product manufacturing processes in end-use industries such as pharmaceutical, chemicals, oil and gas, and food and agriculture. The demand for Raman spectroscopy is anticipated to surge during the forecast period thanks to the rising adoption of this technology in the food and agriculture and pharmaceutical industries.
By end use, the process spectroscopy market has been divided into oil and gas, food and agriculture, polymer, pharmaceutical, chemicals, and others, including environmental and medical diagnostics.
Based on geography, the process spectroscopy market has been divided into Europe, Asia Pacific, North America, and Rest of the World. Accounting for a 48.6% share in 2012, North America dominated the global process spectroscopy market owing to the strong presence of a number of leading companies such as Bruker Corporation, Thermo Fisher Scientific, and Agilent Technologies.
Emerging as the most rapidly expanding regional markets for process spectroscopy, Asia Pacific is likely to witness impressive growth thanks to the increasing number of manufacturing plants in countries such as China, Japan, and India. Japan is perhaps among the largest contributors to the growth of the Asia Pacific process spectroscopy market since a number of national companies, including Kett Electric Laboratory, Shimadzu Corporation, Horiba Ltd., and Yokogawa Electric Corporation are based in Japan.
Some of the leading companies competing in the process spectroscopy market are Shimadzu Corporation, Thermo Fisher Scientific, Inc., Yokogawa Electric Corporation, Foss A/S, Bruker Corporation, Sartorius Ag, ABB Limited, BuchiLabortechnik AG, Kett Electric Laboratory, Danaher Corporation, and Horiba Limited. These players have been evaluated in the report based on aspects such as company and financial outlook, business strategies, and recent developments.
Process Spectroscopy Market, by Technology
Near Infrared (NIR) Spectroscopy
Fourier Transform Infrared (FT-IR) Spectroscopy
Process Spectroscopy Market, by End-use Industry
Oil and Gas
Food and Agriculture
Other industries (medical diagnostic and environmental)
Process Spectroscopy Market, by Geography