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Global Process Spectroscopy Market to Exhibit 7.4% CAGR from 2013 to 2019

Process spectroscopy is primarily an application of the spectroscopic techniques used to check manufactured products on the basis of time- and cost-efficiency. The global process spectroscopy market finds application in varied industries such as the pharmaceutical industry, chemical industry, medical diagnostic industry, oil and gas industry, environmental industry, food and agriculture industry, and polymer industry, to list a few.

In 2012, the global process spectroscopy market stood at US$714.5 million and is estimated to grow substantially at a 7.4% CAGR between 2013 and 2019.

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The rising demand for precision and quality checks in product manufacturing resulting in cost reduction has boosted the demand for process spectroscopy. In addition, increased use of process spectroscopy in a wider range of industries and the merging of spectroscopy technologies into a single instrument are some of the factors expected to help the global process spectroscopy market develop rapidly in the near future. However, the high capital investment required to develop and maintain process spectroscopy instruments results in high costing structures for the product, which is acting as a restraint on the global process spectroscopy market.

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Food and Agriculture Industry to Boost Demand for Raman Process Spectroscopy

The global process spectroscopy market has been categorized according to the technology used in it, which includes Fourier transform infrared (FT-IR) spectroscopy, Raman spectroscopy, and near infrared (NIR) spectroscopy.

In 2012, in terms of revenue, NIR process spectroscopy technology accounted for the largest share in the global process spectroscopy market. The dominance of NIR process spectroscopy was due to the combination of NIR and product developing process in various industries such as chemicals, food and agriculture, oil and gas, pharmaceutical, and others.

On the other hand, Raman process spectroscopy accounted 17.1% of the global process spectroscopy market in 2012 and is anticipated to grow rapidly. The rising demand is a result of the rising adoption of Raman in food and agriculture industry and pharmaceutical industry. Raman process spectroscopy is non-destructive for the chemical structure of the products in the process analysis. In addition, owing to the convergence potential of FT-IR with NIR and Raman, it is anticipated that the demand for process spectroscopy will grow substantially in the near future.

North America Led the Global Process Spectroscopy Market in 2012

The global process spectroscopy market has been segmented for the purpose of geographical analysis into regions such as Asia Pacific, Europe, North America, and Rest of the World.

Among these regional markets, North America dominated the global process spectroscopy market, accounting for 48.6% of the total market in 2012. The dominance of this region can be attributed to the presence of leading market players. However, the process spectroscopy market in Asia Pacific is anticipated to grow rapidly in the near future, due to the increased production units of varied companies in this region. Moreover, the Asia Pacific process spectroscopy market is growing at a rapid pace with the majority of the contribution coming from booming economies such as China, Japan, and India. This is mainly due to the presence of leading players in this region that are developing the products for various industries such as chemicals and food, agriculture, oil and gas, pharmaceuticals, and polymers.

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Global Process Spectroscopy Market Presents Stiff Competitive Landscape

The global process spectroscopy market is highly competitive and is further expected to retain the competitive rivalry in the near future. In 2012, Andor technologies, Buchi Labortechnik AG, Bruker Corporation, and Thermo Fisher Scientific, Inc. were the dominant players in the global process spectroscopy market and jointly held around 40% of the overall market.

Some of the other prominent players operating in the market include Sartorius AG, Shimadzu Corporation, Foss A/S, Horiba Limited, ABB Limited, Danaher Corporation, Yokogawa Electric Corporation, and Kett Electric Laboratory.

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