San Francisco,17
October 2018: The global process spectroscopy market size is estimated to reach USD 25.10 billion by 2025,
according to a new report by Grand View Research, Inc., progressing at a CAGR
of 7.5% during the forecast period. Growing efforts in the pharmaceutical
industry to undertake advanced research and development is leading to increased
adoption of various spectroscopy techniques over the forecast period.
The technology is anticipated
to witness healthy growth owing to rising awareness regarding the importance of
product quality among industries. Reducing operational expenditure is another
factor expected to drive the market over the forecast period. Furthermore,
significant R&D activities are undertaken, which have led to several drug
discoveries. Increasing number of drug discovery processes is leading to a
greater number of treatment options for various diseases. Treatment options
include drugs as well as non-drug therapies such as surgeries and radiations.
Surging demand for
spectroscopic techniques and related equipment installations across the globe
are poised to augment the market over the forecast period. The process
spectroscopy market is likely to witness tremendous growth over the forecast
years, owing to increasing awareness of quality spectroscopic devices among
end-use industries.
Technological
advancements necessitate matching international quality standards, such as ISO
or Six Sigma, and cost- & time-saving approaches of companies are
encouraging adoption of process spectroscopic instruments. Increasing
availability of counterfeit products in the market are mandating governments
globally to educate masses about quality products and quality standards.
Molecular spectroscopy
is a technology that is widely adopted across different application sectors
including pharmaceuticals and food & agriculture. The molecular
spectroscopy segment held the largest share in the market in 2017 and is
projected to maintain its dominance over the forecast period.
Additionally, the Raman
spectroscopy technology is gaining popularity across the agricultural sector
owing to its ability to allow non-destructive extraction of chemicals and
physical information about samples of fruits, vegetables, and food grains and
it helps in rapid analysis of these food items. Hence, these advantages of
spectroscopic techniques are attracting new applications across the food &
agricultural sector, ultimately fostering the growth of the global process spectroscopy
market.
Although, the
considerable initial investment required for installation of spectroscopic
equipment have forced industry players to pass the cost onto consumers, thereby
increasing prices of process spectroscopic instruments. However, emergence of
cost-effective technologies in the coming years can lead to reduction in prices
of these instruments.
Access Research Report
of Process Spectroscopy
Market @ www.grandviewresearch.com/industry-analysis/process-spectroscopy-market
Further key findings from the report suggest:
· Several law enforcement authorities and
government regulatory bodies imposed for betterment of product quality in the food
& agriculture sector are encouraging the manufacturing & packaging
industries to adopt measures to meet imposed specifications
· The adoption of various spectroscopic
techniques is expected to rise significantly over the forecast period in the
pharmaceutical and food & agriculture segments
· The Asia Pacific market is estimated to
witness tremendous growth over the forecast period
· The key industry participants include ABB
Group, Buchi Labortechnik AG, Danaher Corporation, Shimadzu Corporation, and
Sartorius AG
· The prominent strategies followed by large
market players include signing partnerships or distribution agreements and
mergers & acquisitions along with enriching their portfolios by involving
in intense R&D practices.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has
segmented the global process spectroscopy market based on technology,
application, component, and region:
Process Spectroscopy Technology Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Molecular Spectroscopy
·
Mass Spectroscopy
·
Atomic Spectroscopy
Process Spectroscopy Application Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Polymer
·
Oil & Gas
·
Pharmaceuticals
·
Food & Agriculture
·
Chemicals
·
Water & Wastewater
·
Pulp & Paper
·
Metal & Mining
·
Others
Process Spectroscopy Component Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Hardware
·
Software
Process Spectroscopy Regional Outlook (Revenue, USD
Billion, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
South America
·
Middle East & Africa (MEA)
Access Press Release of
Process Spectroscopy Market@ www.grandviewresearch.com/press-release/global-process-spectroscopy-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
