Global Process Spectroscopy Market Size Expected to Reach US$ 34.9 Billion with CAGR of 6.8% by 2028 – IMARC Group
IMARC Group, a leading market research company, has recently releases report titled “Process Spectroscopy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global process spectroscopy market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the process spectroscopy market?
The global process spectroscopy market size reached US$ 23.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.8% during 2023-2028.
What is process spectroscopy?
Process spectroscopy is a specialized methodology that studies and analyzes the interaction between electromagnetic radiation, matter, and light. It involves splitting the radiation into a spectrum of its wavelengths to study electrons, protons, ions, and the generated collision energy. Process spectroscopy includes benchtop, micro, portable and hyphenated spectroscopes, amplifiers, signal processors, display units, and microscopes as common devices. These components are used for Fourier transform infrared spectroscopy (FT-IR), nuclear magnetic resonance (NMR), and near-infrared spectroscopy (NIRS). Additionally, process spectroscopy saves time and overall monitoring and operational costs; therefore, it finds extensive applications in biological research and environment testing setups.
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What are the growth prospects and trends in the process spectroscopy industry?
The rapid growth in the pharmaceutical sector is primarily driving the market growth. Process spectroscopy is widely used as an analysis technology in the industry to rapidly measure the critical material attributes (CMAs) in real-time, identify drugs, test purity, crystalline drug structures, patent antibiotics, and promote interactions between active medicaments and excipients.
Additionally, the increasing need for automation in diagnostic techniques and cost-effective sample analysis are supporting the market growth. In line with this, the implementation of Food and Drug Administration (FDA) and process analytical technology (PAT) guidelines to ensure the high-quality performance of drugs is further facilitating the demand for the solution across the globe. Moreover, the advent of NIRS and Raman spectroscopy instruments for the verification of raw materials to develop bioreactors and large volumetric drug probes with high accuracy is propelling the market growth.
Furthermore, the extensive uptake of process spectroscopy in the agricultural sector as a non-destructive analytical tool for examining crop health, ensuring food quality control, and treating wastewater is contributing to the market growth.
Process Spectroscopy Market 2023-2028 Competitive Analysis and Segmentation:
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd
- Agilent Technologies Inc.
- Bruker Corporation
- Buchi Labortechnik AG
- Danaher Corporation
- Foss A/S
- Horiba Ltd.
- Kett Electric Laboratory
- Sartorius AG
- Shimadzu Corporation
- Thermo Fisher Scientific Inc.
- Yokogawa Electric Corporation
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technology:
- Molecular Spectroscopy
- Mass Spectroscopy
- Atomic Spectroscopy
Breakup by Component:
- Hardware
- Software
Breakup by Application:
- Polymer
- Oil and Gas
- Pharmaceuticals
- Food and Agriculture
- Chemicals
- Water and Wastewater
- Others
Geographical Analysis:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
In case you need any specific business requirements, you can mention the same. We can customize the report based on the specific needs of the client.
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