The global process spectroscopy market is expected to reach USD 1.27 billion by 2022, according to a new study by Grand View Research, Inc. The technological advancements and prices are anticipated to be the critical parameter saffecting the industry. The popularity of portable or handheld spectroscopy instruments is anticipated to drive the market growth over the forecast period.
The process spectroscopy market is anticipated to exhibit a positive traction withthe rising awareness for the quality throughput among end-use industries such as oil and gas, pharmaceuticals, and food and agriculture. These instruments are used to analyze, monitor, and control processes, along with identifying defect at an early stage in order to avoid production delays. The focus on reducing operational expenditure is further anticipated to drive the adoption of process spectroscopy globally.
The industry participants are increasingly adopting spectroscopic instruments in order to enhance the quality of their product and adhere tothe international quality standards such as ISO and Six Sigma. Companies,such as Boeing, 3M, Hewlett-Packard (HP), General Electric (GE), and Lockheed Martin, have implemented Six Sigma to minimize error in the manufacturing process and gain operational effectiveness.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/process-spectroscopy-market
Further key findings from the study suggest:
·
Near Infrared(NIR) accounted for over 60% of the
revenue in 2015and is expected to remain the key technology segment over the
forecast period.The Ramanspectroscopy marketis anticipated to show a high
potential. The products that offer combined functionality of the available
technologies, such as the FT-NIR spectrometer, are expected to gain popularity
withthe rising demand of rapid raw material identification in the food and
agriculture end-use industries.
·
The pharmaceutical industry is anticipated to be
the key end-use segment for the market growth over the forecast period, with an
estimated CAGR of 8.5% from 2016 to 2022. The polymer end-use segment is
projected to witnessa substantial growth, owing to the high demand, stringent
quality parameters and availability of customized products.
·
The pharmaceutical industry in the U.S. is
predicted to express an increase in the demand for process spectroscopy as a
result ofthe process analysis technology initiative by the Food and Drug
Administration. The Asia Pacific process spectroscopy market is anticipated to
show a high growth potential, owing to the presence of numerous manufacturing
industries of leading brands in emerging nations such as China, India, and
South East Asia. The “Make in India” initiative of the Indian government is
anticipated to bring new avenues for the industry players.
·
The key industry players include Thermo Fisher
Scientific, Inc., Bruker Corporation, ABB Ltd., Danaher Corporation, Agilent
Technologies, Inc., Foss A/S, and Horiba Industries. Companies such as Bruker
Corporation, ABB Ltd., Thermos Fisher Scientific, Inc., and Agilent
Technologies, Inc. are the key players in the chemical end-usesegment.Thermo
Fisher Scientific has bought disruption in the industry by introducing Nicolet
iS50in May 2012, which can initiate novel Raman, ATR, and NIR modules, without
manually changing system components.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the process spectroscopy market on the basis of technology, end-use, and region.
Process Spectroscopy Technology Outlook (Revenue, USD Million, 2012 - 2022)
·
NIR
·
FT-IR
·
Raman
Process Spectroscopy End-Use Outlook (Revenue, USD Million, 2012 -
2022)
·
Polymer
·
Oil and Gas
·
Pharmaceutical
·
Food and Agriculture
·
Chemical
·
Others
Process Spectroscopy Regional Outlook (Revenue, USD Million, 2012 -
2022)
·
North America
·
Europe
·
Asia Pacific
·
LatinAmerica
·
The Middle East and Africa
For press release of this report - http://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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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