Global Process Spectroscopy Market is expected to reach USD 1.47 billion by 2024 and is projected to register CAGR higher than 6.6% during forecast timeline. The equipment helps in monitoring and checking the quality of process carried out in firms in order to reduce errors as well as re-work. This has promoted the global process spectroscopy industry trends during forecast timeline.
Process analytical technology (PAT) is a mechanism to design, analyze and control manufacturing through measuring process parameters that affects critical quality attributes. NIR sector is estimated to grow at 6.1% CAGR from 2016 to 2024, accounting for more than 55% of the overall industry share by 2024. Surging application in various industry sectors such as food, quality monitoring & process control and chemical may surge demand over the forecast timeline.
Advent of PAT framework by Food and Drug Administration (FDA) with an aim to ensure high quality product performance is forecast to boost growth. This has led to adoption pharmaceutical companies across the U.S. This equipment enables effective & efficient process monitoring and also perfroms quality check, which in turn aids in reducing variable expenditure involved by minimizing errors as well as re-work. Furthermore, growing industry competition is anticipated to increase price as well as quality pressure in order to gain competitive advantage over the next eight years.
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Rising consciousness regarding high quality standards and products among customers may encourage process spectroscopy market players to adhere guidelines for international quality standards. Companies across the world have started implementing quality measures in order to gain certifications. For instance, Boeing, 3M, Hewlett Packard (HP), Lockheed Martin and General Electric (GE), have successful implemented Six Sigma.
Based on technology, the Fourier Transform Infrared (FT-IR) technology segment has accounted for over USD 170 million in 2015. Rising prominence of the technology in several industries for identification and assessment of various compounds & chemicals such as particulates, residues and pesticides is expected to propel the process spectroscopy market demand by 2024.
Asia Pacific process spectroscopy Market is expected to witness a significant growth over the forecast timeline. Various industry participants are progressively relocating manufacturing facilities and R&D owing to the presence of cheap labor and low resource cost which will catapult the regional growth.
Several industry players in the process spectroscopy market are concentrating on development of instruments and solutions which can provide NIR and FT-IR in a single instrument. For instance, Bruker Corporation announced that the company has a multipurpose FT-NIR analyzer, MPA. Rising awareness about standards and quality products, among people, has forced several industry players to follow the international quality standard guidelines. The leading players in the process spectroscopy market are focusing on growing the governance through distribution and agreements partnerships.
Key players participating in the process spectroscopy market include ABB, Agilent Technologies, Kett Electric Laboratory, Foss A/S, Bruker, Danaher, Buchi Labortechnik, Sartorius, and Shimadzu, Thermo Fisher Scientific, Horiba, and Yokogawa Electric.