The FT-IR technology based process spectroscopy market is estimated to account for more than 20% of the overall industry share by 2024, having had collected USD 170 million revenue in 2015. Growing penetration of this technology for assessment and identification of various chemicals, compounds, and materials is fueling the growth of this technology in the process spectroscopy market.
Near infrared spectroscopy technology segment contributed more than 60.1% to total process spectroscopy market share for 2015 and is projected to register CAGR of more than 6.1% during forecast timeline. Growth of the segment can be credited to its increasing use in many sectors likebiogas plants, quality monitoring, plastics identification in chemical sector, food industry and paper production control.
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Process spectroscopy is a technique which involves the application of spectroscopy that includes studying the interaction between matter and electromagnetic radiation. With process spectroscopy users can monitor, analyze, and control process along with enhancing the quality of product and recognizing the defects in product materials.
The implementation of PAT framework by Food and Drug Administration (FDA) which aims at ensuring high quality product performance is anticipated to boost the process spectroscopy market growth. This has increased the adoption of process spectroscopy in pharmaceutical companies across the U.S. The equipment is enabling efficient process monitoring and also performs quality check, which thereby, aids in minimizing the variable expenditure involved by reducing errors as well as re-work.
Global process spectroscopy market is segmented into various geographical locations like MEA, North America, Latin America, Europe and Asia Pacific.
Presence of major industry players and strict quality standards in food & agriculture sector, pharmaceuticals sector and healthcare sector is predicted to drive U.S. process spectroscopy industry growth.
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Process analytical technology is a technique that plans, examines and controls production by determining parameters which affect critical value attributes. Food and Drug Administration framed process analytical technology framework to assure outstanding performance. All this has resulted in growing acceptance of the framework by many pharmaceutical firms in U.S. Due to this, U.S. process spectroscopy market is predicted to experience great impact of the framework in future.
APAC process spectroscopy market is predicted to register CAGR of about 8.1% in revenue terms during forecast timeline. Industry players are growingly relocating their research & development units as well as production units in the region due to low costs of labor and resources. All these factors are projected to contribute towards regional industry growth.
Major industry participants profiled in the report include Yokogawa Electric Corporation, ABB Limited, Horiba Limited, Bruker Corporation, Danaher Corporation, Agilent Technologies Incorporation, Sartorius AG, Buchi Labor technik AG, Foss A/S, Kett Electric Laboratory, Shimadzu Corporation and Thermo Fisher Scientific Incorporation.
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