Process Spectroscopy Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technology (Molecular Spectroscopy, Atomic Spectroscopy, Mass Spectroscopy), By Application (Chemical, Polymer, Oil & Gas, Pharmaceuticals, Food & Agriculture, Others) And By Geography - Forecasts From 2021 To 2026

The process spectroscopy market is evaluated at US$1.900 billion for the year 2019 and is projected to grow at a CAGR of 7.11% reaching the market size of US$3.070 billion by the year 2026.

Process Spectroscopy refers to a technique of calculating or monitoring the manufacturing process with the use of spectroscopy, which includes the study of how electromagnetic radiation interacts with matter. The increasing need for producing better quality products due to the increase in competition has elevated the adoption of process spectroscopy and is anticipated to propel market growth even further in the coming years. Also, the growing awareness regarding quality and regulation has led to the increased utilization of process spectroscopy technology.

Furthermore, the rise in utilization of process spectroscopy in the healthcare sector, along with the booming pharmaceutical industry has positively impacted the process spectroscopy market and is anticipated to be one of the major factors in bolstering the growth of the process spectroscopy market during the forecast period.

The recent outbreak of the novel coronavirus disease is anticipated to positively impact the market growth. Process spectroscopy was already being increasingly used in the pharmaceutical industry for monitoring products. The advent of the Covid-19 pandemic led to a further boost in the process spectroscopy market as the pharmaceutical industry saw a huge surge during the pandemic. Raman spectroscopy is being used by various scientists for the detection of Covid-19 and as a tool for the fight against the virus. This has led to a surge in the market and is expected to further propel the market growth during the forecast period. Furthermore, the Covid-19 pandemic has led to an increase in the consumption of dietary supplements, and process spectroscopy also is used in the analysis of supplements. This is further expected to surge the market growth in the coming years.

The Process Spectroscopy market has been classified based on Technology, Application, and Geography. By Technology, the market has been classified based on Molecular Spectroscopy (NIR, FT-IR, Raman, NMR, and others), Atomic Spectroscopy, and Mass Spectroscopy. On the basis of Application, the segmentation has been done into Chemicals, polymers, Oil & Gas, Pharmaceuticals, Food & Agriculture, and others. Geographically, the market for Process Spectroscopy has been distributed into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Rise in need for better quality products due to growing competition

One of the key factors supplementing the Process Spectroscopy market growth includes the growing need for monitoring during product manufacturing to improve product quality. As the competition among the manufacturers is increasing with increased globalization, online selling, and many other factors, the manufacturers are working towards better monitoring of their products, to enhance the productivity and quality of the product and hence satisfying the customer demand. Monitoring also aims at reducing errors and production time, which places the company ahead of its competitors. According to the 7th Italian Conference on sensors and microsystems, NIR spectroscopy can measure soluble sugar content (SSC) and water content in fruit and hence can be utilized commercially as a quality indicator. Also, there are certain products that are increasingly being counterfeited owing to their large demand or high price. The Royal Society of Chemistry (RSC) in 2015 studied the use of process spectroscopy in food fraud.

The study evaluated AvaSpec-NIR256-2.5-HSC which is a NIR spectrometer, for developing a method of field evaluation of the food chain in order to prevent food counterfeits. Spectral Innovation, a French Company, partnered with Australia, the center of expertise for the food industry, and made a fluorescence analyzer system to monitor curd coagulation which is aimed to help cheese producers improve cheese quality. The study was published in the Journal of Dairy Science (JDS), American Dairy Science Association in 2015. Hence the rise in need for better quality products and the process spectroscopy being the perfect tool to fulfill the need according to various studies is anticipated to bolster the growth of the Process Spectroscopy market during the forecast period.

Increased use of process spectroscopy in healthcare along with booming healthcare industry

The rising use of process spectroscopy in the medical field is one of the prominent factors which is anticipated to drive market growth in the coming years. According to the Journal of Medical Physics and Applied Sciences, the adoption of FTIR spectroscopy in both basic and applied research in biomedicine have increased over the years and the research for utilization of FTIR spectroscopy in biomedicine is expected to expand owing to the need for fast techniques, and due to its high sensitivity and specificity to unambiguously diagnose a disease. MIT Laser Biomedical Research Center (LBRC), which is an NIH NIBIB research resource, showed in January 2020 that the blood glucose levels of an individual can be measured with the use of Raman spectroscopy by identifying the chemical composition of tissue by shining near-infrared light on it.

These innovations and increased applications of process spectroscopy in the healthcare sector are expected to propel market growth in the coming years. According to World Cancer Research Journal 2019, the prevalence of brain tumors has increased in all ages around the world in the past 20 years with a growth of more than 40% in the adult population. This has made the use of magnetic resonance spectroscopy more prevalent as it is used to measure biochemical changes in the brain in the presence of tumors. Furthermore, with the boom in the pharmaceutical industry, the use of process spectroscopy in manufacturing the drugs has increased which has further led to growth in the process spectroscopy market and is anticipated to supplement the market growth during the forecast period.

North America to hold a prominent share in the market

Geographically, the North American region is anticipated to hold a significant share in the market owing to the presence of strict regulations & standards for quality of products, propelling increased utilization of process spectroscopy in manufacturing. The Asia Pacific region is anticipated to witness substantial growth due to the presence of countries like China and India that are witnessing rapid growth in the pharmaceutical industry.

Competitive Insights

Prominent/major key market players in the Process Spectroscopy market include Ametek Process Instruments, Buchi Labortechnik AG, and ABB, among others. The players in the Process Spectroscopy market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Process Spectroscopy market.

Process Spectroscopy Market Scope:

Segmentation

• By Technology
  • Molecular Spectroscopy
    • NIR
    • FT-IR
    • Raman
    • NMR
    • Others
  • Atomic Spectroscopy
  • Mass Spectroscopy
• By Application
  • Chemicals
  • Polymer
  • Oil & Gas
  • Pharmaceuticals
  • Food & Agriculture
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the process spectroscopy market size by 2026?
A1. The process spectroscopy market is projected to reach a market size of US$3.070 billion by 2026.

Q2. What is the size of the global process spectroscopy market?
A2. Process Spectroscopy Market was valued at US$1.900 billion in 2019.

Q3. What are the growth prospects for the process spectroscopy market?
A3. The global process spectroscopy market is projected to grow at a CAGR of 7.11% over the forecast period.

Q4. Which region holds the maximum market share of the process spectroscopy market?
A4. Geographically, the North American region is anticipated to hold a significant share in the process spectroscopy market owing to the presence of strict regulations & standards for the quality of products.

Q5. What factors are anticipated to drive the process spectroscopy market growth?
A5. One of the key factors supplementing the process spectroscopy market growth includes the growing need for monitoring during product manufacturing to improve product quality.