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.
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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.
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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.
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