Process Spectroscopy Market Analysis

NIR technology segment accounted for over 60% of the overall process spectroscopy market share in 2015 and is likely to grow at over 6% CAGR from 2016 to 2024. Growth in the sector can be attributed to rising application in numerous sectors such as quality monitoring, food industry, biogas plants, plastics identification in chemical industry and controlling paper production.

Fourier Transform Infrared (FT-IR) was valued at over USD 170 million in 2015 and is projected to account for over 20% of the overall industry share by 2024. Escalating use of this technology in identification as well as assessment of numerous materials, chemicals & compounds such as particulates, residues, fibers, chemical warfare agents, pesticides and narcotics may propel industry demand over the next few years.
 

Presence of key industry participants and stringent quality standards in pharmaceuticals, healthcare, and food & agriculture sector is expected to fuel U.S. process spectroscopy market size. Asia Pacific revenue share will grow at 8% CAGR from 2016 to 2024. Industry participants are increasingly relocating research and development along with manufacturing activities owing to presence of cheap labor and resources to reduce cost. This is expected to primarily contribute to regional growth.

Rising awareness regarding quality products and standards among people is likely to force players to adhere to guidelines of international quality standards. In order to improve brand image, companies have started implementing quality measure to gain these certifications. These quality measure is predicted to offer benefits such as improvement in product quality, process effectiveness, and cost saving.