Pune, Maharashtra -- (SBWIRE) -- 06/07/2019 -- The rising adoption of process technology in food, agricultural, and pharmaceutical industries is promoting the growth of the global process spectroscopy market. The competitive landscape of the global market for process spectroscopy technology is consolidated because it is led by a handful of companies. The presence of an extensive distribution network across developing nations is the key factor enabling these companies to maintain a stronghold in the global process spectroscopy market.
However, in the coming years, the market is likely to witness the entry of new players. This is likely to bode well for global spectroscopy technology. On the other side, established players are likely to continue focusing on various strategies to continue holding a lion's share in the market during the forecast period. At present, companies such as Bruker Corporation, ABB Ltd., Kett Electric Laboratory, and Shimadzu Corporation, are at the forefront of the market. In order to gain a competitive advantage, several companies are resorting to mergers and acquisitions with other players in the global process spectroscopy market.

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Fortune Business Insights predicts the above-mentioned strategies to boost the market in a report, titled, "Process Spectroscopy Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025". As per the report, the global market for spectroscopy technology is expected to reach US$ 1,910.1 Mn by the end of 2025. In 2017, the valuation of the market was US$ 976.9 Mn. The report predicts the global process spectroscopy market to exhibit a CAGR of 8.9% between 2018 and 2025.
The launch of a new OnSite-W spectrometer helps to eliminate all moving parts and enables a strong instrument that delivers repeatable measurements. The OnSite-W holds an IP67 and IP65 rating for use in both dusty and wet environments and the MIL-PRF-28800F Class 2 vibration and shock rating. Such kind of advanced process spectroscopy devices can contribute major benefits to the market in the future.

Demand for Better Products and Widespread Adoption of Spectroscopy Techniques to Create Lucrative Growth Opportunities

A major factor contributing to the growth of the Global Process Spectroscopy Market is the rise in customer awareness regarding the significance of good product quality. Process spectroscopy is considered one of the finest techniques used to analyze finished products in terms of various valuable aspects. In terms of technology, the NIR Spectroscopy segment is anticipated to dominate the process spectroscopy market during the forecast period. This is owing to the widespread adoption of spectroscopy technology across various end-use industries. As per Fortune Business Insights, the NIR spectroscopy segment accounted for nearly 52.6% of the global process spectroscopy market in 2017 and is likely to remain dominant through the forecast period. FT-IR spectroscopy segment, on the other hand, is expected to report better performance than traditional methods due to their easy application and maintenance, high speed of data collection, and reproducibility of data.

Government Support for Advanced Process Spectroscopy to Propel Growth in North America

The global market for process spectroscopy is dominated by North America. Stringent government regulations with regards to manufactured product analysis and the implementation of process analytical technology are likely to guarantee high growth of the market in this region. In 2017, the North America market was valued at US$ 427.2 Mn and is further anticipated to continue dominating the market in the years to come.

The Asia Pacific is expected to show the fastest growth rate owing to the presence of leading distributors and manufacturers such as Horiba, Ltd., Kett Electric Laboratory, Shimadzu Corporation, and others in the region. The development of cost-effective and standard equipment design and the comprehensive analytical features for enhanced performance are major trends expected to boost the market in the Asia Pacific in the future. For instance, Shimadzu Corporation released pharmaceuticals impurities screening method package in April 2017 with the aim of launching ensured and effective analysis of elemental impurities in pharmaceuticals. This can be done by utilizing EDX fluorescence spectrometry. Such kind of business strategies will have a positive effect on the overall market in the years to come.

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Key companies covered in the report

- Agilent Technologies Ltd.
- ABB Ltd.
- BUCHI Labortechnik AG
- Bruker Corporation
- Danaher Corporation
- Foss A/S.
- HORIBA, Ltd.
- Kett Electric Laboratory
- Shimadzu Corporation
- Sartorius AG
- Thermo Fisher Scientific Inc.
- Yokogawa Electric Corporation

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