Global Process Spectroscopy Market Report and Forecast 2024-2032

Global Process Spectroscopy Market Outlook

The global process spectroscopy market size reached a value of approximately USD 23.99 billion in 2023. The market is further expected to grow at a CAGR of 7.10% in the forecast period of 2024-2032, reaching a value of USD 44.48 billion by 2032.

Key Trends in the Market

Process spectroscopy is a technique that is used for analysis of interactions between matter, light, and electromagnetic radiations. It uses devices such as hyphenated and portable spectroscopes, display units and microscopes, amplifiers, and signal processors, among others. It is widely used in different fields of research and industries including food and agriculture, and pharmaceuticals.

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• A key trend driving the growth of the process spectroscopy market is the growing demand of spectroscopy by the pharmaceutical industry. The pharmaceutical industry employs process spectroscopy for applications such as analysis of polymorphs and salts and for identifying the identity of a drug and examining its purity.

• The growing demand for process analysers in various end user industries including agriculture and food, among others, is another factor positively influencing the expansion of the process spectroscopy market. It is used for testing food and beverages and for ensuring the quality of major food groups including vegetables, meats, fruits, and dairy, among others.

• The rising utilisation of process spectroscopy in large volumetric probes, reaction vessels, bioreactors for wastewater and water treatments, and slipstreams is anticipated to provide impetus to the process spectroscopy market.

Market Analysis

On the basis of technology, the market is segregated into mass spectroscopy, molecular spectroscopy, and atomic spectroscopy, with molecular spectroscopy further divided by type into NIR, FT-IR, Raman, and NMR, among others. Based on component, the market is bifurcated into hardware and software. On the basis of application, the market is divided into oil and gas, polymer, metal and mining, water and wastewater, pulp and paper, pharmaceuticals, food and agriculture, and chemicals, among others. Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the process spectroscopy market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Bruker Corporation

• BÜCHI Labortechnik AG

• Sartorius AG

• Shimadzu Corporation

• Agilent Technologies, Inc.

• tec5USA Inc.

• Others

Market Share by Technology

Molecular spectroscopy, based on technology, is projected to witness significant growth in the process spectroscopy market in the upcoming years. This technology is used for investigating the electronic configuration of atoms in excited and ground state and for determining the chemical composition of unknown materials. Rising demand from chemical and petrochemical industries, among other industries is fuelling the usage of molecular spectroscopy.

Applications of molecular spectroscopy can also be found in food and beverage and polymer industries for qualitative and quantitative analysis and in nanomaterials and microplastics. In pharmaceutical industry, molecular spectroscopy is used for ensuring tablet content uniformity, and moisture and stability of lyophilised materials, among others.

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Market Share by Region

North America is anticipated to occupy a sizable share of the process spectroscopy market over the forecast period. This is due to the presence of stringent regulations of governments in the region to ensure the quality of manufactured products. Furthermore, the expansion of the market is boosted by the adoption of advanced process monitoring systems by various manufacturing industries.

Meanwhile, the market for process spectroscopy in the Asia Pacific is anticipated to witness considerable growth due to rapid adoption of new technologies and innovations in the field of process spectroscopy. Growing availability of skilled workforce and rising research and development activities are further projected to aid the market expansion in the Asia Pacific region.

Competitive Landscape

Bruker Corporation is a scientific equipment manufacturing company that was established in 1960 and is headquartered in Massachusetts, United States. They are known for offering high value diagnostic and analytical solutions and high-performance scientific instruments. They cover a broad spectrum of applications in the field of research and development and ensure process reliability and quality in various industrial production processes.

Sartorius AG is a biotechnology research company that was founded in 1870 and is based in Lower Saxony, Germany. They are industry leaders and one of the fastest growing global life science companies that is devoted towards simplifying medical processes and the production of new medications. They offer a wide range of consumables and instruments for biopharmaceutical laboratories and industries, among others.

Shimadzu Corporation is a biotechnology research company that was established in 1875 and is headquartered in Kyoto, Japan. Shimadzu specialises in analytical and measuring instruments, thermal analysis and molecular spectroscopy, optical devices, life science lab instruments, optical devices, hydraulic equipment, material testing, industrial machinery, and non-destructive testing systems, among others. Their products and services are aimed towards advancing human health and increasing the safety and security of industrial processes.

Other market players include BÜCHI Labortechnik AG, Agilent Technologies, Inc., and tec5USA Inc., among others.

Key Highlights of the Report