Process Spectroscopy Market Consumption Volume, Competitive Dynamics And Worldwide Overview 2028
Process spectroscopy is a technique which includes the study of the interaction between matter and electromagnetic radiation. Technique used for electromagnetic radiation are classified on the basis of wavelength region of the spectrum and include microwave, terahertz, infrared, visible & ultraviolet, X-ray & gamma spectroscopy.
Industrial growth coupled with increasing demand from research industry to understand the chemical and physical phenomena, that occur during chemical operation are major factor driving growth of the global process spectroscopy market. In addition, increasing adoption of process spectroscopy from the end user industry such as food & beverage industry and pharmaceutical industry is expected to boost growth of the global process spectroscopy market.
However, high capital investment cost is a major factor restraining growth of the global process spectroscopy market. In addition, lack of skilled professionals is other factor expected to challenge growth of the global process spectroscopy market.
Technological advancement such as demand of cloud based spectroscopy is expected to present new opportunities to market players operating in the global process spectroscopy market over the forecast period.
The Global process spectroscopy market is segmented on the basis of technology, end user industry, and region. On the basis of region, the global process spectroscopy market is segmented in to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global process spectroscopy market segmentation by technology:
- Near Infrared (NIR) Spectroscopy
- Raman Spectroscopy
- Fourier Transform Infrared (FT-IR) Spectroscopy
Global process spectroscopy market segmentation by end user industry:
- Oil and Gas
- Food and Agriculture
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North America dominates the global process spectroscopy market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to high adoption rate from various end user industries such as food, pharmaceutical, and oil industry. In addition, presence of spectroscopy manufacturers in the region is another factor supporting growth the global process spectroscopy market. Europe market accounts for the second largest revenue share contribution to the global process spectroscopy market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increasing R&D activities for product development and market penetration in countries in this region.
Prominent market players operating in the global process spectroscopy market are Horiba Limited, Yokogawa Electric Corporation, Agilent Technologies, Inc., Danaher Corporation, Thermo Fisher Scientific, Inc., Kett Electric Laboratory, Sartorius AG, Bruker Corporation, ABB Limited, Buchi Labortechnik AG, and Shimadzu Corporation.