Process Spectroscopy Market to be Worth $33.14 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Sept. 19, 2022 /PRNewswire/ -- The global process spectroscopy market size is projected to attain USD 33.14 billion by 2030 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.09% from 2022 to 2030. The increasing demand from the pharmaceutical industries, to commence sophisticated research and development, is directing to the enactment of several spectroscopy approaches across the sector, at a considerable rate over the forecast period.

Key Industry Insights & Findings from the report:

• Raman spectroscopy is witnessing a high demand across the agricultural industry owing to its ability to enable non-destructive extraction of physical and chemicals data about the samples, helping faster analysis.
• Government and independent bodies have laid down quality standards such as Six Sigma and ISO for the product's enhanced quality.
• Manufacturing companies are focusing on improving the production processes to minimize operational cost, reduce rework, and manufacture quality products.
• The high capital investment essential for employing spectroscopic equipment has forced market players to distribute the price to consumers, thus increasing the costs of process spectroscopic apparatuses.
• Asia Pacific region is expected to witness the fastest CAGR, owing to the presence of a strong manufacturing hub in the region and advancements in R&D practices.

Read 155 page full market research report for more Insights, "Process Spectroscopy Market Size, Share & Trends Analysis Report By Technology (Molecular, Mass, Atomic Spectroscopy), By Application, By Component (Hardware, Software), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Process Spectroscopy Market Growth & Trends

The technology is projected to witness high growth owing to increasing quality consciousness among industries. The increasing prominence of decreasing operational expenditure is anticipated to boost the demand for these apparatuses during the forecast period. Substantial R&D undertakings have led to the development of numerous drug findings.

The drug discoveries have resulted in the development of efficient medications for numerous diseases and disabilities. The continuously increasing demand for spectroscopic procedures and associated equipment installations is expected to drive market growth. The market is projected to witness immense growth over the forecasted years, owing to the rising cognizance of quality spectroscopic apparatuses among end-use industries.

In the wake of the COVID-19 pandemic, the most challenging aspects have been the lack of testing required to trace and identify infections. Several researchers across the globe are trying to develop new test technologies for coronavirus based on physics, not biochemicals, to reduce the cost and to provide high sensitivity specificity. Also, it could overcome the challenges posed by current shortages of test efficacy and test kits. For instance, a research team from Northern Arizona University is developing surface-enhanced single-molecule Raman spectroscopy (SM-SERS), which would identify the S proteins of the SARs-Cov-2 virus, involved in thevirus at the cellular level.

Even though, the high capital investment essential for employing spectroscopic equipment has enforced industry players to distribute the cost to consumers, thus increasing the costs of process spectroscopic instruments. Nevertheless, the advent of cost-efficient technologies over the forecast period is expected to lead to the reduction in prices of process spectroscopic products.

Process Spectroscopy Market Segmentation

Grand View Research has segmented the global process spectroscopy market based on technology, application, component, and region:

Technology Outlook (Shipment, Units; ASP, USD; Revenue, USD Billion, 2017 - 2030)

• Molecular Spectroscopy
• NIR
• FT-IR
• Raman
• NMR
• Others
• Mass Spectroscopy
• Atomic Spectroscopy

Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Polymer
• Oil & Gas
• Pharmaceutical
• Food & Agriculture
• Chemical
• Water & Wastewater
• Pulp & Paper
• Metal & Mining
• Others

Component Outlook (Revenue, USD Billion, 2017 - 2030)

• Hardware
• Software

Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• Japan
• India
• South America
• Brazil
• Middle East and Africa (MEA)

List of Key Players in the Process Spectroscopy Market

• ABB Group
• Agilent Technologies, Inc.
• Bruker
• Buchi Labortechnik AG
• Danaher Corporation
• Foss
• HORIBA, Ltd
• Kaiser Optical Systems, Inc
• Kett Electric Laboratory
• Sartorius AG
• Shimadzu Corporation
• Thermo Fisher Scientific, Inc.
• Yokogawa Electric Corporation

Check out more related studies published by Grand View Research:

• Intelligent Process Automation Market - The global intelligent process automation market size is expected to reach USD 17.5 billion by 2025, registering a CAGR of 16.9% from 2019 to 2025, according to a new report by Grand View Research, Inc. The fast-paced development of Artificial Intelligence (AI) and its implementation is propelling the strategists to realign their business models with modern technologies. Intelligent process automation helps achieve flexible and intelligent automation by combining artificial intelligence, robotic process automation, and other emerging technologies. It can be used in a variety of scenarios, such as processes that have predefined rules and minimal human judgment involved. It primarily helps automate repetitive processes and in turn reduce manual efforts. Significant advantages such as improved customer experience and increased process efficiency are anticipated to drive the adoption of this technology in near future.
• Process Mining Software Market - The global process mining software market size is estimated to reach over USD 7.95 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 50.1% from 2021 to 2028. The increasing awareness about the need to understand and analyze business processes driven by digital transformation is one of the key factors driving market growth. Additionally, the constant increase in data volumes across industries is driving the demand for process mining software and services.
• Knowledge Process Outsourcing Market - The global knowledge process outsourcing market size is expected to reach USD 124.29 billion by 2025, according to a new report by Grand View Research, Inc. The outsourcing of knowledge processes facilitates the maximum utilization of resources at much lower costs. In addition, growing opportunities in legal process outsourcing and increasing applications in the IT & telecom, healthcare, and pharmaceutical segments are driving the market growth.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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