Albany, NY -- (SBWIRE) -- 01/25/2016 -- Transparency Market Research announces the release of a new research report titled "Process Spectroscopy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019". This 95-page research publication states that registering a steady CAGR of 7.40% during the forecast period, the global process spectroscopy market is anticipated to rise from a value of US$714.5 mn in 2012 to US$1,179.6 mn in 2019.
The global process spectroscopy market is driven by the increasing focus on reducing variable expenses of reducing scrap and rework processes, rapid development of pharmaceutical, oil and gas, and chemical sectors in developing economies in the Middle East, Asia Pacific, and Africa, the rising emphasis on matching international standards of quality across the industries, and development of handheld and portable instruments equipped with wireless connectivity. On the flip side, the global market is challenged by high product pricing and high capital investment.
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The process spectroscopy market is segmented on the basis of technology into Raman spectroscopy, near infrared (NIR) spectroscopy, and fourier transform infrared (FT-IR) spectroscopy. In terms of revenue, NIR process spectroscopy dominated the overall market in 2012 owing to its compatibility with product manufacturing processes in several industries. However, during the forecast period, Raman spectroscopy is anticipated to develop at the highest CAGR mainly due to the rising adoption of this technology in the food and agriculture as well as pharmaceutical industries, and its non-destructive nature.
Based on end use, the process spectroscopy market is segmented into oil and gas, food and agriculture, polymer, pharmaceutical, chemical, and others such as environmental and medical diagnostics.
The global process spectroscopy market is segmented on the basis of geography into Europe, North America, Asia Pacific, and Rest of the World. Accounting for a share of 48.60% in 2012, North America dominates the global market driven by the strong presence of leading players. Asia Pacific is projected to be most rapidly developing regional segment of the process spectroscopy market, expanding at an 8.70% CAGR from 2013 to 2019. This region is fueled by the growth of process spectroscopy technologies in industries such as agriculture, food, and pharmaceuticals, especially in China, Japan, and India. The growth in this region can also be attributed to the presence of leading players in Japan and rise in the number of manufacturing plants.
Some of the most prominent players within the global process spectroscopy market are Danaher Corporation, Horiba Limited, Yokogawa Electric Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., Kett Electric Laboratory, Sartorius AG, Bruker Corporation, Foss A/S, ABB Limited, Buchi Labortechnik AG, and Shimadzu Corporation. These players are profiled in the research report based on aspects such as company and financial overview, recent developments, and business strategies.
Process Spectroscopy Market, by Technology
Near infrared (NIR) spectroscopy
Fourier Transform infrared (FT-IR) spectroscopy
Process Spectroscopy Market, by End-use Industry
Oil and gas industry
Food and agriculture industry
Other industries (medical diagnostic and environmental)
Process Spectroscopy Market, by Geography
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