https://www.fortunebusinessinsights.com/process-spectroscopy-market-105549

Process Spectroscopy Market
Trends, Growth Insights,
Share and Analysis
The global process spectroscopy market size was valued at USD
12.49 billion in 2022. The market is projected to grow from USD
15.93 billion in 2023 to USD 73.84 billion by 2030, exhibiting a
CAGR of 24.5% during the forecast period.

Process spectroscopy is a technique for analyzing end products to
ensure product quality It helps save time and reduce the overall cost
of surveillance operations. The rising use of spectroscopy in
pharmaceutical safety processes is aiding market augmentation.
This information is provided by Fortune Business Insights, in its
report titled, “Process Spectroscopy Market, 2023–2030.”
List of Key Players Mentioned in the Report:
 Agilent Technologies Inc. (U.S.)
 ABB (Switzerland)
 BUCHI Labortechnik AG (Switzerland)
 Bruker Corporation (U.S.)
 Danaher Corporation (U.S.)
 Foss A/S (Denmark)
 HORIBA, Ltd. (Japan)
 Kett Electric Laboratory (Japan)
 Shimadzu Corporation (Japan)
 Sartorius AG (Germany)
 Thermo Fisher Scientific Inc. (U.S.)
 Yokogawa Electric Corporation (Japan)
Information Source:

https://www.fortunebusinessinsights.com/process-spectroscopy-market-105549


https://www.fortunebusinessinsights.com/process-spectroscopy-market-105549

https://www.fortunebusinessinsights.com/process-spectroscopy-
market-105549
Segmentation:
Nuclear Magnetic Resonance Spectroscopy Segment to
Lead Due to Growth of Healthcare and Chemical Sectors
Based on type, the global market is divided into infrared (IR)
spectroscopy, ultraviolet-visible (UV/VIS) spectroscopy, Raman
spectroscopy, x-ray spectroscopy, and nuclear magnetic resonance
(NMR) spectroscopy. The nuclear magnetic resonance segment held
the largest market share in 2022 owing to its use in studying the
chemical, physical, and biological properties of matter.
Atomic Absorption Spectroscopy Segment to Hold Major
Share Owing to Economical Nature
As per technology, the global market is split into atomic absorption
spectroscopy (AAS), atomic emission spectroscopy (AES), atomic
fluorescence spectroscopy (AFS). AAS segment led the market in
2022 due to its cost-effective and easy to use nature which makes it
an ideal choice for several applications.
Food & Beverage Segment to Dominate Due to the Rising
Need of Spectrometer to Inspect Food Quality
According to end-user, the market is arrayed into food & beverages,
agriculture, healthcare, manufacturing, oil & gas, chemical and
others. The food & beverage segment held a significant global
market share in 2022. The adoption of mass spectrometry for food
analysis to test nutritional value, food quality, micronutrient and
macronutrient profiles, and nutraceutical compounds is aiding
segment expansion.
Hardware Segment to Capture Significant Share Due to
Rising Research and Development Activities
Moving on to components, the global market is bifurcated into
hardware and software. The hardware segment accounted for the
majority of the market share in 2022 owing to growing research and
development activities for spectroscopy techniques.
Geographically, the market is segregated into North America,
Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers:
 Major growth drivers, restraining factors, opportunities, and
potential challenges for the market.
 Comprehensive insights into regional developments.
 List of major industry players.
 Key strategies adopted by the market players.
 Recent industry developments include product launches,
partnerships, mergers, and acquisitions.
Drivers and Restraints:
Surging Demand for Specialized and High-Quality
Products to Propel Market Growth
Surging consumer demand for better-quality products has generated
an increased need for process spectrometry to ensure that products
meet the required standards and specifications. Moreover,
spectroscopy plays a vital role in several industries, including
pharmaceutical, food & beverage, and material science as it allows
qualification and identification of chemical compounds. The
extensive use of process spectroscopy in different sectors is aiding
process spectroscopy market growth.
On the other hand, the high initial and maintenance costs associated
with spectroscopes will serve as challenges for businesses operating
in this domain.
Regional Insights:
North America to Hold Major Share Owing to Presence of
Leading Companies
North America captured a significant process spectroscopy market
share in 2022 owing to changing consumer inclination,
technological developments, and government initiatives. The
presence of several leading companies such as Danaher Corporation,
Bruker Corporation, and Thermo Fisher Scientific will also boost
market expansion.
Europe market is projected to grow significantly owing to supportive
government regulations, initiatives, funding programs, and
technological developments by key companies. Such initiatives are
projected to attribute to the growth of the European market during
the forecast period.
Competitive Landscape:
Research and Development Activities to Propel Market
Augmentation
The leading players in this domain are investing in research and
development activities and expanding their facilities to appeal to
more customers and strengthen their foothold in the domain.
Key Industry Development:
August 2022 — Emery Pharma has expanded its state-of-the-art
laboratory with a brand new Orbitrap high-resolution mass
spectrometer to expand the company’s service offerings. The move
will help optimize the research and development of macromolecular
drugs, including antibody-drug conjugates, biologics, and
biosimilars.