Global Process Spectroscopy Market Size, Share & Industry Trends Analysis Report By Technology, By Component, By Application (Pharmaceutical, Food & Agriculture, Polymer, Chemical, Water & Wastewater, Pulp & Paper, Metal & Mining), By Regional Outlook and Forecast, 2022 - 2028

The Global Process Spectroscopy Market size is expected to reach $26.9 billion by 2028, rising at a market growth of 7.4% CAGR during the forecast period.

Process spectroscopy is a technique that employs the use of spectroscopy to investigate the interaction of matter and electromagnetic radiation. The rising adoption of spectroscopic methods in the pharmaceutical and food & agricultural sectors is boosting the requirement of process spectroscopy. The increased awareness of high-quality food and medications, as well as different rules and regulations set by the government and affiliated organizations, are predicted to propel the industry forward.

Companies are working on lowering variable costs by reducing rework and errors. This equipment allows for effective and efficient monitoring and control, as well as quality inspections, which will drive process spectroscopy market share throughout the forecast period. In order to obtain a competitive advantage, corporations have been cutting prices and boosting quality. Demand is expected to rise as industries become more aware of the importance of these devices.

People's growing awareness of quality products as well as standards is likely to drive players to follow quality standards rules. Companies have been taking quality measures in order to obtain these certifications in order to boost their brand image. These quality measures are expected to provide benefits such as higher product quality, more efficient processes, and lower costs.

COVID-19 Impact Analysis

The absence of testing needed to trace and detect illnesses has been the most difficult part of the COVID-19 outbreak. Several biochemical assays are currently accessible, although they are difficult and expensive. As a result, some researchers are attempting to build a new coronavirus test technique based on physics rather than bio-chemicals that would produce a lower proportion of false negatives, be quick and inexpensive, and have a high sensitivity specificity. According to some researchers, FT-IR spectroscopy on RNA extracts combined with machine learning, is much more efficient and easier for the analysis of COVID-19 disease.

Market Growth Factors:

Improved technology in comparison to optical techniques

Raman spectroscopy is based on scattering of light and does not require the analytical light to follow a certain path, providing it a significant benefit over other optical techniques for sampling solids or turbid fluids. As a result, numerous components can be monitored at the same time using a single probe point. The spectrum has great peak separation and is well characterized on the wavelength axis, enabling the user to retrieve more details with less chemometrically intensive measurement.

Internet, fiber optically integrated nir analyzer system offers parallel real-time composition

When used in a process environment, the NIR region is rich in information and offers numerous benefits. Online fiber-optic connected analyzers have a number of advantages, one of which is the consistent performance. The analyzer can be placed in a secure location distant from the sample interface in the process stream, providing the process engineer or operator with real-time data for numerous parameters as they occur in the process. Additionally, software tools have emerged to make NIR interpretation routine and automatic, providing the operator with the actionable data that is required.

Marketing Restraining Factor:

Difficulties in subjectivity and code of conduct

Organizations create codes of conduct to define exactly what is and is not acceptable behaviour for their personnel. While they offer the benefit of clearly stating what is expected of staff, they also have a number of drawbacks, the most significant of which being the requirement to be both vague and explicit at the same time. One of the biggest issues with a code of conduct is that it must objectivize subjective values.

Technology Outlook

Based on the Technology, the process spectroscopy market is divided into Molecular, Mass, and Atomic. The Mass segment garnered a significant revenue share in the process spectroscopy in 2021. In the pharmaceutical and health-related disciplines, mass spectrometry has evolved as a potent analytical technique. Liquid chromatography-mass spectrometry in pharmacodynamics, pharmacokinetic, and drug metabolism investigations performs better when mass spectrometry is used in the pharmaceutical business as part of the Drug Discovery and Development process.

Component Outlook

Based on the Component, the process spectroscopy market is bifurcated into Hardware and Software. The Hardware segment witnessed the maximum revenue share in the process spectroscopy market in 2021. It is owing to the rising employment of spectroscopic techniques. Spectrometers, light sources, systems, analyzer, and peripherals are all part of the process spectroscopic gear, which is surging the growth of the segment during the forecast period.

Application Outlook

Based on the Application, the process spectroscopy market is fragmented into Pharmaceutical, Food & Agriculture, Polymer, Chemical, Water & Wastewater, Pulp & Paper, Metal & Mining, and Others. The Pharmaceutical segment acquired the highest revenue share in the process spectroscopy market in 2021. Increasing efforts in the pharmaceutical business to conduct progressive R&D leads to the increased use of a variety of spectroscopic techniques during the forecast period. Owing to the high awareness about the value of product quality among industries, the process spectroscopy technique is expected to be in demand.

Regional Outlook

Based on the Region, the process spectroscopy market is analyzed into North America, Europe, Asia Pacific, and LAMEA. This is due to the region's strong manufacturing center and developments in R&D processes. The use of spectroscopic techniques for generating, purifying, and transporting oil and gas in these countries is leading to an increase in the adoption of spectroscopy equipment and procedures, which is propelling the whole market forward at a rapid rate. All of these variables have aided regional growth by increasing the application of spectroscopic techniques.

Free Valuable Insights: Global Process Spectroscopy Market size to reach USD 26.9 Billion by 2028

KBV Cardinal Matrix - Process Spectroscopy Market Competition Analysis

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; ABB Group, Danaher Corporation and Thermo Fisher Scientific, Inc. are the forerunners in the Process Spectroscopy Market. Companies such as Agilent Technologies, Inc., Shimadzu Corporation and Horiba Ltd. are some of the key innovators in Process Spectroscopy Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., ABB Group, Bruker Corporation, Horiba Ltd., Agilent Technologies, Inc., Danaher Corporation, Shimadzu Corporation, Yokogawa Electric Corporation, Sartorius AG and BUCHI Labortechnik AG.

Recent Strategies Deployed in Process Spectroscopy Market

» Partnerships, Collaborations and Agreements:

• Aug-2021: Horiba came into a partnership with Covalent Metrology, a leading North American provider of analytical services. This partnership aimed to widen engineering and scientific access to top-level expertise and chemical analysis instruments. In addition, this partnership would locate both companies to boost research and development work in the semiconductor, electronics, and advanced materials industries all throughout the North American region, providing customers more access to instrumentation and analysis services.
• Aug-2020: Shimadzu teamed up with HORIBA, a Japanese manufacturer of precision instruments for measurement and analysis. This collaboration aimed to integrate the powerful technologies to assist new developments in medicine and health care, materials research, life sciences, the environment, new energy, and different other fields.

» Product Launches and Product Expansions:

• Jun-2022: Agilent Technologies introduced the new LC/MS and GC/MS quadrupole mass spectrometers. These new products would make the lives of customers simpler. The products help in increasing the level of built-in instrument intelligence and a greater level of instrument diagnostics maximizes system uptime, which allows proactive scheduling of routine maintenance, and reduces the impact on lab productivity by allowing operators to emphasize the analyses instead of the instruments.
• May-2022: Bruker released the Fourier 80 benchtop Fourier transform (FT) NMR technology. This product aimed to make NMR accessible to a wider array of laboratories. In addition, it would allow non-NMR experts to perform advanced analyses comprising automated interpretation and report generation. These unique forensics solution offers the agility of information-rich FT-NMR in an easy-to-use, automated method with detailed reports on the types and quantities of substances in seized drug samples.
• Apr-2022: Thermo Fisher Scientific introduced the Ramina Process Analyser, a new Raman spectroscopic analyzer. This product provides a fast and easy-to-use substitute to offline manual or automated wet chemistry testing and is easy to install and use compared to conventional Raman process monitoring systems.
• Mar-2022: Bruker expanded its product line with Fourier 80, as a new capability for its benchtop Fourier transform (FT) nuclear magnetic resonance (NMR) spectrometer. This new capability aimed to eliminate special lab infrastructure or cryogens and provide excellent 1H sensitivity of 200:1 for gradient spectroscopy proton probes.
• Dec-2021: Agilent Technologies expanded its product line with the Agilent Cary 3500 UV-Vis Spectrophotometer. This product aimed to provide efficiency, making it simpler to team up in a distributed environment. In addition, this product also provides a more safe solution where all systems store the data in a central location that’s backed up at the server level.
• Nov-2021: Bruker introduced the LSM II (Liquid Sampling Module), a robust, quick, and cost-effective solution for the quality control (QC) of milk and liquid dairy products. This product sets a new standard in routine QC for milk and dairy product analysis. In addition, this product is unified into MPA II (Multi-Purpose Analyzer) Fourier Transform Near-Infrared (FT-NIR) spectrometer.
• Nov-2021: Thermo Fisher Scientific released a new series of mass spectrometry instruments, workflows, and software (Thermo Scientific Orbitrap Exploris MX mass detector, Thermo Scientific MAM 2.0 workflow, Thermo Scientific Proteome Discoverer 3.0 software, Thermo Scientific Compound Discoverer 3.3 software, Thermo Scientific BioPharma Finder 5.0 software, Thermo Scientific LipidSearch 5.0 software). This new product series would further assist innovation in proteomics, biopharmaceutical characterization, and data acquisition while also ensuring that scientists can continue the important ongoing research.
• Jul-2021: BUCHI Labortechnik introduced the NIR-Online X-Sential, a new process sensor. This product is built and designed as a cost-effective, fit-for-purpose process sensor. In addition, this product does not contain any moving parts, making it dramatically fast and strong.
• Apr-2020: Horiba introduced the Fluorolog-QM, the 4th generation Fluorolog. This new product would provide steady-state, spectral, and time-enhanced photoluminescence performance from 180 to 5,500 nm. In addition, the modular design of this new product also offers the versatility to adapt a system to new fluorescence improvements and accessories, as projects expand or funds become available.
• Feb-2020: Sartorius unveiled the BioPAT Spectro, quality by design (QbD) tool. This product would provide access to Raman spectroscopy analysis in high output process development, assisting faster Raman model building and accelerating scale-up into commercial manufacturing.

» Acquisitions and Mergers:

• Apr-2022: Bruker took over Optimal Industrial Automation and Technologies, a leader in pharma and biopharma process analytical technology. This acquisition aimed to strengthen Bruker as a key software and solutions provider for small molecule, biologics, and new drug modalities pharma companies.
• Mar-2022: Thermo Fisher Scientific took over Max Analytical Technologies, a provider of FTIR gas analyzers and continuous monitoring systems. This acquisition aimed to support Thermo Fisher’s line of FT-IR instruments, software, and services, and widen the breadth of Thermo’s vibrational spectroscopy products.
• Dec-2021: Danaher entered into an agreement to acquire the Gendex division of Dentsply International, a maker of dental imaging products. This acquisition aimed to enter a market with robust long-term fundamentals and strengthen their business.
• Feb-2021: Horiba took over MedTest Holdings, a world leader in chemistry reagents manufacturing and diagnostic solutions. This acquisition aimed to provide the prospect to resolve the IVD market's multidisciplinary requirements along with the complementary innovative technology of Pointe Scientific and MedTest’s high-quality Chemistry solutions. This acquisition aimed to offer innovative technology solutions through its Yumizen 2 brand and present distribution channels.

» Geographical Expansions:

• Jan-2022: Agilent Technologies expanded its geographical footprint with a manufacturing center in Shanghai, China. This geographical expansion aimed to fulfill the increasing demand in China for the company’s advanced liquid chromatography (LC), spectrometer and mass spectroscopy (MS) systems. This expansion would help the company to better help customers in China by leveraging the world-leading, high-quality, digital, and smart factory capabilities.
• Jan-2021: Horiba expanded its geographical footprints in Loos, Hauts-de-France. This geographical expansion aimed to enhance manufacturing capacity by 30% and this would be a technological display for all of Horiba's current and future customers.

Scope of the Study

Market Segments Covered in the Report:

By Technology

• Molecular
  • Molecular
  • Mass
  • Atomic
• Mass
• Atomic

By Component

• Hardware
• Software

By Application

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

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• Thermo Fisher Scientific, Inc.
• ABB Group
• Bruker Corporation
• Horiba Ltd.
• Agilent Technologies, Inc.
• Danaher Corporation
• Shimadzu Corporation
• Yokogawa Electric Corporation
• Sartorius AG
• BUCHI Labortechnik AG.

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Related Reports:

North America Process Spectroscopy Market Report 2022-2028

Europe Process Spectroscopy Market Report 2022-2028

Asia Pacific Process Spectroscopy Market Report 2022-2028

LAMEA Process Spectroscopy Market Report 2022-2028