Process Spectroscopy Market Stats And Industry Growth Trends By 2014 - 2024

Process spectroscopy is the use of spectroscopy to achieve real-time data to monitor and enhance a manufacturing process. This technique is used for various applications according to unique regulations and standards from different regulatory organizations. The process spectroscopy market is driven by factors like increasing demand for superior quality manufactured goods, efforts taken by the food and healthcare industry to enhance their manufacturing processes, and improved quality standards. Moreover, increasing regulations from the government concerning safety principles and mandatory rules for implementing them are expected to fuel the market growth of process spectroscopy. Properties of process spectroscopy like cost-effectiveness and time saving are stimulating the demand for the technique, thereby encouraging the process spectroscopy industry.

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However, lack of skilled labor followed by significant initial investment is expected to obstruct the market growth of process spectroscopy. The process spectroscopy market is witnessing opportunities from modernizations in the spectroscopic domain since it decreases the total expenditure of product investigation and marketing by manufacturers.

The process spectroscopy industry is categorized based on technology, end-user, and geography. Based on technology, the market is divided into Raman spectroscopy, infrared (NIR) spectroscopy, Fourier transforms infrared (FT-IR) spectroscopy, etc. Infrared (NIR) spectroscopy led the market earlier in terms of revenue. Among all, the Raman spectroscopy market is expected to hold a larger market share of process spectroscopy owing to its increasing popularity and acceptance in the food, agriculture, and pharmaceutical industry.

Based on end-user, the process spectroscopy market is divided into oil & gas, polymer, food & agriculture, pharmaceutical, chemical, and others. In the previous years, the pharmaceutical industry-led process spectroscopy industry followed by agriculture and food. The chemical industry is expected to register maximum growth in the coming years owing to its increasing use.