Process Spectroscopy Global Market Report 2024

The global process spectroscopy market has grown strongly in recent years. It will grow from $20.41 billion in 2023 to $22.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed during the historical period can be attributed to several factors including increased demands for quality control, cost efficiency measures, rapid analysis capabilities, intensified market competition, and advancements in healthcare innovations.

The global process spectroscopy market is expected to see strong growth in the next few years. It will grow to $30.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the upcoming period is expected to stem from the integration of Industry 4.0 technologies, emphasis on miniaturization and portability, a growing focus on sustainability, advancements in pharmaceuticals, and developments in biotech and life sciences. Key trends projected for this period include cross-industry collaborations, the emphasis on customization and software solutions, expanding into emerging markets, the evolution of precision agriculture, and the adoption of remote monitoring solutions.

The increasing demand from pharmaceutical industries is anticipated to propel the growth of the process spectroscopy market. Spectroscopic methods, such as nuclear magnetic resonance (NMR), play a pivotal role in the molecular-scale examination. Process spectroscopy facilitates tasks from raw material identification to pharmaceutical product development, aligning with the upsurge in pharmaceutical industry demand. For instance, the European Federation of Pharmaceutical Industries and Associations reported the European pharmaceutical industry's substantial growth, reaching €300 billion in production value in 2021. Notably, exports surged from €90.9 billion to an impressive €565 billion, with imports totaling €390 billion, resulting in a positive trade balance of €175 billion. This burgeoning demand from pharmaceutical sectors drives the process spectroscopy market.

The growing agriculture sector is poised to fuel the growth of the process spectroscopy market. Embracing technological advancements for improved efficiency and sustainability, the agriculture sector's evolution aligns with the rising demand for process spectroscopy solutions. According to the United States Department of Agriculture, the combined contribution of agriculture, food, and related industries to the US GDP was approximately $1.264 trillion in 2021, representing 5.4%. The impact of agriculture on GDP extends beyond $164.7 billion from U.S. farms, contributing over 0.7% to the country's GDP. This robust growth in the agriculture sector propels the process spectroscopy market forward.

Technological advancements emerge as a prominent trend in the process spectroscopy market. Key market players focus on innovative technologies to maintain their position. For instance, SCIEX introduced the ZenoTOF 7600 system in June 2021, a highly accurate mass LC-MS/MS instrument for biotherapeutics. This system enables precise identification and quantification of molecules, resolving analytical challenges and advancing precision diagnostics and biotherapeutics development. The ZenoTOF 7600 system incorporates the patented Zeno trap and electron-activated dissociation (EAD) fragmentation, enhancing sensitivity up to 20x, crucial for identifying low-level compounds consistently.

Major companies in the process spectroscopy market focus on innovative product development to expand their customer base and increase revenue. For example, Viavi Solutions launched MicroNIR PAT-L and PAT-Lx near-infrared spectrometers for in-line liquid process monitoring in November 2021. These spectrometers offer real-time monitoring capabilities, with PAT-Lx designed for hazardous environments, holding certifications such as ATEX, NEC, and IECEx. These solutions cater to evolving applications, providing reliability and cost-efficiency, streamlining product development and production processes.

In October 2023, HORIBA Group acquired Process Instruments Inc., expanding its Raman analyzer offerings in petrochemical and renewable energy sectors. Process Instruments Inc. brings Raman technology expertise to complement HORIBA's existing portfolio, strengthening its global leadership. The acquisition positions HORIBA as a comprehensive provider, aligning with its subsidiary HORIBA Scientific's focus on cutting-edge Raman technology. Process Instruments Inc., specializing in Raman process spectroscopy, contributes to HORIBA's strategic expansion in this domain.

Major companies operating in the process spectroscopy market report are ABB Group, Agilent Technologies Inc., Bruker Corporation, Buchi Labortechnik AG, Danaher Corporation, Foss A/S, HORIBA Ltd., Kaiser Optical Systems Inc., Kett Electric Laboratory, Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific Inc., Yokogawa Electric Corporation, SCIEX, tec5USA Inc., PerkinElmer Inc., Jasco Inc., Metrohm AG, Anton Paar GmbH, Malvern Panalytical Ltd., Oxford Instruments PLC, Spectris PLC, Teledyne Technologies Inc., MKS Instruments Inc., Emerson Electric Co., Endress+Hauser AG, Analytik Jena AG, Hitachi High-Technologies Corporation, JEOL Ltd., Rigaku Corporation, WITec GmbH, Ocean Optics Inc., Avantes BV, StellarNet Inc., Wasatch Photonics Inc., B&W Tek Inc., LightMachinery Inc.

North America was the largest region in the process spectroscopy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the process spectroscopy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of process spectroscopy include hardware and software. Spectroscopy hardware involves equipment utilized in absorption, transmission, and laser measurements. Different technologies, such as molecular spectroscopy, mass spectroscopy, and atomic spectroscopy, find application across various industries including polymers, oil and gas, pharmaceuticals, food and agriculture, chemicals, and other sectors.

This report provides process spectroscopy market statistics, including process spectroscopy industry global market size, regional shares, competitors with a process spectroscopy market share, detailed process spectroscopy market segments, market trends and opportunities, and any further data you may need to thrive in the process spectroscopy industry. This process spectroscopy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The process spectroscopy market includes revenues earned by entities by providing spectroscopy technologies such as NIR, Raman, FT-IR, and NMR. The market value includes the value of related goods sold by the service provider or included within the service offering. The process spectroscopy market also includes sales of hardware such as spectrometers, light sources, systems, analyzers, and accessories. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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