Process spectroscopy market across the world will expand owing to a mounting focus to improve and eliminate visual defects, inefficient inventory, and production time in processes. Effective control ensures low production as well as inspection cost, consumer satisfaction, augmented sales, and optimized resource utilization.
Deployment of various cost-effective technologies will boost the business prospects in the coming years. As per a recent report, the global market size is projected to exceed annual revenues of close to USD 1.47 billion by 2024.
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Having accounted for more than 60% of the total share in 2015, NIR based process spectroscopy market is anticipated to grow at a rate of 6.1% over 2016-2024. Subject to the huge demand for this technology across the food & beverage, plastics identification, quality monitoring, and biogas productions sectors, NIR technology will hold more than 55% of the overall industry in 2024.
The Fourier Transform (FT-IR) technology is being heavily deployed across material, compound, and chemical assessment for identifying residues, pesticides, narcotics, fibers, particulates, and chemical warfare agents. With a valuation of USD 170 million in 2015, FT-IR-based market is anticipated to grow at a lucrative rate over 2016-2024, and will hold more than 20% of the overall share in 2024.
Industry players have been concentrating on manufacturing numerous instruments and devising solutions that will incorporate both – the FT-IR and NIR technologies in one device. Bruker Corporation, a leading process spectroscopy market participant, has already developed the MPA, a multifunctional FT-NIR analyzer.
The United States houses most of the companies operating in market. In addition, the government has enforced strict norms regarding the quality standards on the agriculture, pharmaceuticals, medical, and the food & beverage sectors, which will stimulate U.S. market share over 2016-2024.
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Many companies have been shifting their manufacturing base to emerging economies pertaining to the reduced production & operating costs and the availability of cheap labor. This will propel Asia Pacific process spectroscopy market share, which is anticipated to grow at a rate of 8% over 2016-2024.
Market is characterized by the presence of numerous biggies such as Kett Electric Laboratory, Sartorius, Foss A/S, Shimadzu Horiba, ABB, Thermo Fisher Scientific, Yokogawa Electric, Bruker, Danaher, Buchi Labortechnik, and Agilent Technologies.
Major Key Points from Table of Content:
Chapter 4 Process Spectroscopy Technology Insights
4.1 Process Spectroscopy market share by technology, 2015 & 2024
4.2.1 Market estimates and forecasts by region, 2013 - 2024
4.3.1 Market estimates and forecasts by region, 2013 - 2024
4.4.1 Market estimates and forecasts by region, 2013 - 2024
Chapter 5 Process Spectroscopy Application Insights
5.1 Process Spectroscopy market share by application, 2015 & 2024
5.2.1 Market estimates and forecasts by region, 2013 - 2024
5.3 Oil & gas
5.3.1 Market estimates and forecasts by region, 2013 – 2024
5.4.1 Market estimates and forecasts by region, 2013 - 2024
5.5 Food & agriculture
5.5.1 Market estimates and forecasts by region, 2013 - 2024
5.6.1 Market estimates and forecasts by region, 2013 – 2024
5.7.1 Market estimates and forecasts by region, 2013 - 2024
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