Process Spectroscopy Market Size, Share | Report 2022-2030
The global process spectroscopy market was surpassed at USD 17.92 billion in 2021 and is expected to hit around USD 33.4 billion by 2030, growing at a CAGR of 7.16% from 2022 to 2030.
Report Highlights
The increasing demand from the pharmaceutical industries, to commence sophisticated research and development, is directing to the enactment of several spectroscopy approaches across the sector, at a considerable rate over the forecast period.
The technology is projected to witness high growth owing to increasing quality consciousness among industries. The increasing prominence of decreasing operational expenditure is anticipated to boost the demand for these apparatuses during the forecast period. Substantial R&D undertakings have led to the development of numerous drug findings.
The drug discoveries have resulted in the development of efficient medications for numerous diseases and disabilities. The continuously increasing demand for spectroscopic procedures and associated equipment installations is expected to drive market growth. The market is projected to witness immense growth over the forecasted years, owing to the rising cognizance of quality spectroscopic apparatuses among end-use industries.
In the wake of the COVID-19 pandemic, the most challenging aspects have been the lack of testing required to trace and identify infections. Several researchers across the globe are trying to develop new test technologies for coronavirus based on physics, not biochemicals, to reduce the cost and to provide high sensitivity specificity. Also, it could overcome the challenges posed by current shortages of test efficacy and test kits. For instance, a research team from Northern Arizona University is developing surface-enhanced single-molecule Raman spectroscopy (SM-SERS), which would identify the S proteins of the SARs-Cov-2 virus, involved in the virus at the cellular level.
Even though, the high capital investment essential for employing spectroscopic equipment has enforced industry players to distribute the cost to consumers, thus increasing the costs of process spectroscopic instruments. Nevertheless, the advent of cost-efficient technologies over the forecast period is expected to lead to the reduction in prices of process spectroscopic products.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 17.92 billion |
| Revenue Forecast by 2030 | USD 33.4 billion |
| Growth rate from 2022 to 2030 | CAGR of 7.16% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Technology, application, component, region |
| Companies Covered |
ABB Group; Agilent Technologies, Inc.; Bruker; Danaher Corporation; Foss; HORIBA Ltd.; Kaiser Optical Systems, Inc.; Kett Electric Laboratory; Sartorius AG; Shimadzu Corporation; Thermo Fisher Scientific, Inc.; Yokogawa Electric Corporation |
Technology Insights
Molecular spectroscopy led the market and accounted for a 45.2% share of the global revenue in 2021 and is expected to continue contributing to the growth significantly over the forecast period. The total number of shipments of atomic and molecular spectroscopy were 318,762 units and 278,350 units respectively in 2021. The shipment units are expected to increase up to 592,033 units and 558,351 units for atomic and molecular spectroscopy respectively by 2030.
The molecular spectroscopy segment is also segregated into Near Infrared (NIR), Fourier-Transform Infrared (FT-IR), Raman, and Nuclear Magnetic Resonance (NMR) technology. Growing miniaturization of molecular spectroscopy instruments, improvements in Raman technologies are expected to propel market growth. Increasing requirements in the pharmaceuticals and life sciences along with significant demand in the petrochemical and chemical industries.
Mass spectrometry has also emerged as a powerful analytical tool applied to the pharmaceutical and health life sciences. The application of mass spectrometry in the pharmaceutical industry associated with the Drug Discovery and Development process provides superior performing liquid chromatography-mass spectrometry in pharmacodynamics, drug metabolism, and pharmacokinetic studies.
The mass spectrometer is majorly used in biological therapeutics with more mixed indicators. The mass spectroscopy technique enables accurate meta detection in drug samples. Thus, increasing focus on drug safety regulations, where spectroscopy techniques are used to monitor several metalloid and metal impurities in drug samples to ensure patient safety.
Component Insights
The hardware segment led the market and accounted for more than 77.1% share of the global revenue in 2021. The segment is anticipated to dominate over the forecast period owing to the increasing adoption of spectroscopic techniques. The software segment is expected to grow at the highest CAGR. The supply chain of the process spectroscopy market encompasses component suppliers that provide detectors, probes, exciting sources, and microscopes.
The spectroscopy equipment manufacturers either design their product or assemble the components to produce the final product. A few of the leading players are Agilent Technologies, Inc.; Thermo Fisher Scientific, Inc.; and Danaher Corporation. The companies also offer customized solutions to their customers coupled with analytical software for data storage and analysis. Thermo Fisher Scientific, Inc. offers GRAMS Spectroscopy Software suite to collaborate data sets and perform analysis on the data sets.
Hardware: process spectroscopy hardware comprises spectrometers, light sources, systems, analyzers, and accessories. Software: software used in process spectroscopy contains spectrum analysis tools, Linux drivers, spectroscopy pro-tools, and others. the price of spectrometers is largely dependent on prices, availability, and quality of building materials and components used for manufacturing.
Application Insights
The pharmaceutical segment accounted for the largest revenue share of 31.5% in 2021. Based on applications, the market is segmented into polymer, oil & gas, pharmaceuticals, food & agriculture, chemical, water & wastewater management, pulp & paper, metal & mining, and others. The pharmaceutical and food & agriculture segments together were major revenue contributors in 2021. The pharmaceutical segment is anticipated to dominate over the forecast period owing to the increasing adoption of spectroscopic techniques.
The food & agriculture and water & wastewater segments are anticipated to witness remarkable growth over the forecast year. In the past few years, numerous new wastewater treatment plants (WWTP) have been built to reduce and counter untreated wastewater's impact on the environment. The operations of WWTP are complex and need continuous monitoring to reduce the level of contamination in wastewater.
The challenging issues about WWTP are considerable variability in the level of contamination and volume of wastewater from the incoming sewage. The traditional wastewater treatment methods need a notable continuum cost and are time-consuming. WWTP requires reliable and fast information about the incoming sewage and the operation of the different treatment stages.
The spectroscopy techniques have allowed the tracking and identification of materials, detection of impurity and identification, fermentation processing and reaction monitoring, and product uniformity and repeatability in the food & agriculture sector. Furthermore, spectroscopic techniques such as Near-infrared (NIR) and Fourier transform infrared (FT-IR) enable routine analysis in the food & feed industry with the advantages such as accuracy, precision, and shorter analysis time.
Regional Insights
North America held the largest revenue share of over 44.3% in 2021 and is expected to maintain its dominance over the estimated period. The market is experiencing a significant shift across North America due to the increased shale gas production in the U.S. and Canada. The region is well equipped with the infrastructure for various R&D across all the major industrial sectors such as food & beverage, pharmaceutical, and chemicals, and possesses the potential for investments in various technological developments.
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period, attributed to the region’s strong manufacturing hub and advancements in R&D practices. The usage of spectroscopic techniques for producing, refining, and distributing the oil & gas in these countries is resulting in the growing adoption of spectroscopy devices and methods, which drive the overall market at a considerable pace. All these factors have increased the adoption of spectroscopic techniques, largely, helping the regional growth.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Process Spectroscopy Market
5.1. COVID-19 Landscape: Process Spectroscopy Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Process Spectroscopy Market, By Technology
8.1. Process Spectroscopy Market, by Technology, 2022-2030
8.1.1 Molecular Spectroscopy
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Mass Spectroscopy
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Atomic Spectroscopy
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Process Spectroscopy Market, By Application
9.1. Process Spectroscopy Market, by Application, 2022-2030
9.1.1. Polymer
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Oil & Gas
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Food & Agriculture
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Chemical
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. Water & Wastewater
9.1.5.1. Market Revenue and Forecast (2017-2030)
9.1.6. Pulp & Paper
9.1.6.1. Market Revenue and Forecast (2017-2030)
9.1.7. Metal & Mining
9.1.7.1. Market Revenue and Forecast (2017-2030)
9.1.8. Others
9.1.8.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Process Spectroscopy Market, By Component
10.1. Process Spectroscopy Market, by Component, 2022-2030
10.1.1. Hardware
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Software
10.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Process Spectroscopy Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.3. Market Revenue and Forecast, by Component (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Component (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Component (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.3. Market Revenue and Forecast, by Component (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Component (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Component (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Component (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Component (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.3. Market Revenue and Forecast, by Component (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Component (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Component (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Component (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Component (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.3. Market Revenue and Forecast, by Component (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Component (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Component (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Component (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Component (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.3. Market Revenue and Forecast, by Component (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Component (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Component (2017-2030)
Chapter 12. Company Profiles
12.1. ABB Group
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Agilent Technologies, Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Bruker
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Buchi Labortechnik AG
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Danaher Corporation
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Foss
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. HORIBA, Ltd
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Kaiser Optical Systems, Inc
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Kett Electric Laboratory
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Sartorius AG
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers