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ALBANY, New York, Aug. 20, 2019 (GLOBE NEWSWIRE) -- According to the report by Transparency Market Research on global process spectroscopy market, the demand to improve manufacturing process in various business verticals is the prime reason responsible for the growth of the market. The growth is also the result of booming pharmaceutical industry as microscopic study of chemicals and other molecules extensively requires process spectroscopy. This technique is used to collect valuable data about the properties of the compound to be used.
Further, the benefits like real-time information sharing and rising quality awareness in people about the manufactured products are also major factors expected to influence the growth of global process spectroscopy market in the forecast period of 2017 to 2025.
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Owing to rising demand for quality products by various end-use customers, and focus of manufacturers to enhance the quality of the manufacturing process, the market is expected to witness a substantial growth of 8.3% CAGR. Escalating demand for improved drugs and next-generation cloud-based spectroscopy equipment are also expected to support the market’s growth.
The experts at Transparency Market Research predict that the global process spectroscopy market is expected to reach at the value of US$2005.2 mn in the coming years. The revenue of the market is expected to be the result of lucrative opportunities like demand for spectroscopy solutions in the chemical industry to safeguard employees from getting exposed to harmful chemicals.
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During the forecast period of 2017 to 2025, the Raman Spectroscopy segment is expected to witness maximum growth in global process spectroscopy market. The growth of the segment is attributed to its rising application in cancer diagnostics to identify the type of cancer in a patient. Moreover, development of drugs to minimize cancer growth also requires extensive use of Raman spectroscopy which is expected to further boost the growth of segment in global process spectroscopy market in future.
Geographically, North America is expected to witness maximum growth in process spectroscopy market owing to booming pharmaceutical industry in U.S. and Canada. The region is expected to account for 48.3% of overall growth share during the forecast of 2017 to 2025. As a result of this prediction, the region is attracting various players of process spectroscopy market, further accelerating growth of the market in North America.
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Due to high cost of the spectroscopic instrument, growth of the global spectroscopic market is expected to get hampered to a marginal extent during the forecast period of 2017 to 2025. Moreover, cost-sensitive economies in developing regions of the world are further expected to hamper the growth of the market from 2017 to 2025.
However, growing technological developments such as integration of cloud, automation, machine learning, and artificial intelligence are expected to support the market to maintain its momentum for growth during the projected tenure. Moreover, rising demand for the spectroscopes in optimizing the manufacturing processes is also expected to support the global process spectroscopy market during the forecast period of 2017 to 2025.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Process Spectroscopy Market (Technology - Near Infrared (NIR) Spectroscopy, Raman Spectroscopy, Fourier Transform Infrared (FT-IR) Spectroscopy and Others; End-use Industry - Polymer, Oil and Gas, Pharmaceutical, Food and Agriculture, Chemical, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
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The global process spectroscopy market is segmented on the basis of:
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