Global Process Spectroscopy Market – Analysis and Forecast (2023-2030)

Industry Insight by Technology (Mass Spectroscopy, Molecular Spectroscopy (Near-Infrared (NIR), Fourier-Transform Infrared (FT-IR), Raman, Nuclear Magnetic Resonance (NMR), and Others), and Atomic Spectroscopy) by Component (Hardware and Software), by Application (Polymer, Oil & Gas, Pharmaceuticals, Food & Agriculture, Chemicals, Water and Wastewater Management, Pulp & Paper, Metal & Mining, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The process spectroscopy market is projected to attain a value of USD 30.3 billion by 2030, experiencing a notable growth rate of 8.8% from 2023 to 2030. With a valuation of USD 17.2 billion in 2022, process spectroscopy serves as a dedicated approach to analyzing the interactions between light, electromagnetic radiation, and matter.

Benchtop, micro, portable, and hyphenated spectroscopes, amplifiers, display units, signal processors, and microscopes are all used in process spectroscopy. Process spectroscopy is adopted in various processes such as Fourier Transform Infrared Spectroscopy (FT-IR), Raman spectroscopy, nuclear magnetic resonance (NMR), and Near-Infrared Spectroscopy (NIR). To examine electrons, protons, and ions, as well as to generate collision energy, process spectroscopy encompasses splitting the radiation into a spectrum of its wavelengths. As a result, it has a wide range of applications in areas such as healthcare, pharmaceuticals, water & wastewater management, biological research, and electronics. The technique is gaining traction as it has the ability to evaluate, monitor, and regulate production processes, as well as identify defects in product materials and improve product quality.

The COVID-19 pandemic has a moderate impact on the process spectroscopy market owing to its wide adoption in the pharmaceutical sector to detect SARS-CoV-2.

Market Segmentation

Insight by Technology

Based on technology, the global process spectroscopy market is segmented into mass spectroscopy, molecular spectroscopy, and atomic spectroscopy. The molecular spectroscopy is further divided into near-infrared (NIR), Fourier-transform infrared (FT-IR), Raman, nuclear magnetic resonance (NMR), and others. Molecular spectroscopy contributes to the largest market share during the forecast period owing to the rising miniaturization of molecular spectroscopy instruments and increased application in environmental screening and drug discovery and development as a result of growth in the NMR technique. Raman spectroscopy is expected to grow at the fastest rate, owing to the increased use of this technology in the agriculture, food, and pharmaceutical industries.

Insight by Component

Based on component, the global spectroscopy market is bifurcated into hardware and software. The hardware category contributes to the largest share in the process spectroscopy market owing to the mounting adoption of spectroscopic techniques by manufacturers and packaging industries due to the strict regulations to maintain the quality of the products.

Insight by Application

Based on application, the global process spectroscopy market is segregated into polymer, oil & gas, pharmaceuticals, food & agriculture, chemicals, water, and wastewater management, pulp & paper, metal & mining, and others. During the forecast period, the pharmaceutical segment will account for the highest share, as drug companies utilise process spectroscopes to test the material porosity of a substance for quality control standards and evaluate the state of the compositions. The food, agriculture, water & wastewater category are anticipated to have a high CAGR during the projected period. The Spectroscopy technique is used to detect impurities in water & wastewater management. In the food & agriculture industry, this technique tracks and identifies materials used adopts fermentation processing and reaction monitoring to check product uniformity and avoids repeatability.

Process Spectroscopy Market Report Coverage

Industry Dynamics

Industry Trends

The rising trend to decrease the variable expenditure by reducing the rework and errors which can be done through process spectroscopy as it monitors and control effectively and efficiently and check the quality of the final product will fuel the growth in the process spectroscopy market. Furthermore, the increasing emphasis to meet the international quality standards like Six Sigma, ISO, etc by various industry verticals including pharmaceutical, food & beverage, chemical, and agriculture will lead to the growing trend towards process spectroscopy market.

Growth Drivers

The process spectroscopy market is experiencing significant growth driven by various factors. Rapid industrialization, shifting energy sources, increasing consumer awareness, and rising demand for superior quality manufactured products are key contributors to this growth. Additionally, government regulations concerning safety standards and mandatory compliance with prescribed standards are further fueling market expansion.

Process spectroscopy offers cost-efficiency and time-saving benefits, leading to its widespread adoption in industries such as pharmaceuticals, food, and agriculture. This adoption is expected to drive market growth. Moreover, spectroscopic methods are increasingly being utilized in the forensic sector to identify organic compounds and substances at crime scenes. Extensive research and development activities are also contributing to market expansion.

Manufacturers benefit from process spectroscopy as it enables them to analyze and predict the quality of finished products, particularly in packaged food, medicine, and chemicals. By halting production at any stage with negative results, the need for rework and the generation of scrap are reduced. Additionally, maintaining large inventories becomes less costly. These advantages further propel the growth of the global process spectroscopy market.

Challenges

The large initial capital investment required to deploy spectroscopic equipment, as well as the problems associated with its utilization and lack of skilled personnel, may provide a hindrance to the market's overall growth.

Opportunities

The continuous innovation in process spectroscopy in order to reduce the total expenditure of product examination and promotional tools adopted by vendors will create opportunities for growth in the process spectroscopy market. The rising number of research on the microscopic study of chemicals in the pharmaceuticals industry and increased adoption of technologically developed cloud-based equipment by the pharmaceutical firms will create opportunities for growth in the process spectroscopy market. Moreover, the companies globally are focusing on developing portable spectrometer instruments with wireless connectivity for instant results, thereby accelerating growth opportunities in the process spectroscopy market.

Geographic Overview

North America contributes to the largest share in the process spectroscopy market during the forecast period owing to well-established infrastructure in the region and increased adoption in diverse industry verticals like food, pharmaceutical, and oil industry. Furthermore, the presence of key industry players and stringent government regulations of manufactured products will accelerate the growth of the process spectroscopy market in the region.

Competitive Insight

In order to obtain a competitive advantage, corporations have been cutting prices and boosting quality. Companies with inefficient process control face various problems, including long lead times for manufacturing and inventory, as well as visual faults that can harm a brand's image. Consumer satisfaction, reduced manufacturing and inspection costs, efficient resource usage, and improved sales are all advantages of effective implementation. Furthermore, the industry players are emphasizing R&D activities to improve their product portfolio and are entering into M&A, joint ventures, partnerships, and agreements to expand their geographical presence and to sustain themselves in a competitive market.

Yokogawa is one of the major providers, offering research and development of a molecular spectroscopic sensor that would visualize data that would otherwise be unseen. Yokogawa has developed spectroscopic analysis technology, spectrum analysis technology, and nanophotonics technology over many years. Yokogawa produced a sensing device and a prototype of a handheld molecular spectroscopic sensor containing this device by combining these technologies. Quality control and logistics management are likely to benefit from this technology. Yokogawa will continue to research and develop a molecular spectroscopic sensor, with the goal of expanding its use in a variety of industries.

Agilent’s best-in-class portfolio of spectroscopy systems are more qualified and offers the right solution for a specific challenge. The innovations such as the Cary 3500 UV-Vis and laser direct infrared (LDIR) chemical imaging, 4300 handheld FTIR, and proprietary spatially offset and transmission Raman technologies will provide growth in the molecular spectroscopy instruments.  Agilent provides a wide range of FTIR instruments, from portable FTIR analyzers and flexible handheld FTIR spectrometers for field applications to dependable benchtop instruments for routine FTIR testing and cutting-edge research. Agilent FTIR instrumentation provides accurate results for specific FTIR analysis.

The ZenoTOF 7600 system, a new accurate mass LC-MS/MS instrument, was launched by SCIEX, a global leader in life science analytical technologies, in July 2021. By generating previously unobtainable data, the new method allows scientists to better identify, classify, and measure molecules than ever before. This breakthrough will help promote the development of new precision diagnostics and biotherapeutics by resolving real-world analytical problems.

Agilent Technologies Inc. announced the release of MassHunter Workstation Plus 11.0, MassHunter Networked Workstation 11.0, and MassHunter BioConfirm in January 2021, enhancing Mass Spectrometry and Automation Software Solutions. For MassHunter Acquisition, Quantitative Analysis, and MassHunter BioConfirm, the most recent version of these tools provides data integrity in accordance with US FDA and EU EMEA standards, as well as user management, checksums, tamper detection, and audit trails.

Some of the key players operating in the process spectroscopy market include Yokogawa Electric Corporation, Agilent Technologies, Inc., Danaher, Kett Electric Laboratory, Sartorius AG, Bruker, Foss A/S, Buchi Labortechnik AG, Shimadzu Corporation, and Thermo Fisher Scientific.

The Process Spectroscopy Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.

Segments Covered in the Report

• By Technology
  • Mass Spectroscopy
  • Molecular Spectroscopy
    • Near-Infrared (NIR)
    • Fourier-Transform Infrared (FT-IR)
    • Raman
    • Nuclear Magnetic Resonance (NMR)
    • Others
  • Atomic Spectroscopy
• By Component
  • Hardware
  • Software
• By Application
  • Polymer
  • Oil & Gas
  • Pharmaceuticals
  • Food & Agriculture
  • Chemicals
  • Water and Wastewater Management
  • Pulp & Paper
  • Metal & Mining
  • Others

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Technology
                1.2.2.    By Component 
                1.2.3.    By Application             
                1.2.4.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.    Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.    Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Technology
                5.1.1.    Mass Spectroscopy
                        5.1.1.1. Market Definition
                        5.1.1.2. Market Estimation and Forecast to 2030  
                5.1.2.    Molecular Spectroscopy
                        5.1.2.1. Market Definition
                        5.1.2.2. Market Estimation and Forecast to 2030
                5.1.3.    Atomic Spectroscopy
                        5.1.3.1. Market Definition
                        5.1.3.2. Market Estimation and Forecast to 2030          
        5.2.    By Component
                5.2.1.    Hardware
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.    Software
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030        
        5.3.    By Application   
                5.3.1.    Polymer
                        5.3.1.1. Market Definition
                        5.3.1.2. Market Estimation and Forecast to 2030
                5.3.2.    Oil & Gas
                        5.3.2.1. Market Definition
                        5.3.2.2. Market Estimation and Forecast to 2030
                5.3.3.    Pharmaceuticals
                        5.3.3.1. Market Definition
                        5.3.3.2. Market Estimation and Forecast to 2030
                5.3.4.    Food & Agriculture
                        5.3.4.1. Market Definition
                        5.3.4.2. Market Estimation and Forecast to 2030
                5.3.5.    Chemicals
                        5.3.2.1. Market Definition
                        5.3.2.2. Market Estimation and Forecast to 2030
                5.3.6.    Water and Wastewater Management
                        5.3.3.1. Market Definition
                        5.3.3.2. Market Estimation and Forecast to 2030
                5.3.7.    Pulp & Paper
                        5.3.4.1. Market Definition
                        5.3.4.2. Market Estimation and Forecast to 2030
                5.3.8.    Metal & Mining
                        5.3.8.1. Market Definition
                        5.3.8.2. Market Estimation and Forecast to 2030
                5.3.9.    Others
                        5.3.9.1. Market Definition
                        5.3.9.2. Market Estimation and Forecast to 2030

6.    North America Market Estimate and Forecast

        6.1.    By Technology
        6.2.    By Component 
        6.3.    By Application      
        6.4.    By Country – U.S., Canada, and Mexico
                6.4.1.    U.S. Market Estimate and Forecast
                6.4.2.    Canada Market Estimate and Forecast
                6.4.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Technology
        7.2.    By Component 
        7.3.    By Application        
        7.4.    By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
                7.4.1.    Germany Market Estimate and Forecast
                7.4.2.    France Market Estimate and Forecast
                7.4.3.    U.K. Market Estimate and Forecast
                7.4.4.    Italy Market Estimate and Forecast
                7.4.5.    Spain Market Estimate and Forecast
                7.4.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Technology
        8.2.    By Component 
        8.3.    By Application        
        8.4.    By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
                8.4.1.    China Market Estimate and Forecast
                8.4.2.    Japan Market Estimate and Forecast
                8.4.3.    India Market Estimate and Forecast
                8.4.4.    South Korea Market Estimate and Forecast
                8.4.5.    Singapore Market Estimate and Forecast
                8.4.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Technology
        9.2.    By Component 
        9.3.    By Application        
        9.4.    By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
                9.4.1.    Brazil Market Estimate and Forecast
                9.4.2.    Saudi Arabia Market Estimate and Forecast
                9.4.3.    South Africa Market Estimate and Forecast
                9.4.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    Yokogawa Electric Corporation
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Agilent Technologies, Inc.
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Danaher
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Kett Electric Laboratory
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Sartorius AG
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Bruker
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    Foss A/S
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Buchi Labortechnik AG
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    Shimadzu Corporation
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.   Thermo Fisher Scientific
                10.10.1.   Snapshot
                10.10.2.   Overview
                10.10.3.   Offerings
                10.10.4.   Financial Insight
                10.10.5.   Recent Developments        

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Process Spectroscopy Market, By Technology, 2018-2022 (USD Billion)
Table 5 Global Process Spectroscopy Market, By Technology, 2023–2030 (USD Billion)
Table 6 Global Process Spectroscopy Market, By Component, 2018-2022 (USD Billion)
Table 7 Global Process Spectroscopy Market, By Component, 2023–2030 (USD Billion)
Table 8 Global Process Spectroscopy Market, By Application, 2018-2022 (USD Billion)
Table 9 Global Process Spectroscopy Market, By Application, 2023–2030 (USD Billion)
Table 10 Global Process Spectroscopy Market, By Region, 2018-2022 (USD Billion)
Table 11 Global Process Spectroscopy Market, By Region, 2023–2030 (USD Billion)
Table 12 North America Process Spectroscopy Market, By Technology, 2018-2022 (USD Billion)
Table 13 North America Process Spectroscopy Market, By Technology, 2023–2030 (USD Billion)
Table 14 North America Process Spectroscopy Market, By Component, 2018-2022 (USD Billion)
Table 15 North America Process Spectroscopy Market, By Component, 2023–2030 (USD Billion)
Table 16 North America Process Spectroscopy Market, By Application, 2018-2022 (USD Billion)
Table 17 North America Process Spectroscopy Market, By Application, 2023–2030 (USD Billion)
Table 18 North America Process Spectroscopy Market, By Region, 2018-2022 (USD Billion)
Table 19 North America Process Spectroscopy Market, By Region, 2023–2030 (USD Billion)
Table 20 Europe Process Spectroscopy Market, By Technology, 2018-2022 (USD Billion)
Table 21 Europe Process Spectroscopy Market, By Technology, 2023–2030 (USD Billion)
Table 22 Europe Process Spectroscopy Market, By Component, 2018-2022 (USD Billion)
Table 23 Europe Process Spectroscopy Market, By Component, 2023–2030 (USD Billion)
Table 24 Europe Process Spectroscopy Market, By Application, 2018-2022 (USD Billion)
Table 25 Europe Process Spectroscopy Market, By Application, 2023–2030 (USD Billion)
Table 26 Europe Process Spectroscopy Market, By Region, 2018-2022 (USD Billion)
Table 27 Europe Process Spectroscopy Market, By Region, 2023–2030 (USD Billion)
Table 28 Asia-Pacific Process Spectroscopy Market, By Technology, 2018-2022 (USD Billion)
Table 29 Asia-Pacific Process Spectroscopy Market, By Technology, 2023–2030 (USD Billion)
Table 30 Asia-Pacific Process Spectroscopy Market, By Component, 2018-2022 (USD Billion)
Table 31 Asia-Pacific Process Spectroscopy Market, By Component, 2023–2030 (USD Billion)
Table 32 Asia-Pacific Process Spectroscopy Market, By Application, 2018-2022 (USD Billion)
Table 33 Asia-Pacific Process Spectroscopy Market, By Application, 2023–2030 (USD Billion)
Table 34 Asia-Pacific Process Spectroscopy Market, By Region, 2018-2022 (USD Billion)
Table 35 Asia-Pacific Process Spectroscopy Market, By Region, 2023–2030 (USD Billion)
Table 36  RoW Process Spectroscopy Market, By Technology, 2018-2022 (USD Billion)
Table 37  RoW Process Spectroscopy Market, By Technology, 2023–2030 (USD Billion)
Table 38  RoW Process Spectroscopy Market, By Component, 2018-2022 (USD Billion)
Table 39  RoW Process Spectroscopy Market, By Component, 2023–2030 (USD Billion)
Table 40  RoW Process Spectroscopy Market, By Application, 2018-2022 (USD Billion)
Table 41  RoW Process Spectroscopy Market, By Application, 2023–2030 (USD Billion)
Table 42  RoW Process Spectroscopy Market, By Region, 2018-2022 (USD Billion)
Table 43  RoW Process Spectroscopy Market, By Region, 2023–2030 (USD Billion)
Table 44 Snapshot – Wanhua
Table 45 Snapshot – Covestro AG
Table 46 Snapshot – Dow
Table 47 Snapshot – Huntsman International LLC.
Table 48 Snapshot – SEKISUI CHEMICAL CO., LTD.
Table 49 Snapshot – DuPont
Table 50 Snapshot – Saint Gobain
Table 51 Snapshot – LAXNESS (Previously named as Chemtura Corporation)
Table 52 Snapshot – NITTO DENKO CORPORATION
Table 53 Snapshot – Rogers Corporation