Albany – NY, Oct. 20, 2015 (GLOBE NEWSWIRE) — Transparency Market Research (TMR) has announced the publication of a new market research report on the global process spectroscopy market. The report answers a wide range of questions pertaining to the growth of this market, its drivers, its restraints, and the possible opportunities in it. With a complete SWOT analysis and Porter’s five forces analysis, the report, titled “Process Spectroscopy Market Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, gives adequate clarity about the future of this market. According to research analysts at Transparency Market Research, the global process spectroscopy market was valued at US$714.5 million in 2012 and is expected to reach a value of US$1,179.6 million, growing at CAGR of 7.4% from 2013 to 2019.
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The growth of the global process spectroscopy market will be attributable to evolution of technology, need to match international quality standards, and to save time and cost while achieving the same. These factors are also pushing companies to adopt process spectroscopy on a larger scale. In addition to this, the growth of the global process spectroscopy market will also be fueled by the Food and Drug Administration’s move to implement process analytical technologies in the pharmaceutical industry in the U.S. This will especially boost the market in North America. This region held 49% of the global process spectroscopy market in 2012, due to dominating players being engaged in making products for industries such as pharmaceutical, polymer, chemicals, oil and gas, and food and agriculture.
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The global process spectroscopy market is segmented by technology, end-use industry, and geography. The technology segments include Raman spectroscopy, Fourier Transform infrared (FT-IR) spectroscopy, and near infrared (NIR) spectroscopy. The end-use industry segments comprise the oil and gas industry, the polymer industry, the food and agriculture industry, the pharmaceutical industry, the chemical industry, and others such as forensic, medical diagnostic, and environmental. Geographically, the global process spectroscopy market is divided into Europe, Asia Pacific, Europe, and Rest of the World. The fastest growing region in the world for the global process spectroscopy market will be Asia Pacific, at a predicted CAGR of 8.7% from 2013 to 2019. The factors contributing to this remarkable growth rate will be the growth of process spectroscopy technologies in food and agriculture and pharmaceutics in countries such as India, Japan, and China.
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Among the technology segments, Raman spectroscopy is expected to grow exponentially due to its increasing adoption by the food and agriculture and pharmaceutical industries. Statistics indicate that Raman spectroscopy held a market share of 17.1% in 2012 in the global process spectroscopy market.Some of the key players in the global market for process spectroscopy are Andor Technologies, Thermo Fisher Scientific, Inc. Buchi Labortechnik AG, and Bruker Corporation, who collectively hold about 40% of the market as reported in 2012. Other players likely to impact the global process spectroscopy market are Danaher Corporation, Foss A/S, ABB Limited, Yokogawa Electric Corporation, Shimadzu Corporation, Sartorius AG, Horiba Limited, and Kett Electric Laboratory.
Market Segmentation of Global Process Spectroscopy Market:
Process Spectroscopy Market, by Technology
- Near infrared (NIR) spectroscopy
- Raman spectroscopy
- Fourier Transform infrared (FT-IR) spectroscopy
Process Spectroscopy Market, by End-use Industry
- Polymer industry
- Oil and gas industry
- Pharmaceutical industry
- Food and agriculture industry
- Chemical industry
- Other industries (medical diagnostic, forensic and environmental)
Process Spectroscopy Market, by Geography
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