Process Spectroscopy Market size is expected to reach USD 1.47 billion by 2024; according to a new research report by Global Market Insights, Inc. —
Process analytical technology (PAT) is a mechanism to design, analyze and control manufacturing through measuring process parameters that affects critical quality attributes. NIR sector is estimated to grow at 6.1% CAGR from 2016 to 2024, accounting for more than 55% of the overall industry share by 2024. Surging application in various industry sectors such as food, quality monitoring &process control and chemical may surge demand over the forecast timeline.
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Rising conciousness regarding high quality standards and products among customers may encourage process spectroscopy market players to adhere guidelines for international quality standards. Companies across the world have started implementing quality measures in order to gain certifications. For instance, Boeing, 3M, Hewlett Packard (HP), Lockheed Martin and General Electric (GE), have successful implemented Six Sigma.
Key competitors include Bruker, ABB, Buchi Labortechnik, Danaher, Foss A/S, Horiba and Agilent Technologies. Other prominent industry participants are Eureka Forbes, Panasonic, Haier, iRobot, LG, Bissell, Royal Philips Electronics and Samsung.
Rising focus on improvisation in order to eleminate ineffective process such as visual defects, inventory and production time is expected to propel industry growth. Effective control offers numerous benefits such as low production &inspection cost, consumer satisfaction, increased sales as well as optimized resource utilization, which in turn will catalyze process spectroscopy market size from 2016 to 2024.
Advent of PAT framework by Food and Drug Administration (FDA) with an aim to ensure high quality product performance is forecast to boost growth. This has led to adoption pharmaceutical companies across the U.S. This equipment enables effective &efficient process monitoring and also perfroms quality check, which in turn aids in reducing variable expenditure involved by minimizing errors as well as re-work. Furthermore, growing industry competition is anticipated to increase price as well as quality pressure in order to gain competitive advantage over the next eight years.
Lack of skilled workforce accompained by high capital investment is anticipated to hamper production rate. Emergence of cost effective technologies is expected to offer massive growth opportunities for process spectroscopy market share through 2024.
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Key insights from the report include:
FT-IR (fourier transform infrared) technology segment was valued at more than USD 170 million in 2015. Rising prominence of this technology in numerous industries for assessment and identification of various chemicals &compounds and materials such as residues, particulates and pesticides is expected to propel industry demand through 2024.
Polymer sector accounted for over 16% of the process spectroscopy market share in 2015 and estimated to grow at 6.2% CAGR from 2016 to 2024. High product volumes, customization as well as strict quality requirement will positively imapct polymer application revenue through 2024.
Strict quality norms in healthcare, food &agriculture, and pharmaceuticals sector may positively impact revenue in the North American industry.
Asia Pacific process spectroscopy market size is expected to grow at 8% CAGR from 2016 to 2024. Industry participants are increasingly relocating R&D and manufacturing facilities owing to presence of cheap labor and resource cost may catapult regional growth.
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Process spectroscopy industry 360 degree synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Application trends
Chapter 3 Process Spectroscopy Industry Insights
3.1 Industry segmentation
3.2 Industry Size and forecast, 2013 - 2024
3.3 Industry ecosystem analysis
3.4 Industry Impact forces
3.4.1 Growth drivers
22.214.171.124. Lower OPEX
126.96.36.199. FDA PAT initiative
188.8.131.52. Need to meet industry standards
3.4.2 Industry pitfalls & challenges
184.108.40.206. High CAPEX
3.5 Growth potential analysis
3.6 Porter's analysis
3.7 Key competitor analysis, 2015
3.8 PESTEL analysis
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
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