Process Spectroscopy Market to Worth USD 73.84 Bn by 2030 | Fortune Business Insights™
Fortune Business Insights
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Fortune Business Insights
The global Process Spectroscopy Market covered major segments By Orbit Type (LEO, MEO, GEO, and Others), By Launch Vehicle (Small Lift Launch Vehicle, Medium Lift Launch Vehicle, and Heavy Lift Launch Vehicle), By Payload (Satellite, Cargo, Human Spacecraft, and Testing Probes), and Region
Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- The global process spectroscopy market size was valued at USD 12.49 billion in 2022 and is projected to grow from USD 15.93 billion in 2023 to USD 73.84 billion by 2030, exhibiting a CAGR of 24.5% during the forecast period. Process spectroscopy is a technique for analyzing end products to ensure product quality It helps save time and reduce the overall cost of surveillance operations. The rising use of spectroscopy in pharmaceutical safety processes is aiding market augmentation. This information is provided by Fortune Business Insights™, in its report titled, “Process Spectroscopy Market, 2023-2030.”
Closure of Manufacturing Facilities During the Pandemic Hindered Market Expansion
The spread of COVID-19 worldwide severely impacted the global economy. The pandemic resulted in supply chain disturbances which impacted the process spectroscopy sector negatively as product and service demand declined. Moreover, a slowdown in research and development activities was noticed which further hindered market expansion. However, the rising focus on the development of drugs, vaccines, and medical equipment boosted demand for spectroscopic technologies from the healthcare sector.
Segmentation:
Nuclear Magnetic Resonance Spectroscopy Segment to Lead Due to Growth of Healthcare and Chemical Sectors
Based on type, the global market is divided into infrared (IR) spectroscopy, ultraviolet-visible (UV/VIS) spectroscopy, Raman spectroscopy, x-ray spectroscopy, and nuclear magnetic resonance (NMR) spectroscopy. The nuclear magnetic resonance segment held the largest market share in 2022 owing to its use in studying the chemical, physical, and biological properties of matter.
Atomic Absorption Spectroscopy Segment to Hold Major Share Owing to Economical Nature
As per technology, the global market is split into atomic absorption spectroscopy (AAS), atomic emission spectroscopy (AES), atomic fluorescence spectroscopy (AFS). AAS segment led the market in 2022 due to its cost-effective and easy to use nature which makes it an ideal choice for several applications.
Food & Beverage Segment to Dominate Due to the Rising Need of Spectrometer to Inspect Food Quality
According to end-user, the market is arrayed into food & beverages, agriculture, healthcare, manufacturing, oil & gas, chemical and others. The food & beverage segment held a significant global market share in 2022. The adoption of mass spectrometry for food analysis to test nutritional value, food quality, micronutrient and macronutrient profiles, and nutraceutical compounds is aiding segment expansion.
Hardware Segment to Capture Significant Share Due to Rising Research and Development Activities
Moving on to components, the global market is bifurcated into hardware and software. The hardware segment accounted for the majority of the market share in 2022 owing to growing research and development activities for spectroscopy techniques.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Surging Demand for Specialized and High-Quality Products to Propel Market Growth
Surging consumer demand for better-quality products has generated an increased need for process spectrometry to ensure that products meet the required standards and specifications. Moreover, spectroscopy plays a vital role in several industries, including pharmaceutical, food & beverage, and material science as it allows qualification and identification of chemical compounds. The extensive use of process spectroscopy in different sectors is aiding process spectroscopy market growth.
On the other hand, the high initial and maintenance costs associated with spectroscopes will serve as challenges for businesses operating in this domain.
Regional Insights:
North America to Hold Major Share Owing to Presence of Leading Companies
North America captured a significant process spectroscopy market share in 2022 owing to changing consumer inclination, technological developments, and government initiatives. The presence of several leading companies such as Danaher Corporation, Bruker Corporation, and Thermo Fisher Scientific will also boost market expansion.
Europe market is projected to grow significantly owing to supportive government regulations, initiatives, funding programs, and technological developments by key companies. Such initiatives are projected to attribute to the growth of the European market during the forecast period.
Research and Development Activities to Propel Market Augmentation
The leading players in this domain are investing in research and development activities and expanding their facilities to appeal to more customers and strengthen their foothold in the domain.
Key Industry Development:
August 2022 – Emery Pharma has expanded its state-of-the-art laboratory with a brand new Orbitrap high-resolution mass spectrometer to expand the company's service offerings. The move will help optimize the research and development of macromolecular drugs, including antibody-drug conjugates, biologics, and biosimilars.
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