Albany, New York, Sept. 12, 2019 (GLOBE NEWSWIRE) — The vendor landscape of the global process spectroscopy market has a plethora of players of varying sizes. The leading companies among the lot have been able to develop a strong global presence and are now concentrating on developing new products and technologies that will further cement their position in the process spectroscopy market. Some leading names in the market are ABB Ltd., Thermo Fisher Scientific Inc., Shimadzu Corporation, BUCHI Labortechnik AG, among others.
The focus of these companies is also on offering more efficient and reliable products to cater to the evolving demands of the end-users. For instance, in 2017, BUCHI Labortechnik AG launched a new lab freeze dryer Lyovapor™. In addition to this, companies are also adopting strategies such as mergers and acquisitions to bolster their market presence. Such developments in the process spectroscopy market are expected to push it to a valuation of US$2005.2 Mn by 2025. It is projected that this valuation will be achieved with the help of an impressive CAGR of 8.3% over the course of the given forecast period.
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The overall growth of the global process spectroscopy market is driven by the growing demand for the production of new and more efficient drugs. The chemical industry is showing great interest in process spectroscopy as it helps to protect humans from exposure to harmful chemicals. It is also considered as a vital tool in the management of chemical risks. Naturally, this has led to its increased uptake among the end-used verticals.
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Raman Spectroscopy to Enjoy More Profitable Market in the Near Future
The process spectroscopy market has three main product segments viz. Raman spectroscopy, Fourier Transform Infrared (FT-IR) spectroscopy, and Near Infrared (NIR) spectroscopy. In recent years, there have been numerous technological advances in the Raman spectroscopy such as the ability to predict the purity of material and getting its detailed fingerprint. Additionally, with the introduction of cloud-based spectroscopy has opened up a wide range of opportunities for the growth of the global market. The next-gen cloud-based spectroscopy has the capacity to scale up or down the resources that need to be computed. The important aspect here is the system can perform this function dynamically to match the varying workload. Also, the implementation of the Process Analytical Technology or PAT helps in ensuring the quality of the performance of the final product. All such factors are thus helping to fuel the overall growth of the global process spectroscopy market.
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Leading Companies to Target Asia Pacific for New Business Opportunities
In terms of geographical segmentation, the global process spectroscopy market is divided into five key regions namely North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, the North America process spectroscopy market was a leading contributor in terms of revenue in 2016 and accounted for nearly half of the overall market share. However, over the course of the given forecast period of 2017 to 2025, the Asia Pacific region is expected to show the most promising growth rate. The primary reason behind the growth of the region is the presence two of the fastest developing economies of India and China. The Asia Pacific region offers a huge marketplace for the leading players to tap into the unexplored potential and generate higher profits. India and China are now encouraging global leaders in the process spectroscopy market to set up their bases in the region. This is expected to significantly drive the growth of the Asia Pacific market in the next few years.
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This review is based on Transparency Market Research’s report, 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”.
The global process spectroscopy market is segmented as below:
Process Spectroscopy Market, by Technology
- Near Infrared (NIR) Spectroscopy
- Raman Spectroscopy
- Fourier Transform Infrared (FT-IR) Spectroscopy
Process Spectroscopy Market, End-use Industry
- Oil and Gas
- Food and Agriculture
Process spectroscopy Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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