Process Spectroscopy: The Global Market
The global market for process spectroscopy equipment reached $1.1 billion in 2014. This market is forecast to grow at a compound annual growth rate (CAGR) of 5.5% to reach $1.5 billion in 2020 from nearly $1.2 billion in 2015.
- An investigation of the market for process spectroscopy technologies and equipment in modern manufacturing settings, particularly for high volume or high value outputs.
- Quantification of the market, with data from 2014 and 2015, and projections of CAGRs through 2020.
- Information on key market applications such as hydrocarbon processing, semiconductor manufacturing, food substance screening, and pharmaceutical unit operations.
- Coverage of the main technologies such as Near infrared (NIR) spectroscopy, Raman spectroscopy and Fourier Transform infrared (FT-IR) spectroscopy.
- Patent analysis.
- Comprehensive company profiles of the major spectroscopy equipment manufacturers.
Process spectroscopy is defined as any use of spectroscopy to obtain real-time data to monitor and optimize a manufacturing process. The report includes UV and visible process spectroscopy, fluorescence spectroscopy, infrared (IR) and NIR process spectroscopy, FTIR, Raman spectroscopy, hyperspectral imaging technology and process spectroscopy computer systems. The industry is analyzed on a global basis from both market and application perspectives and a technology perspective. Process spectroscopy applications may be subject to unique regulations and standards from different regulatory agencies. For instance, spectroscopy used for food product contamination detection is subject to more regulations, systems, standards and monitoring than similar technologies used for experimental process reaction monitoring. A patent analysis documents the history of innovation in this field. This report also provides company profiles and contact information.
Research analyst Kevin Gainer holds both B.A. and M.A. degrees in quantitative economic analysis and forecasting and has 26 years of economic forecasting, industry intelligence and market research experience. He is the author of six published books and over 100 magazine articles, technical papers, analyses and studies published in conference proceedings, including many developed within corporations that are unpublished. He has worked as a Research Editor and Project Analyst at BCC Research since 1985 and has authored numerous BCC Research technology market research reports.
The total worldwide market for process spectroscopy instrumentation is expected to rise from $178 million in 2004 to $232 million in 2009, at an average annual growth rate (AAGR) of 5.4%.
Near-infrared monitors likely will be the largest market segment in 2009, with sales of $71 million, due to the FDA Process Analytical Technology initiative that seeks to streamline drug manufacturing processes.
The highest growth rate is expected in Raman spectrometers, with an AAGR of 8% through 2009. The once-academic technology has made significant inroads into process monitoring in recent years.
The largest application market will continue to be in chemical and polymer manufacturing, with $50 million in sales forecast for 2009.
A technology to watch is micro-electromechanical systems (MEMS). It could make “spectrometry on a chip” a reality.