According to Fortune Business Insights, the global process spectroscopy market was valued at USD 15.93 billion in 2023 and is projected to grow from USD 20.41 billion in 2024 to USD 116.49 billion by 2032, exhibiting a CAGR of 24.3% during the forecast period. The rapid adoption of spectroscopy technologies for real-time analysis, product quality assurance, and cost efficiency is driving market expansion across industries.
What is Process Spectroscopy?
Process spectroscopy is an analytical technique used to examine end products in various industries, enabling companies to maintain quality standards, reduce operational time, and lower surveillance costs. Its growing adoption in pharmaceutical safety testing and food inspection applications is significantly boosting the global market.
Key Players in the Process Spectroscopy Market
Fortune Business Insights lists several major players actively shaping the market landscape:
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Agilent Technologies Inc. (U.S.)
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ABB (Switzerland)
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BUCHI Labortechnik AG (Switzerland)
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Bruker Corporation (U.S.)
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Danaher Corporation (U.S.)
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Foss A/S (Denmark)
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HORIBA, Ltd. (Japan)
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Kett Electric Laboratory (Japan)
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Shimadzu Corporation (Japan)
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Sartorius AG (Germany)
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Thermo Fisher Scientific Inc. (U.S.)
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Yokogawa Electric Corporation (Japan)
Source: https://www.fortunebusinessinsights.com/process-spectroscopy-market-105549
Market Segmentation
By Type
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Nuclear Magnetic Resonance (NMR) Spectroscopy held the largest market share in 2022.
According to Fortune Business Insights, this growth is attributed to NMR’s ability to assess the chemical, biological, and physical properties of matter, especially in healthcare and chemical industries.
By Technology
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Atomic Absorption Spectroscopy (AAS) led the technology segment in 2022.
Its cost-effectiveness and ease of operation make AAS ideal for a wide range of applications, boosting its market share.
By End-User
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Food & Beverage emerged as the dominant end-user in 2022.
The use of spectroscopy to analyze nutritional value, food quality, and micronutrient composition is accelerating adoption in this sector.
By Component
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The hardware segment accounted for the largest share in 2022, driven by extensive R&D investments and technological advancements in spectroscopy instrumentation.
Market Drivers and Challenges
Growth Drivers
According to Fortune Business Insights, the demand for specialized and high-quality products has significantly increased across sectors such as pharmaceuticals, food & beverages, and materials science. Process spectroscopy is crucial in qualifying and identifying chemical compounds in real time, enabling industries to maintain rigorous quality standards.
Challenges
Despite the growing demand, high initial setup and maintenance costs of spectroscopes are expected to pose a challenge for market adoption, especially for small and mid-sized enterprises.
Regional Insights
North America
North America held a major market share in 2022. According to Fortune Business Insights, factors such as favorable government initiatives, rapid technological advancements, and the strong presence of major players like Danaher Corporation, Bruker Corporation, and Thermo Fisher Scientific are driving growth in the region.
Europe
The European market is expected to witness robust growth over the forecast period. Supportive government regulations, funding programs, and continuous innovation by companies will contribute to regional market expansion.
Asia Pacific, South America, Middle East & Africa
These regions are also expected to show significant growth due to increased industrialization, growing demand for quality assurance solutions, and expansion of pharmaceutical and manufacturing sectors.
Competitive Landscape
Fortune Business Insights notes that leading market players are heavily investing in research & development to enhance product capabilities and meet sector-specific demands. Companies are also focusing on facility expansion, strategic partnerships, and new product launches to strengthen their global footprint.
Recent Industry Development
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May 2024 – A number of leading spectrometer manufacturers and suppliers showcased their latest innovations at Analytica 2024 in Munich, Germany. Participating companies included Analytik Jena, WITec, Agilent, Bruker, Hamamatsu, Horiba, and Tosoh Bioscience, all unveiling new instruments and technologies designed to enhance spectroscopy applications across various industries.
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January 2024 – Bruker Corporation (BRKR) acquired Tornado Spectral Systems Inc., a Canadian firm specializing in the development of advanced process Raman spectroscopy instruments. The acquisition strengthens Bruker's capabilities in providing cutting-edge solutions for pharmaceutical and biotechnology quality control.
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