Sellbyville, DE -- (SBWIRE) -- 11/06/2018 -- Process Spectroscopy Market is expected to grow at a CAGR of over 5% to exceed USD 1 billion by 2024. The market growth can be credited to the growing adoption of spectroscopic techniques in the food, agriculture and pharmaceutical sectors. Rising awareness of quality drugs & food coupled with several regulations imposed by the government & administrative authorities are the key factors which are projected to drive the process spectroscopy market.

Process spectroscopy is a technique which involves the application of spectroscopy that includes studying the interaction between matter and electromagnetic radiation. With process spectroscopy users can monitor, analyze, and control process along with enhancing the quality of product and recognizing the defects in product materials.

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The implementation of PAT framework by Food and Drug Administration (FDA) which aims at ensuring high quality product performance is anticipated to boost the process spectroscopy market growth. This has increased the adoption of process spectroscopy in pharmaceutical companies across the U.S. The equipment is enabling efficient process monitoring and also performs quality check, which thereby, aids in minimizing the variable expenditure involved by reducing errors as well as re-work.

High capital investment accompanied with lack of skilled labor will inhibit the production rate and hinder the market growth. Emergence of various cost-efficient technologies is expected to lead in price reduction of the equipment's. Regular consultant intervention is anticipated to ease out the integration process and ensure the appropriate return on investment thereby leading to the process spectroscopy market growth.

Based on technology, the Fourier Transform Infrared (FT-IR) technology segment has accounted for over USD 170 million in 2015. Rising prominence of the technology in several industries for identification and assessment of various compounds & chemicals such as particulates, residues and pesticides is expected to propel the process spectroscopy market demand by 2024.

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Asia Pacific process spectroscopy Market is expected to witness a significant growth over the forecast timeline. Various industry participants are progressively relocating manufacturing facilities and R&D owing to the presence of cheap labor and low resource cost which will catapult the regional growth.
Several industry players in the process spectroscopy market are concentrating on development of instruments and solutions which can provide NIR and FT-IR in a single instrument. For instance, Bruker Corporation announced that the company has a multipurpose FT-NIR analyzer, MPA. Rising awareness about standards and quality products, among people, has forced several industry players to follow the international quality standard guidelines. The leading players in the process spectroscopy market are focusing on growing the governance through distribution and agreements partnerships.

Key players participating in the process spectroscopy market include ABB, Agilent Technologies, Bruker, BÜCHI Labortechnik AG, Danaher Corporation, FOSS, HORIBA, Kett Electric Laboratory, Sartorius AG, SHIMADZU CORPORATION, Thermo Fisher Scientific, Yokogawa Electric Corporation.

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