Process Spectroscopy Market Set to Grow

The process spectroscopy market is expected to reach $1.27 billion by 2022, according to a report by Radiant Insights Inc.

The pharmaceutical industry is anticipated to be the key end-use segment for the market growth over the forecast period, with an estimated compound annual growth rate of 8.5 percent from 2016 to 2022.

The technological advancements and prices are anticipated to be the critical parameters affecting the industry. The popularity of portable or handheld spectroscopy instruments is anticipated to drive the market growth over the forecast period.

The process spectroscopy market reflects the rising awareness for the quality throughput among end-use industries such as oil and gas, pharmaceuticals and food and agriculture. These instruments are used to analyze, monitor and control processes, along with identifying defects at an early stage to avoid production delays. The focus on reducing operational expenditure is further anticipated to drive the adoption of process spectroscopy globally.

Industry participants are increasingly adopting spectroscopic instruments in order to enhance the quality of their product and adhere to the international quality standards such as ISO and Six Sigma. Companies such as Boeing Co., 3M Co., Hewlett-Packard Co., General Electric Co. and Lockheed Martin Corp., have implemented Six Sigma to minimize error in the manufacturing process and gain operational effectiveness.

Radiant Insights is a market research and consulting company, offering syndicated research studies, customized reports and consulting services.