Process Spectroscopy Market Size, Competitive Landscape 2023
The global process spectroscopy market size was valued at USD 18,058.0 million in 2022 and is poised to grow at a significant CAGR of 7.6% during the forecast period 2023-29. The primary drivers of the expansion of the process spectroscopy cans market include the increasing adoption rate of spectroscopic techniques, amid applications of spectroscopy in various sectors, growing awareness of quality food and drugs, and increasing investment in the research and development sector. The process spectroscopy cans market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.
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The process spectroscopy market segmentation:
1) By Component: Hardware and Software
2) By Technology: Molecular Spectroscopy, Mass Spectroscopy, and Atomic Spectroscopy
3) By Application: Polymer, Oil and Gas, Pharmaceuticals, Biotechnology Industry, Food and Agriculture, Chemicals, Water and Wastewater, Pulp & Paper, Metal & Mining, and Others.
Based on application, the global process spectroscopy market is segmented into polymer, oil and gas, pharmaceuticals, biotechnology industry, food and agriculture, chemicals, water and wastewater, pulp & paper, metal & mining, and others. Among them, the pharmaceutical sector is holding a major market share and is expected to lead the market further in the forecasted years due to the increased adoption rate of pharmaceutical techniques and growing awareness of quality food and drugs.
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On the basis of region, the global process spectroscopy market is segmented into North America, Europe, Asia Specific, Latin America, and MEA countries. North America held considerable market share during the estimated period owing to well-developed infrastructure in laboratories, the high adoption rate of advanced technology, and various applications of spectroscopy in the pharmaceutical and food sectors. The Asia Pacific market is expected to increase in the process spectroscopy cans market over the forecast period. The Asia Pacific market is expanding due to the presence of leading market players such as Shimadzu Corporation, Kett Electric Laboratory, Horiba, Ltd., etc. in this region.
The process spectroscopy market key players are ABB Group, Agilent Technologies, Inc., Bruker, Buchi Labortechnik AG, Danaher Corporation, Foss, Kaiser Optical Systems, Inc, Kett Electric Laboratory, Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific, Inc., and Yokogawa Electric Corporation.
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