Growing Adoption of Process Spectroscopy Across Industries Driving Global Market
The growing adoption of process spectroscopy is driving growth in the global market for spectroscopy equipment. BCC Research reveals in its new report that spectroscopy, especially process spectroscopy, is increasingly meeting the need for more analytical manufacturing techniques in industries such as chemicals, pharmaceuticals, petroleum refining and semiconductors.
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 global market for process spectroscopy equipment is projected to total $1.2 billion and $1.5 billion in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 5.5%. The segment ROW (Rest of World), which includes Asia, Africa, the Middle East, and North and South America (excluding the United States), should demonstrate the highest CAGR at 7.6%.