Rising Demand for Quality Checks Paves Path for Global Process Spectroscopy Market

The global market for process spectroscopy has witnessed a remarkable rise in its market valuation in recent times. The growing need for accuracy in the manufacturing of various products has triggered the demand for more intensive quality checks, resulting in increasing demand for process spectroscopy.

The rising preference of consumers for high-quality products has led to the immense popularity of spectroscopy technologies. According to a market study published by Transparency Market Research (TMR), a market intelligence and research organization, the global market for process spectroscopy stood at US$714.5 mn in 2012. Analysts estimate this market to expand at a CAGR of 7.40% between 2013 and 2019 and reach a market value of close to US$1.2 bn by the end of 2019.

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ABB Ltd., Bruker Corp., Agilent Technologies Inc., Buchi Labortechnik AG, Foss A/S, Danaher Corp., Horiba Ltd., Sartorius, Kett Electric Laboratory, Shimadzu Corp., Yokogawa Electric Corp., and Thermo Fisher Scientific Inc. are the key companies functioning in the worldwide process spectroscopy market.

Thermo Fisher Scientific, the leading company in the process spectroscopy market, has recently experienced an increase in institutional sentiments from 0.93 in Q2 to 1.08 in Q3 of 2015. The company’s stock is up-trending and has reported a growth of 5.29% since April 2015.

Mergers and acquisitions and the introduction of new products are the latest trends among other prominent participants looking to strengthen their presence. Here is a snapshot of the recent activities of key players in the process spectroscopy market.

• Shimadzu Corp. has announced the release of LABNIRS, a functional near-infrared spectroscopy system that offers high-sensitivity, multi-channel optical measurements of blood oxygen level dependent signals originating in the cerebral cortex. Earlier this year, the firm unveiled a monitored single-beam UV-visible spectrophotometer that provides a wide range of measurement options.

• Horiba Ltd., a major company in optical and Raman spectroscopy systems for more than 50 years, introduced the second version of their SWIFT module for HD, ultrafast confocal Raman imaging in March 2015. The module provides a robust yet cost-efficient route to use the optimum power of Raman imaging in the lab. In the previous year, the company acquired Photon Technology Int., a key manufacturer of microscopy-based spectro-fluorometers, in a bid to increase its presence in the market for fluorescence spectroscopy.

• ABB Ltd., one of the prime enterprises operating in the global process spectroscopy market, recently launched a single-point industrial FT-NIR analyzer, TALYS ASP400. The fiber optics-based analyzer is designed for real-time observation of petrochemical and refinery process streams.

Teeming with the introduction of novel products, the global market for process spectroscopy looks thriving. However, the high investment requirement for the development and maintenance of spectroscopes has compelled the market players to raise the product prices. Analysts expect this factor to hamper the growth of this market to a certain extent.

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