WELLESLEY, MA--(Marketwired - November 25, 2015) - 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%.
Because process spectroscopy equipment is part of overall plant and equipment capital investment, equipment sales are highly correlated with the business cycle. This means sales are often volatile from year to year. Smoothing out year-to-year fluctuations, during the forecast period (2015-2020), overall sales are expected to demonstrate a 2% higher growth rate than the overall average annual global economic growth rate of about 3.5%.
Although much of the process spectroscopy business is technology driven and thus new, some segments such as the pharmaceutical industry are rapidly maturing due to regulatory drivers such as FDA regulations and the FDA's Process Analytical Technology (PAT) program. Although the PAT Initiative itself does not require the use of process spectroscopy systems, the overall industry trend is toward the broad adoption of analytical process control in manufacturing. Although the PAT program does not specify the use of spectroscopy to achieve quality goals, process spectroscopy is a natural fit because it provides robust scientific and analytical techniques tailored to fit into a process-based system with data analysis capability and adequate backend computing capacity.
"The pharmaceutical industry is beginning to adopt technology requirements for other phases of its supply chain, such as full accountability and transparency during shipment and delivery of any pharmaceutical product," says BCC Research analyst Kevin Gainer. "The implementation of a robust process spectroscopy system with a powerful computer back-end infrastructure facilitates the further integration of corporate functionality, including supply chain management applications such as radio frequency identification (RFID) systems paired with strong global positioning system (GPS) location technology to track products with 100% transparency at every step of the process."
Process Spectroscopy: The Global Market (IAS008D) examines process spectroscopy technologies and equipment in modern manufacturing settings, particularly for high volume or high value outputs. The report analyzes key market applications such as hydrocarbon processing, semiconductor manufacturing, food substance screening, and pharmaceutical unit operations. Market dynamics, growth drivers, inhibitors, opportunities, and forecasts trends and revenue through 2020 are also analyzed.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.