Global Process Spectroscopy Market: Market Analysis By Knowledge Sourcing Intelligence
The process spectroscopy market is expected to grow at a decent CAGR during the forecast period(2018-2023). It finds immense use in the identification of structures, defects in materials and thus analysis can be helpful in enhancing the quality of a product. The pharmaceutical industry, food industry, and the chemical industry are the major industry verticals which require efficient spectroscopy techniques in order to meet the required quality standards.
North America held a significant market share in 2017 owing to the high demand for meeting the strict quality standards in the pharmaceutical and food industries. However, lack of skilled personnel required for analysis in developing and underdeveloped countries is restraining the global process spectroscopy market.
Growing Need For Process Spectroscopy In Water Quality Testing
Maintaining good water quality is essential for a wide variety of applications. Water is essential as it is used in drinking, washing, numerous industrial applications, and hence is a very important resource. Although with the development of some simple and convenient testing methods to test colored water samples along with a human sense of sight, one can indicate whether the water is pure or not, it is not enough. Process spectroscopy helps in the determination of unknown toxic components in water which is otherwise invisible to the human eye.
Process Spectroscopy Market Forecast By Geography
Geographically, process spectroscopy market is segmented as Americas, Europe Middle East and Africa (EMEA) and Asia-Pacific (APAC). Americas process spectroscopy market will witness a significant growth during the forecast period at a CAGR of XX% followed by Europe and Asia Pacific.
Americas is further segmented into North America and South America. North America process spectroscopy market is estimated to witness robust growth during the forecast period at a CAGR of XX%..
North America process spectroscopy market is anticipated to grow at a CAGR of XX.XX% to grow to US$XX.XX billion in 2023 from US$XX.XX billion in 2017. The region accounts for a significant share of the global process spectroscopy market owing to the presence of large pharmaceutical and chemical enterprises in the region. The efficacy of the process spectroscopy helps these companies to develop and manufacture the drugs and chemicals with precise international standards.
Also, stringent regulatory guidelines regarding the safety of drugs, food, and beverages are also contributing to the higher demand for these solutions in the region. Process analytical technology (PAT) is a mechanism to design, analyze and control manufacturing through measuring process parameters that affect critical quality attributes. The USFDA’s PAT initiative focuses on matching international quality standards such as ISO and Six Sigma and will boost the process spectroscopy market.
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