The value of the global market for process spectroscopy is projected to reach $1.2 billion in 2008, up from $945.9 million in 2006, according to a technical market research report from BCC Research, based in Wellesley, Mass. The value is expected to reach $1.9 billion by 2013, with a compound annual growth rate (CAGR) of 8.5 percent.
The worth of the equipment segment, which has the largest share of the market, is estimated at $957.8 million in 2008 and is expected to reach $1.4 billion in 2013, with a CAGR of 8.2 percent. The value of the applications segment, expected to be $282.6 million in 2008, should rise to $445.3 million in five years, with a CAGR of 9.5 percent.
Raman demand up
The demand for diode array and Raman scattering spectrometers is expected to grow rapidly between 2008 and 2013. The market for diode array spectrometers, which increasingly are being used in process spectroscopy, is projected to have a CAGR of 36.6 percent, and the market for Raman scattering spectrometers, a growth rate of 14 percent.
Published in May 2008, the report, “Process Spectroscopy: the Global Market” (IAS008C), is an update of the company’s 2005 report on the market (G-228R). It includes descriptions of process spectroscopy technologies, trends and forecasts for their growth over the next five years, and of discussions on anticipated innovations and new applications. Regulatory factors as they apply to applications are examined, and company profiles, including information on mergers or acquisitions, are included.
The analysis across the process spectroscopy market is based partly on reported revenue dollars and units as reported to the US Securities and Exchange Commission and/or other governmental agencies, as well as on previous process spectroscopy reports and on data gathered from various sources, including US Patent and Trademark Office databases. ¹
¹Caren B. Les; Photonics.com