According to Business Wire, Technavio have announced that the global spectroscopy market is expected to grow tremendously.
Valued at USD 7.2 billion in 2014, it is forecast to be worth USD 9.55 billion in 2019. This would mean growing by a CAGR of 5.9%.
A major force in this growth is said to be the ever-developing food safety-testing market.
According to Technavio equipment analyst Asif Gani:
“Demand for food testing has risen in tune with more need for processed and convenience food. Other factors like increasing globalized food trade and awareness of foodborne diseases have also led to this demand.
“Food regulatory authorities across the globe have tightened regulations and the testing procedures of processed food, which is driving the growth of the food safety testing market. We expect the food safety testing market to reach USD 15 billion by 2019.”
Developing countries are at particular risk of food contamination. What's more, China amended its food safety laws in 2014, applying strict regulation of infant food and food additives.
Despite the involvement of China, India and developing countries in the food safety market, the Americas contributed to 42% of the market share in 2014.
NMR spectroscopy is the largest area of spectroscopy but IR spectroscopy has been the fastest grower of the sector. Earning USD 738 million in 2014, it is expected to surpass USD 1 billion by 2019.
The client base of IR spectroscopy includes the oil & gas sectors and forensic analysis.
Opening a new office in the USA and looking to expand further into China, at Specac we hope we continue to be a part of the rapid success of IR Spectroscopy.