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(Health-NewsWire.Net, April 18, 2020 ) The growth of the overall terahertz and infrared spectroscopy market can be contributed to rising investments, funds, and grants by government bodies worldwide, the growth of the semiconductor industry, and technological advancements. In addition, growing food safety concerns and stringent regulations have contributed to market growth. In the coming years, the terahertz and infrared spectroscopy market is expected to witness the highest growth rate in the Asia-Pacific region. North America is expected to account for the largest share of the global terahertz and infrared spectroscopy market.
The terahertz spectroscopy market is poised to reach USD 52.5 Million, growing at a CAGR of 21.3%, whereas the infrared spectroscopy market is poised to reach USD 1.25 Billion, growing at a CAGR of 6.9%, during the forecast period.
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The demand for terahertz and infrared spectroscopy systems has been on the rise due to growth in the semiconductors industry, rising use of THz spectroscopy in homeland security, and burgeoning requirements of the life sciences, pharmaceutical, and chemical industries. Various regulatory authorities across industries have enforced stringent safety regulations in order to ensure that the products launched in the market adhere to quality specifications. The use of terahertz and infrared spectroscopy technologies facilitate compliance with these regulations by enabling the measurement and monitoring of samples.
By technology, the infrared spectroscopy market comprises benchtop, microscopy, portable & handheld, and hyphenated. In 2015, the benchtop segment is estimated to account for the largest share of the infrared spectroscopy market, while the portable & handheld segment is expected to grow at the highest rate during the forecast period.
On the basis of application, the infrared spectroscopy market is divided into food and beverage testing, pharmaceuticals & biotechnology, industrial chemistry, environmental testing, and others. In 2015, the pharmaceuticals & biotechnology segment is expected to account for the largest share of the market and grow at the highest rate.
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The key factors expected to drive the growth of the terahertz and infrared spectroscopy market are increased investments, funding, and grants by government bodies worldwide; new product launches; technological advancement; rising number of conferences; and growing concerns for food and drug safety. However, the high cost of equipment is likely to restrain the growth of this market.
On the basis of region, the terahertz spectroscopy market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
The major players in this market include TeraView, Ltd. (U.S.), Menlo Systems GmbH (Germany), Toptica Photonix AG (Germany), Advanced Photonix, Inc. (U.S.), and Advantest Corporation (Japan).
MarketsandMarkets™
Mr. Sanjay Gupta
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raviraj.tak@marketsandmarkets.com
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