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(Health-NewsWire.Net, July 28, 2021 ) The growth in Infrared and Terahertz Spectroscopy Market is mainly driven by the stringent regulations in the pharmaceutical industry, increasing food safety concerns & technological advancements. However, the availability of used IR devices and technical limitations are expected to restrain the growth of this market during the forecast period. While the growth in the terahertz spectroscopy market is mainly by factors such as the growing semiconductor industry, increasing use of terahertz spectroscopy as a screening technique in homeland security and technological advancements, however high cost of equipment is likely to restrain the growth of this market.
According to the new market research report “Infrared and Terahertz Spectroscopy Market by Instrument Type (Benchtop Instruments, Microscopy Instruments, Portable Instruments, Hyphenated Instruments), Spectrum, Application – Global Forecast to 2025” published by MarketsandMarkets™.
The infrared spectroscopy market is expected to reach USD 1.3 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 5.2% during the forecast period.
The terahertz spectroscopy market is expected to reach USD 45 million by 2025 from USD 30 million in 2020, at a CAGR of 8.3% during the forecast period
Recent Developments:
- In 2020, Bruker Corporation Launched the OMEGA 5 FTIR Gas Analyzer. The OMEGA 5 is designed for applications like process monitoring, the investigation of catalytic processes, or the determination of gas impurities
- In 2020, Advantest Corporation (Japan) Launched the Time-Domain Reflectometry (TDR) option for its TS9001 system.
- In 2019, PerkinElmer (US) acquired China based Meizheng group to expand its portfolio for the grain and milling, dairy, meat, and seafood markets
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Geographically, the infrared and terahertz spectroscopy market is segmented into North America, Asia-Pacific, Europe and Rest of the world(RoW). Asia Pacific is expected to register the highest CAGR during the forecast period. . The major factors driving the growth of the Asia Pacific market include strategic expansions by key players, increasing food safety concerns, and adoption of technologically advanced products.
The prominent players in the global infrared spectroscopy market include PerkinElmer (US), Bruker Corporation (US) Shimadzu Corporation (US), Thermo Fisher Scientiific (US), Agilent Technologies (US). And the major players in the terahertz spectroscopy market include TeraView Ltd (UK), Advantest Corporation (Japan), Menlo Systems GmbH (Germany, Toptica Photonix AG (Germany).
Perkinelmer (US) is one of the the leading players in the global infrared spectroscopy market. The firm designs and manufactures products for the life science and pharmaceutical industries as well as for various applications, such as biotechnological applications, clinical and molecular diagnostics research, materials and chemical analysis, and government applications. The firm offers a wide range of products based on infrared spectroscopy technologies. In 2020, the company launched the DA 7350 Spectroscopy Instrument and Process Plus Cloud-based Software based on the NIR technology to provide continuous quality control for food and food ingredient manufacturing processes.
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Market Segmentation in Detailed:
Based on instrument type, the infrared spectroscopy market is segmented into benchtop instruments, portable instruments, microscopy instruments and hyphenated instruments. In 2020, the benchtop instruments segment is expected to command the largest share of the spectroscopy market. The large share of this segment can be attributed to the advantages offered by benchtop instruments such as improved workflow, minimum space requirements, and fewer maintenance requirements
Based on application, the terahertz spectroscopy market is segmented into semiconductor, homeland security, non-destructive testing and research & development. In 2020, the semiconductor segment is expected to command the largest share of the spectroscopy market. Technological advancement in the growing semiconductor industry is the major factor driving the growth of this segment.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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