Infrared & Terahertz Spectroscopy Market by Instrument Type (Benchtop Instruments, Microscopy Instruments, Portable Instruments, Hyphenated Instruments), Spectrum, Application - Global Forecast to 2025

Infrared & Terahertz Spectroscopy Market by Instrument Type (Benchtop Instruments, Microscopy Instruments, Portable Instruments, Hyphenated Instruments), Spectrum, Application - Global Forecast to 2025

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.
Growth in the market can primarily be attributed to factors such as stringent regulations in the pharmaceutical industry, growing food safety concerns, increasing government in Infrared technologies and technological advancements in the market.

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. Growth in the market can primarily be attributed to factors such as increasing applications of terahertz spectroscopy as a screening technique in homeland security, the growing semiconductor industry, and technological advancements.

“The benchtop segment to hold the largest market share in 2020.”
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 infrared 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

“The pharmaceutical and biotechnology applications segment to hold the largest market share in 2020.”
Based on the applications, the infrared spectroscopy market is segmented into food & beverage testing, pharmaceutical & biotechnology applications, industrial chemistry applications, environmental testing, and other applications (academic applications, forensic applications, biomonitoring, and agricultural applications). In 2020, the pharmaceutical and biotechnology applications segment to command the largest share of the infrared spectroscopy market. The large share of this segment can be attributed to the stringent regulations in the pharmaceutical industry.

“The mid-infrared radiation segment to hold the largest market share in 2020.”
Based on spectrum, the infrared spectroscopy market is segmented into mid-infrared radiation, near-infrared radiation and far-infrared radiation. In 2020, the mid-infrared radiation segment is expected to command the largest share of the infrared spectroscopy market. The increase in the number of healthcare and pharmaceuticals applications and extensive usage in the food industry are driving the growth of this segment.

“The semiconductor segment to hold the largest market share in 2020.”
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 terahertz spectroscopy market. Technologicala dvancements in the growing semiconductor industry is the major factor riving the growth of this segment.

“The Asia Pacific region to witness the highest growth during the forecast period.”
Geographically, North America dominated the global infrared & terahertz spectroscopy market in 2020. However, the Asia Pacific market is expected to register the highest 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.

Break of primary participants was as mentioned below:
By Company Type: Tier I: 43%, Tier II: 33%, Tier III: 24%
By Designation: C-Level Executives: 37%, Directors: 40%, Others: 23%
By Region: North America: 30%, Europe: 25%, Asia Pacific : 28%, RoW: 17%

PerkinElmer (US), Bruker Corporation (US) Shimadzu Corporation (US), Thermo Fisher Scientiific (US) were the leading players in the infrared spectroscopy market.
TeraView Ltd (UK), Advantest Corporation (Japan), Menlo Systems GmbH (Germany) were the leading players in the terahertz spectroscopy market.

Research Coverage
This report studies the infrared & terahertz spectroscopy market based on instrument type, spectrum, application and region. The report also studies the different factors (such as drivers, restraints, and opportunities) affecting the market growth. It provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.

Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market shares of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the infrared & terahertz spectroscopy market and their drivers, restraints, and opportunities. The report also provides impact of Covid-19 on the infrared & terahertz spectroscopy market and will help both established firms as well as new entrants/smaller firms to gauge the pulse of the infrared & terahertz spectroscopy market and garner greater market shares.