The study involved four major activities in estimating the current market size for infrared spectroscopy. Exhaustive secondary research was done to collect information on the Infrared and Terahertz Spectroscopy Market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Impact of Covid-19 on the infrared and terahertz spectroscopy market;
The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. The COVID-19 pandemic has created ample opportunities for the IR spectroscopy market. Companies are developing software that provides automatic measurement tools that perform elevated skin temperature screenings of individuals in two seconds or less at entries, checkpoints, and other high-traffic areas while maintaining recommended social distancing guidelines.
Apart from infrared spectroscopy, researchers are also increasingly using terahertz spectroscopy as a potential tool for detecting the virus. Owing to these advantages the market has witnessed significant growth.
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According MarketsandMarkets™ Research – The report “Infrared and 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 Drivers: Growing semiconductor industry;
Terahertz spectroscopy is widely used for developing and testing semiconductor materials and for detecting faults in circuits. The ability to detect and quantify charge carriers is expected to create avenues for using the terahertz technology in semiconductors. In recent years, advanced terahertz spectrometers have enabled the non-destructive rapid isolation of semiconductor packages within a few hours. The growing semiconductor industry, coupled with the rising usage of terahertz spectroscopy in semiconductor applications, is expected to drive the growth of this market in the coming years.
Opportunities: Growing opportunities in emerging nations;
As compared to mature markets such as the US and Europe, emerging markets such as China and India are expected to provide significant growth opportunities for players operating in this market. Huge demand for spectroscopy is generated from China and India due to the Greenfield projects set up in various end-user industries in these countries. The life sciences industry in this region is also quite robust and is expected to contribute significantly to the growth of the infrared spectroscopy market in the coming years.
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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.
Key Market Players;
Bruker Corporation (US), Agilent Technologies (US), Shimadzu Corporation (Japan), PerkinElmer (US), Thermo Fisher Scientific (US), FOSS (Denmark), HORIBA Ltd. (Japan), Teledyne Princeton Instruments (US), JASCO, Inc. (US), BaySpec (US), Spectra Analysis instruments (US), TeraView Ltd (UK), Microtech Instruments (US).
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.