IR Spectroscopy Market Latest Technology, Share,  Growth, Supply-Demand Scenario and Forecast Research Report

The global IR Spectroscopy Market was valued at US$ 1,244.57 million in 2020 and is expected to grow at a CAGR of 6.3% during the forecast period of 2021 to 2028 to reach US$ 1,998.22 million by 2028.

Various IR spectroscope manufacturers are developing technology and systems to enhance the analyzing efficiencies. High cost involved in the development of IR spectroscopes is one of the significant challenges faced by IR spectroscopes manufacturers. Among Raman, NIR, and SWIR cameras, the price of NIR spectroscopy products is comparatively high. As NIR spectroscopy products utilize indium gallium arsenide (InGaAs) sensors and expensive glass lens, the total cost of NIR spectroscopy products ends up being high, which may act as a restraining factor for the growth of the IR spectroscopy market.

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Analysis of the Top Market Players:

1. Agilent Technologies, Inc.
2. Bruker Corporation
3. Hitachi, Ltd.
4. HORIBA LTD.
5. JASCO International Co., Ltd.
6. PerkinElmer Inc.
7. Shimadzu Corporation
8. Thermo Fisher Scientific Inc.
9. Lumex Instruments
10. Carl Zeiss AG

In this report, the market has been segmented on the basis of:

Technology (Near-Infrared, Mid-Infrared, and Far-Infrared)
Product Type (Benchtop Spectroscopes, Micro Spectroscopes, Portable Spectroscopes, and Hyphenated Spectroscopes)
End user (Healthcare, Chemicals, Oil & Gas, Food & Beverages, and Other End users), Geography

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Additionally, life span of IR spectroscopy devices is ~5-7 years, which creates a necessity for end-use industries to procure used IR spectroscopes instead of purchasing new ones. As used IR spectroscopes are easily available in the market, the end-user industries are getting more inclined toward using them. Also, owing to the easy availability of various used spectroscopy devices for resale; the final end-user industries are getting inclined toward using used devices over purchasing new ones. Thus, high price, availability of used spectroscopes, and less average life span might hamper the IR spectroscopy market.
The IR spectroscopy market is segmented into technology, product type, end user, and geography. Based on technology, the market is categorized into near-infrared, mid-infrared, and far-infrared. The mid-infrared segment represented the largest share of the overall market. Based on product type, the market is segmented into benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. In 2020, the benchtop spectroscopes segment accounted for a substantial share in the global IR spectroscopy market. Based on end-use industry, the market is segmented into healthcare, chemicals, oil & gas, food and beverages, and other end users. The healthcare segment represented the largest share of the overall market.

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