Infrared and Terahertz Spectroscopy Market worth $1.3 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 13, 2021 /PRNewswire/ -- 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 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 key factors driving the growth of this market are the stringent regulations in the pharmaceutical industry, increasing food safety concerns & technological advancements.
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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.
By instrument type, the benchtop segment is expected to account for the largest share of the market 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 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
By spectrum, the mid-infrared radiation segment is expected to account for the largest share of the infrared spectroscopy market in 2020
Based on the spectrum, the 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 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.
By application, the pharmaceutical and biopharmaceutical applications segment is expected to account for the largest share of the infrared spectroscopy market in 2020
Based on the applications, the market is segmented into food & beverage esting, 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 market. The large share of this segment can be attributed to the stringent regulations in the pharmaceutical industry.
By application, the semiconductor segment is expected to account for the largest share of the terahertz spectroscopy market 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 market. Technological advancement in the growing semiconductor industry is the major factor driving the growth of this segment.
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Asia-Pacific to witness the highest growth rate in 2020
Based on region, 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).
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