Near infrared spectroscopy market: Driving factors, Industry challenges, segmentation, Key vendor analysis, Leading countries, and Market size and forecast 2023-2027 - Technavio
NEW YORK, Jan. 23, 2023 /PRNewswire/ --
Near infrared spectroscopy market size & segmentation analysis
The near infrared spectroscopy market is estimated to decline at a CAGR of 9.14% between 2022 and 2027. The size of the market is forecast to increase by USD 387.67 million. The near infrared spectroscopy market is segmented based on product, end-user, and geography.
Near infrared spectroscopy market: Country-Level Analysis
The countries covered in the near infrared spectroscopy market report are the US and Canada (North America); the UK, Germany, France, and the Rest of Europe (Europe); China, India, Vietnam, and others (Asia); Brazil, Argentina, and others (Rest of World).
The geographic landscape of the report also provides market-impacting factors and changes that impact current and future trends. For detailed information, Request a sample!
Near infrared spectroscopy market: Dynamics & Insights
Technavio's research report on near infrared spectroscopy market provides analysis and insights about the various drivers, along with key challenges, that impact the market throughout the forecast period.
The rising food safety concerns are notably driving the market growth. The industry uses NIRS to detect food quality because of advantages such as the high speed of measurement, no requirement of sample preparation, no change in food properties, lack of substance pollution, and low cost. It is mainly used to analyze the fermentation, flavors, and fragrances of food products. The industry also uses NIRS to detect adulteration in food products through food safety surveillance. Therefore, the growing concern for food safety evaluation and control is contributing to the growth of the global NIRS market during the forecast period.
However, the high cost of NIRS devices is the major challenge in the market. These devices have advanced embedded components such as polarization interferometers and gray filters for optimum resolution and wavelength accuracy. They can penetrate the surface and physical structure of the object and retrieve information about the inner composition in the form of a spectrum. This facilitates accurate and detailed object identification. The optic accessories and sampling tools for NIR devices help streamline processes by testing and controlling the quality of liquid, solid, and powder materials. Therefore, technological advances in NIRS hardware, integrated with electronic devices such as tablets and smartphones, are increasing the cost of the product, which will hinder market growth during the forecast period.
Near infrared spectroscopy market: Competitive Landscape and Vendor Analysis
Technavio's report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Some of the major players operating in the near infrared spectroscopy market are ABB Ltd., Agilent Technologies Inc., B & W Tek, Brimrose Corp. of America, Bruker Corp., BUCHI Labortechnik AG, FOSS AS, Hamamatsu Photonics KK, Lumex Instruments, Metrohm AG, Ocean Insight, PerkinElmer Inc., Polytec GmbH, Sartorius AG, Shimadzu Corp., Thermo Fisher Scientific Inc., Viavi Solutions Inc., Zeltex LLC, ZEUTEC, and Avantes BV, among others. For insights on the vendor offerings, Download a PDF sample!
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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