Infrared & Terahertz Spectroscopy Market

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. While the terahertz spectroscopy market is projected to reach USD 45 million by 2025 from USD 30 million in 2020, at a CAGR of 8.3%. The growth in the infrared spectroscopy market is mainly driven by the stringent regulations in the pharmaceutical industry, increasing food safety concerns & technological advancements. However, the availability of used IR devices and technical limitations are expected to restrain the growth of this market during the forecast period. While the growth in the terahertz spectroscopy market is mainly by factors such as the growing semiconductor industry, increasing use of terahertz spectroscopy as a screening technique in homeland security and technological advancements, however high cost of equipment is likely to restrain the growth of this market.

The major players in the global infrared spectroscopy market are Shimadzu Corporation (Japan), Bruker Corporation (US), PerkinElmer (US), Thermo Fisher scientific (US) and the major players in the global terahertz spectroscopy market include TeraView Ltd (UK), Menlo Systems GmbH (Germany), Advantest corporation (Japan). An analysis of the market developments between 2017 and 2020 revealed that product launches, partnerships, and expansions, were adopted by market players to strengthen their product portfolios and maintain a competitive position in the infrared & terahertz spectroscopy industry.

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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. In 2020, the company launched the DA 7350 Spectroscopy Instrument and Process Plus Cloud-based Software based on the NIR technology to provide continuous quality control for food and food ingredient manufacturing processes.

Bruker Corporation (US) is another one of the major players in the Infrared spectroscopy market. The company designs and manufactures products that address customers’ needs in the life science and pharmaceutical industries. To further support its customers, the company focuses on developing and launching new products and provides well-equipped applications and demonstration facilities and qualified application personnel to assist customers and provide product demonstrations in specific application areas. In 2020, the company launched the OMEGA 5 FTIR Gas Analyzer. The  OMEGA 5 is designed for applications like process monitoring, investigation of catalytic processes, and determination of gas impurities.

TeraView Ltd (UK) is one of the leading players in the terahertz spectroscopy market. The company caters to the pharmaceutical, medical imaging, homeland security, semiconductor, non-destructive testing, material characterization, and solar industries. In 2019, the company Launched a high-performing terahertz system, TeraPulse Lx, at an infrared and mm-wave conference in Paris. TeraPulse Lx is a modular system with highly advanced specifications

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