Dublin, May 20, 2021 (GLOBE NEWSWIRE) -- The "IR Spectroscopy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology, Product Type, and End user, Geography" report has been added to ResearchAndMarkets.com's offering.
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.
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.
The COVID-19 crisis is affecting the industries worldwide. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global IR spectroscopy market as they are the major supply and demand sources for IR spectroscopy products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of IR spectroscopy.
Major players operating in the global IR spectroscopy market include Agilent Technologies, Inc.; Bruker Corporation; Hitachi, Ltd.; HORIBA LTD.; JASCO International Co., Ltd.; PerkinElmer Inc.; Shimadzu Corporation; Thermo Fisher Scientific Inc.; Lumex Instruments; and Carl Zeiss AG.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. IR Spectroscopy Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. IR Spectroscopy Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Rising Applications in Pharmaceutical and Healthcare Industry
5.1.2 Growing scope of IR Spectroscopy in Asia Pacific Region
5.2 Key Market Restraints
5.2.1 High Cost of IR Spectroscopy Solutions
5.3 Key Market Opportunities
5.3.1 Upcoming Growth Opportunity in Food Industry
5.4 Future Trends
5.4.1 Advent of Portable/Handheld Spectrometers
5.5 Impact Analysis of Drivers and Restraints
6. IR Spectroscopy Market - Global Analysis
6.1 IR Spectroscopy Market Global Overview
6.2 IR Spectroscopy Market - Global Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. IR Spectroscopy Market Analysis - By Technology
7.2 IR Spectroscopy Market, By Technology (2020 and 2028)
8. IR Spectroscopy Market - By Product Type
8.2 IR Spectroscopy Market, by Product Type (2020 and 2028)
8.3 Benchtop Spectroscopes
8.4 Micro Spectroscopes
8.5 Portable Spectroscopes
8.6 Hyphenated Spectroscopes
9. IR Spectroscopy Market - By End-User
9.2 IR Spectroscopy Market, by End-User (2020 and 2028)
9.5 Oil and Gas
9.6 Food and Beverages
10. IR Spectroscopy Market - Geographic Analysis
11. IR Spectroscopy Market- COVID-19 Impact Analysis
11.2 North America
11.4 Asia Pacific
11.5 Middle East and Africa
11.6 South America
12. Industry Landscape
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
Agilent Technologies, Inc.
JASCO International Co., Ltd.
Thermo Fisher Scientific Inc.
Carl Zeiss AG
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