Infrared & Terahertz Spectroscopy Market Analysis By Innovations, New Technology and Forecast Period to 2031

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.
Growth in the market can primarily be attributed to factors such as stringent regulations in the pharmaceutical industry, growing food safety concerns, increasing government in Infrared technologies and technological advancements in the market.
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.

“The benchtop segment to hold the largest market share 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 infrared spectroscopy 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


“The pharmaceutical and biotechnology applications segment to hold the largest market share in 2020.”
Based on the applications, the infrared spectroscopy market is segmented into food & beverage testing, 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 infrared spectroscopy market. The large share of this segment can be attributed to the stringent regulations in the pharmaceutical industry.

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“The mid-infrared radiation segment to hold the largest market share in 2020.”
Based on spectrum, the infrared spectroscopy 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 infrared spectroscopy 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.


“The semiconductor segment to hold the largest market share 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 terahertz spectroscopy market. Technologicala dvancements in the growing semiconductor industry is the major factor riving the growth of this segment.


“The Asia Pacific region to witness the highest growth during the forecast period.”
Geographically, North America dominated the global infrared & terahertz spectroscopy market in 2020. However, the Asia Pacific market is expected to register the highest 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.

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Break of primary participants was as mentioned below:
 By Company Type: Tier I: 43%, Tier II: 33%, Tier III: 24%
 By Designation: C-Level Executives: 37%, Directors: 40%, Others: 23%
 By Region: North America: 30%, Europe: 25%, Asia Pacific : 28%, RoW: 17%


PerkinElmer (US), Bruker Corporation (US) Shimadzu Corporation (US), Thermo Fisher Scientiific (US) were the leading players in the infrared spectroscopy market.
TeraView Ltd (UK), Advantest Corporation (Japan), Menlo Systems GmbH (Germany) were the leading players in the terahertz spectroscopy market.

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