According to the new market research report “Terahertz and Infrared Spectroscopy Market by Spectrum (Near/Mid /Far-Infrared), by Technology (Benchtop/Portable & Handheld), by Application (Semiconductors/Homeland Security/Pharmaceutical & Biotechnology/Industrial Chemistry) – Global Forecast” published by MarketsandMarkets™.
How the Market Growth looks like and Industry Segmentation?
The Terahertz Spectroscopy Market is poised to reach USD 52.5 Million, growing at a CAGR of 21.3%.
The Infrared Spectroscopy Market is poised to reach USD 1.25 Billion, growing at a CAGR of 6.9% during the forecast period.
The demand for terahertz and infrared spectroscopy systems has been on the rise due to growth in the semiconductors industry, rising use of THz spectroscopy in homeland security, and burgeoning requirements of the life sciences, pharmaceutical, and chemical industries. Various regulatory authorities across industries have enforced stringent safety regulations in order to ensure that the products launched in the market adhere to quality specifications.
On the basis of application, the infrared spectroscopy market is divided into food and beverage testing, pharmaceuticals & biotechnology, industrial chemistry, environmental testing, and others. The pharmaceuticals & biotechnology segment is expected to account for the largest share of the market and grow at the highest rate.
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Major Market Growth Drivers:
- Increasing Applications of Terahertz Spectroscopy as A Screening Technique for Homeland Security
- Growing Semiconductor Industry
- Technological Advancements
- Potential Applications of Terahertz Spectroscopy in Healthcare
Geographical Regions Mapped in Report:
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of the infrared spectroscopy market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serve as a revenue pocket for companies offering infrared spectroscopy equipment.
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Some major players in the global infrared spectroscopy market include Agilent Technologies (U.S.), PerkinElmer (U.S.), Thermo Fisher Scientific (U.S.), Bruker Corporation (U.S.), and Shimadzu Corporation (Japan).
Major players in the terahertz spectroscopy market include TeraView, Ltd. (U.S.), Menlo Systems GmbH (Germany), Toptica Photonix AG (Germany), Advanced Photonix, Inc. (U.S.), and Advantest Corporation (Japan).