by It works on the principle that molecules absorb frequencies that are characteristic of their structure. Infrared spectroscopy is used extensively in both research and quality control laboratories due to its high speed, accuracy and non-destructiveness. It allows identifying unknown materials, detecting impurities and verifying identity of known chemicals. Key industries utilizing IR spectroscopy include pharmaceutical, foods and agriculture, polymers, chemicals and electronics industries. The Global IR spectroscopy market is driven by the trend of miniaturization and portability of devices that has made IR spectroscopy accessible for field applications.
The Global IR Spectroscopy Market is estimated to be valued at US$ 1.30 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global IR Spectroscopy are Shimadzu Corporation, ZEISS, PerkinElmer Inc., Agilent Technologies, Inc., Bruker Corporation, ABB, Thermo Fisher Scientific Inc., Horiba, Ltd., Sartorius AG, Hitachi High-Tech Corporation, Oxford Instruments, Jasco, Teledyne Princeton Instruments, Foss, Lumex Instruments, Spectra Analysis Instruments, Inc., Galaxy Scientific, Microptik, Isben Photonics, and Bayspec.
Growing demand for IR spectroscopy from pharmaceutical and life sciences industries is expected to boost market growth. Pharmaceutical companies use IR spectroscopy for identification and quality testing of active pharmaceutical ingredients. Food and agriculture industries also utilize IR spectroscopy for identification of ingredients, detecting contamination and assuring food safety.
The Global IR Spectroscopy Market Size is also witnessing expansion into new applications and regions. Manufacturers are focusing on emerging markets of Asia Pacific and Latin America for future growth opportunities. Adoption of IR spectroscopy is increasing in semiconductors inspection, chemical process monitoring and materials analysis industries. Miniaturized portable devices are enabling deployment of IR spectroscopy in non-laboratory field applications.
Market Key Trends
The key trend driving growth in the global IR spectroscopy market is miniaturization and development of portable IR spectroscopy devices. Manufacturers are focused on developing compact, affordable and rugged infrared spectrometers that can be used outside the laboratory setting. For example, handheld FT-IR analyzers are being utilized by field police and law enforcement agencies for quick identification of unknown substances. Miniaturized IR spectroscopy attachments are enabling integration with smartphones and tablets. Such portable devices allow on-site sampling and real time detection for several applications across industries. The trend towards green analytical techniques using IR spectroscopy is another key trend, wherein it is replacing conventional techniques using harsh solvents.
Porter’s Analysis
Threat of new entrants: Low economies of scale in manufacturing, high costs of R&D for product development pose barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and competitive pricing of vendors.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers in the market providing similar components.
Threat of new substitutes: Demand for substitute techniques is moderate as no direct replacements are available for IR spectroscopy’s analytical capabilities.
Competitive rivalry: Intense competition exists among the major players to gain higher market share through product innovations and expansions.
Geographical Regions
North America accounts for the largest share of the global IR spectroscopy market owing to the heavy investments in research facilities and presence of major players in the US. The availability of funding from both private and public bodies further propels the regional market growth.
Asia Pacific region is poised to grow at the fastest rate during the forecast period. This is attributed to increasing investments by pharmaceutical and biotechnology companies in countries like China and India for advanced research activities. Growing foreign investments and collaborative initiatives are expected to drive the IR spectroscopy adoption across APAC.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
