The global market for infrared (IR) spectroscopy was valued at approximately US$ 1,244.57 million in 2020 and is projected to experience a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028, ultimately reaching around US$ 1,998.22 million by the end of the forecast period.
Manufacturers of IR spectroscopes are actively working on advancing technologies and systems to improve analytical efficiency. However, one of the primary challenges they face is the high cost associated with the development of IR spectroscopes. When comparing Raman, near-infrared (NIR), and short-wave infrared (SWIR) cameras, NIR spectroscopy products tend to be the most expensive. This is largely due to their reliance on indium gallium arsenide (InGaAs) sensors and costly glass lenses, which contribute to the overall high price of NIR spectroscopy products. Such costs can hinder the growth of the IR spectroscopy market.
Moreover, the average lifespan of IR spectroscopy devices is approximately 5 to 7 years, prompting many end-user industries to consider purchasing used IR spectroscopes instead of new ones. The availability of pre-owned IR spectroscopes in the market has led to a growing preference among end-users for these devices, as they are often more accessible and affordable. Consequently, the combination of high prices, the prevalence of used spectroscopes, and the relatively short lifespan of these devices may pose challenges to the expansion of the IR spectroscopy market.
The IR spectroscopy market is categorized into several segments, including technology, product type, end-user, and geographical regions. In terms of technology, the market is divided into near-infrared, mid-infrared, and far-infrared segments. Notably, the mid-infrared segment holds the largest share of the overall market. When examining product types, the market includes benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. In 2020, benchtop spectroscopes accounted for a significant portion of the global IR spectroscopy market. Additionally, the market is segmented by end-use industries, which include healthcare, chemicals, oil and gas, food and beverages, among others. The healthcare sector represents the largest share within this category.
The COVID-19 pandemic has had a profound impact on industries around the globe. The global economy faced severe challenges in 2020, and these effects are expected to persist into 2021. The pandemic has caused major disruptions in key sectors such as food and beverages, healthcare, energy and power, electronics and semiconductors, petroleum, and chemicals. The decline in these industrial activities has adversely affected the growth of the global IR spectroscopy market, as these sectors are crucial for both the supply and demand of IR spectroscopy products and solutions. Factory closures, travel restrictions, trade limitations, and border lockdowns implemented to manage the outbreak have significantly disrupted the manufacturing, supply, and sales of various electronic components essential for producing IR spectroscopy devices.
The overall size of the IR spectroscopy market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the IR spectroscopy market across all segments. Furthermore, it included a comprehensive analysis of the market based on five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. To validate the data and gain deeper analytical insights, primary interviews were conducted with industry participants and experts. These participants typically include professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the IR spectroscopy market.
Key players 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.