The growth of the overall Terahertz and Infrared Spectroscopy Market can be contributed to rising investments, funds, and grants by government bodies worldwide, the growth of the semiconductor industry, and technological advancements. In addition, growing food safety concerns and stringent regulations have contributed to market growth. In the coming years, the Terahertz and Infrared Spectroscopy Market is expected to witness the highest growth rate in the Asia-Pacific region.
What the Market Looks Like?
The terahertz spectroscopy market is poised to reach USD 52.5 Million, growing at a CAGR of 21.3%, whereas the infrared spectroscopy market is poised to reach USD 1.25 Billion, growing at a CAGR of 6.9%. North America is expected to account for the largest share of the global Terahertz and Infrared Spectroscopy Market. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.
By technology, the infrared spectroscopy market comprises benchtop, microscopy, portable & handheld, and hyphenated. In 2015, the benchtop segment is estimated to account for the largest share of the infrared spectroscopy market, while the portable & handheld segment is expected to grow at the highest rate during the forecast period.
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On the basis of application, the infrared spectroscopy market is divided into food and beverage testing, pharmaceuticals & biotechnology, industrial chemistry, environmental testing, and others. In 2015, the pharmaceuticals & biotechnology segment is expected to account for the largest share of the market and grow at the highest rate.
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.
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What Drives the Market?Terahertz and Infrared Spectroscopy Market
The growth of the global market for Terahertz and Infrared Spectroscopy is primarily influenced by the following factors:
- Increasing Applications of Terahertz Spectroscopy as A Screening Technique for Homeland Security
- Growing Semiconductor Industry
- Technological Advancements
- New International CGMP & CGDP Certification for Pharmaceutical Excipients
Geographical growth scenario of Terahertz and Infrared Spectroscopy Market:
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2015, 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.
Leading Terahertz and Infrared Spectroscopy Market players and strategies adopted:
The major players in this market include TeraView, Ltd. (U.S.), Menlo Systems GmbH (Germany), Toptica Photonix AG (Germany), Advanced Photonix, Inc. (U.S.), and Advantest Corporation (Japan).
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).