The IR spectroscopy market is expected to be valued at USD 1.26 Billion by 2022, growing at a CAGR of 6.5% during the forecast period. The major drivers for the growth of the IR spectroscopy market include technological advancements in miniaturization and computerization of IR spectroscopy instruments. The increasing use of IR spectroscopy in the food & beverages industry would foster the growth of the IR spectroscopy market. Food fingerprinting techniques help to identify the unknown components in the food that can be a potential threat for health; IR spectroscopy is one such key techniques. Along with this, IR spectroscopy is used in the biological sector to identify various dieses. For instance, the Polish Academy of Sciences—NaAAcZ Institute of Biocybernetics & Biomedical Engineering, (Warsaw, Poland) has developed an NIR spectroscopy instrument to monitor brain injuries. Such developments in techniques would induce the growth of the IR spectroscopy market in the coming years.

The scope of this report covers the IR spectroscopy market, segmented on the basis of spectrum sensitivity, cooling requirement, product type, vertical, and geography. The market, on the basis of spectrum sensitivity, has been segmented into NIR, Mid IR, and Far IR. MID IR spectroscopes are expected to hold the largest market share and dominate the IR spectroscopy market, based on spectrum sensitivity, during the forecast period.

The IR spectroscopy market, on the basis of product type, has been segmented into benchtop spectroscopes, microspectroscopes, portable spectroscopes, and hyphenated spectroscopes. Portable spectroscopes are expected to play a key role in the growth of the IR spectroscopy market because these instruments offer advantages such as improved workflow, minimum space requirements, and less complication and efforts in maintenance.

The IR spectroscopy market, on the basis of industry, has been segmented into biological, pharmaceuticals, chemicals, food & beverages, environmental, semiconductors, and others. The IR spectroscopy market for the biological sector is expected to grow at the highest rate during the forecast period. The pharmaceuticals sector held the largest market share in 2015, and is expected to dominate the IR spectroscopy market during the forecast period.

IR Spectroscopy Market

The IR spectroscopy market, on the basis of geography, has been segmented into four regions—North Americas, Europe, APAC, and RoW. North America held the largest market share in 2015; however, the market in APAC is expected to grow at the highest rate between 2016 and 2022, owing to the growing industrialization in this region. APAC is a hub for the chemicals & pharmaceuticals and other manufacturing industries; these industries provide base for the installation of IR spectroscopy. This factor is expected to drive the growth of the IR spectroscopy market in this region.

Availability of used IR spectroscopy devices in the market for resale acts as a major restraining factor for the growth of the IR spectroscopy market for certain industries. The major companies operating in the IR spectroscopy market include Thermo Fisher Scientific (U.S.), PerkinElmer (U.S.), Bruker Corporation (U.S.), Agilent Technologies (U.S.), Foss (Denmark), and others. These players have adopted various strategies such as new product developments, mergers, partnerships, collaborations, and business expansion to cater to the needs of the IR spectroscopy market.