The recent report by Astute Analytica on the global IR Spectroscopy Market covers all the factors which will impact the market in the coming years. The report discusses several sections, such as COVID-19 impact, shareholding segments, etc. Moreover, it also outlines the list of past innovations and ongoing events to give an overview of the trends.
Global IR spectroscopy market was valued at US$ 1952.3 and is projected to reach valuation of US$ 2866.7 million by 2030, at a CAGR of 4.6% over the forecast period 2022–2030. The market growth can be attributed to various factors such as extensive R&D investments in medical & pharmaceutical sector, evolving technological advancements into IR spectroscopy, and strict government regulations in accordance with the high demand for quality control across industries.
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Factors Affecting the Market
Technology is maintaining a vital place across all industrial verticals, including healthcare, automotive, construction, etc. Companies leverage cloud and service-based services to propel innovation and bring significant revolution. Thus, it will drive the growth of the global IR spectroscopy market during the forecast period.
Growing investments in this market are expected to boost the growth of the overall market. For instance, the US Federal Government set aside $58.4 billion budget for IT at civilian Federal agencies in 2022, which is an increase of 2.4 percent from 2021.
COVID-19 Impact Analysis
The COVID-19 outbreak forced many organizations to adapt to digital methods, which rapidly accelerated digital transformation. Work environments changed abruptly as remote work became the new normal among organizations. As a result, it is forecast to strengthen the potential scope of the IR spectroscopy market in the coming years. This report by Astute Analytica covers all the factors depicting the impact of the pandemic.
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Segmentation Overview
The global IR Spectroscopy market is segmented into:
By Spectrum
- Short Wave Infrared (0.78 to 1.5 microns)
- Medium Wave Infrared (1.5 to 3 microns)
- Longwave Infrared (3 to 1000 microns)
By Product Type
- Benchtop Spectroscopes
- Micro Spectroscopes
- Hyphenated Spectroscopes
- Portable IR Spectroscopy
By Technology
- Dispersive Infrared Spectroscopy
- Fourier Transform Infrared (FTIR) Spectroscopy
By Application
- Food & Beverage Testing
- Healthcare & Pharmaceuticals
- Environmental Testing
- Biological Research
- Consumer Electronics
- Others
Competitive Landscape:
As per Astute Analytica study, top 5 players in the IR spectroscopy market collectively held 43.1% market share in 2021. The key players in the market include Medtronic, Bruker Corporation, Agilent Technologies Inc., Thermo Fisher Scientific and Sartorius AG. These players are adopting various methodologies such as mergers, acquisitions, and development of new products to survive in the fiercely competitive market.
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Regional Analysis
North America is forecast to emerge as the largest shareholder in the global IR spectroscopy market in terms of revenue. The growth of the market is attributable to various factors, including early adoption of advanced technology, growing investments in the sector, and rising infrastructural development. Furthermore, the Asia-Pacific market for IR spectroscopy will also grow steadily due to growing spending by government bodies. Additionally, increasing initiatives to improve infrastructure will also drive the market forward.
About Astute Analytica:
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.
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