IR Spectroscopy Market a CAGR of 4.6% over the forecast period 2022-2030 | ABB Ltd., Agilent Technologies, Inc., Bruker Corporation, Hitachi High-Tech Corporation, Horiba, JASCO Inc, Medtronic, Metrohm India Limited, Miltenyi Biotec, MKS Instruments Inc

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:

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This release was published on openPR.