The global IR spectroscopy market was valued at US$ 1,244.57 million in 2020 and is expected to grow at a CAGR of 6.3% during the forecast period of 2021 to 2028 to reach US$ 1,998.22 million by 2028.

Various IR spectroscope manufacturers are developing technology and systems to enhance the analyzing efficiencies. High cost involved in the development of IR spectroscopes is one of the significant challenges faced by IR spectroscopes manufacturers. Among Raman, NIR, and SWIR cameras, the price of NIR spectroscopy products is comparatively high. As NIR spectroscopy products utilize indium gallium arsenide (InGaAs) sensors and expensive glass lens, the total cost of NIR spectroscopy products ends up being high, which may act as a restraining factor for the growth of the IR spectroscopy market. Additionally, life span of IR spectroscopy devices is ~5-7 years, which creates a necessity for end-use industries to procure used IR spectroscopes instead of purchasing new ones. As used IR spectroscopes are easily available in the market, the end-user industries are getting more inclined toward using them. Also, owing to the easy availability of various used spectroscopy devices for resale; the final end-user industries are getting inclined toward using used devices over purchasing new ones. Thus, high price, availability of used spectroscopes, and less average life span might hamper the IR spectroscopy market.

The IR spectroscopy market is segmented into technology, product type, end user, and geography. Based on technology, the market is categorized into near-infrared, mid-infrared, and far-infrared. The mid-infrared segment represented the largest share of the overall market. Based on product type, the market is segmented into benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. In 2020, the benchtop spectroscopes segment accounted for a substantial share in the global IR spectroscopy market. Based on end-use industry, the market is segmented into healthcare, chemicals, oil & gas, food and beverages, and other end users. The healthcare segment represented the largest share of the overall market.

The COVID-19 crisis is affecting the industries worldwide. The global economy took the worst hit in 2020 and it is likely to continue in 2021. The outbreak has created significant disruptions in primary industries such as food & beverages, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global IR spectroscopy market as they are the major supply and demand sources for IR spectroscopy products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of IR spectroscopy.

The overall IR spectroscopy market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the IR spectroscopy market with respect to all the segments. It also provides the overview and forecast for the global IR spectroscopy market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the IR spectroscopy market.

Major players operating 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.