Global Far Infrared (IR) Spectroscopy Market Size, Share, and Trends Analysis Report, By Type (Benchtop, Microscopic, and Portable & Handheld) and By Application (Pharmaceuticals & Biotechnology, Food & Beverages Testing, Environmental Testing, Industrial Chemical Testing, and Others), Forecast (2022-2028)

The global far infrared (IR) spectroscopy market is anticipated to grow at a considerable CAGR of 4.2% during the forecast period (2022-2028). Far IR spectroscopy is a process of identifying chemical substances or functional groups by absorption, emission, and reflection of infrared radiations in various solid, liquid, or gaseous substances. It is majorly used for identifying the distribution of a mix of elements present in an unknown substance. The major factor attributing to the growth of the global Far IR spectroscopy market includes its application for research and development activities in the growing pharmaceuticals industry. According to the India Economic Survey 2021 report published by India Brand Equity Foundation (IBEF), the market size of the pharmaceutical industry in India is around $42 billion and is expected to reach around $120 billion to $130 billion by 2030. India is the 3^rd largest pharmaceutical production country and supplies around 50% of the global vaccine requirements with around 3,000 drug companies and 10,500 manufacturing units. Thus, increasing the use of far IR spectroscopy.

The application of far IR spectroscopy for food & beverages testing is also increasing due to the growing food & beverages industry across the globe. According to the World Economic Forum, the food & beverages industry is estimated to consistently grow during the forecast years. It is anticipated that around 70% more food than consumed today will be required by 2050. Furthermore, the application of far IR spectroscopy for environmental testing, industrial chemical testing, and other applications is also increasing due to the instrumental advantage offered by this spectroscopy, including lower tolerance of far IR spectroscopy for the mirror drive of the Michelson Interferometer, smaller dynamic range, and longer sampling time that results in a reduced number of data points. Thus, contributing to the growth of the global far IR spectroscopy market.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Menlo Systems GmbH, TeraView Ltd., TOPTICA Photonics AG, Luna Innovations Inc., and Advantest Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Far Infrared (IR) Spectroscopy  Market Report by Segment

By Type

• Benchtop
• Microscic
• Portable & Handheld

By Application

• Pharmaceuticals & Biotechnology
• Food & Beverages Testing
• Environmental Testing
• Industrial Chemical Testing
• Others