New York, June 23, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the global spectroscopy IR detectors market will be worth US$ 224.5 million by 2023 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2033. Spectroscopy IR detectors are expected to be in high demand in the pharmaceutical sector.
The surging demand especially in the healthcare, pharmaceuticals, and electronics sectors, drives the global spectroscopy IR detector market growth during the forecast period. the market is also driven by increasing research to develop advanced spectroscopy IR detectors.
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The benchtop spectrometer is the most preferred spectroscopy IR detector. As they are widely used nuclear magnetic resonance (NMR) technique increases the benchtop type of spectrometer. Thus, it fuels the demand for IR detectors and drives the growth of this market.
The demand for spectroscopy IR detectors increases owing to the increasing usage of spectroscopes for critical surgeries in hospitals and increased quality research in pharmaceuticals. The increasing focus on cutting-edge research and innovation drives the demand for advanced spectroscopy equipment.
The increasing research and development activities in Europe and increased demand for spectroscopy IR detectors in pharmaceuticals, biotechnology, chemistry, and materials science, drive the demand for spectroscopy IR detectors in the region.
North America Spectroscopy IR Detector Market is expected to account for the largest share of the market during the forecast period owing to factors such as increased investments in research, and development in the healthcare and pharmaceuticals as well as food and beverage industries.
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Key Takeaways from Market Study
- From 2018 to 2022, the market for spectroscopy IR detectors experienced a CAGR of 6.8%.
- Spectroscopy IR detector sales in North America are projected to reach US$ 122.3 million in 2033.
- South Korea’s spectroscopy IR detector market is expected to hold a CAGR of 6.3% by the end of 2033.
- The United Kingdom spectroscopy IR detector market is projected to generate absolute dollar opportunities of US$ 7.6 million by 2033.
- Based on spectrum sensitivity, the Mid IR segment is projected to grow at a CAGR of 5.8% from 2023 to 2033.
- Based on detector Technology, the Indium Gallium Arsenide segment is projected to register a CAGR of 5.7% by 2033, thus indicating a significant growth rate in the years to come.
“the rising demand for detectors in the biological sector will drive demand for spectroscopy IR detectors. With the increase in technological advancement, the market for spectroscopy IR detectors is expected to grow during the forecast period,” says an analyst at Persistence Market Research.
Market Segmentation
- By Spectrum Sensitivity (NIR, Mid IR, Far IR)
- By Detector Technology (Mercury Cadmium Telluride, Deuterated Triglycine Sulfate, Indium Gallium Arsenide, Others)
- By Cooling Requirement (Cooled, Uncooled)
- By Product Type (Benchtop Spectroscopes, Micro Spectroscopes, Portable Spectroscopes, Hyphenated Spectroscopes)
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Key Market Players
Several major spectroscopy IR detector manufacturers are expanding their manufacturing capabilities in order to gain a greater share of the market. The key players in the market are benefited by the increasing number of partnerships and collaborations to expand their presence in the market. The spectroscopy IR detector market is dominated by the following players:
- Allied Vision Technologies,
- BaySpec, Inc.,
- Episensors Inc.,
- Flir Systems Inc.,
- Hamamatsu Photonics K.K.,
- Horiba Ltd.,
- Newport Corporation,
- Sensors Unlimited,
- Lynred,
- Teledyne Dalsa Inc,
- Laser Components GmbH,
- Excelitas Technologies Corp.
Key market developments are as follows:
- In January 2020, Excelitas Technologies Corporation, has announced the release of its new Infrared (IR) Sensing Solutions Catalog Version 4.1. found its application in presence monitoring, motion detection, temperature measurement, and gas detection using IR detectors.
- In May 2020, DetelPro, the health and hygiene vertical of Detel, announced the launch of the IR thermometer with precise recording through an IR sensor providing accuracy up to +0.20C. This solution has the potential to contribute a significant market share as it deals with the recurring issue of accuracy.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the spectroscopy IR detector market, covering a global industry analysis of 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of spectrum sensitivity, detector technology, cooling requirement, and product type across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how spectroscopy IR detectors sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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