Terahertz and Infrared Spectroscopy Market Predicted Double-Digit Growth Rate by 2024

Terahertz and Infrared Spectroscopy Market Predicted Double-Digit Growth Rate by 2024

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The terahertz spectroscopy controls and detects the properties of the matter having electromagnetic fields that have a frequency range of few 100 GHz to several terahertz. This technology is a method which helps in controlling and resolving the individual transitions that are between many-body states. The infrared spectroscopy is also known as vibrational spectroscopy which involves the interface of infrared radiation with the matter. The spectroscopic techniques are used mainly for the identification and the study of the chemicals. The instrument used by the infrared spectroscopy is the infrared spectrometer that produces the infrared spectrum.

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The global terahertz and infrared spectroscopy market are segmented into its application, technology, spectrum, and region. Based on the application the terahertz market can be categorized into the semiconductor, homeland security, pharmaceutical and biotechnology and the non-destructive testing. While the infrared spectroscopy market is categorized according to the application of industrial chemistry, food, and beverage testing, forensic laboratories, agriculture, pharmaceuticals and biotechnology, environmental testing and academia. On the basis of technology the market is segregated into microscopy, hyphenated, benchtop, portable and handheld. Based on the spectrum the infrared spectroscopy market is divided into far-infrared, near-infrared and mid-infrared. Region wise the terahertz and infrared spectroscopy market is diversified into North America, Europe, Asia-Pacific and Rest of the World.

The terahertz and infrared spectroscopy market is growing at an increasing rate. There have been various technological advancements in the applications of the terahertz and infrared spectroscopy. Some of the applications that are contributing to the market growth are metabolomics, drug development and discovery and diagnostics. The various verticals that are contributing to the market growth are the semiconductor industry and the pharmaceutical and the biotechnology industry. The overall growth of the terahertz and infrared spectroscopy market can be attributed to the factors such as the increase in the investments, grants, and funds by the government bodies. In addition to that the food safety concerns and the strict rules and regulations also act as factors that are influencing the market growth. The factor that is acting as a restraining factor is the high cost of the equipment.

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The region that dominates the terahertz and infrared spectroscopy market is the North America. Which is followed by Europe and Asia-Pacific and Rest of the World. The growth in the semiconductor sector attributes the growth of the North American region. The other sectors that attribute to the market growth are the pharmaceutical and biotechnology industry. The Asia-Pacific region market is witnessing the highest growth in the terahertz and infrared spectroscopy market owing to the factors such as the government initiatives and support and the rise in the collaborations with the established market.

Market Competitive Players

The key market players in the terahertz and infrared spectroscopy market include Menlo Systems GmbH, Advanced Photonix, Advantest Corporation, TeraView, Ltd. and Toptica Photonix AG.

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Terahertz and Infrared Spectroscopy Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa

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