Originally Published on: technavio |Near-infrared (NIR) Spectroscopy Market Analysis North America,Europe,Asia,Rest of World (ROW) - US,UK,Germany,China,Japan - Size and Forecast 2023-2027
Near-Infrared (NIR) Spectroscopy Market Analysis Report 2023-2027:
The near-infrared (NIR) spectroscopy market is projected to experience a decrease with a compound annual growth rate (CAGR) of 9.14% between 2022 and 2027. This market is expected to increase in size by USD 387.67 million during the forecast period. The market dynamics are influenced by several factors, including escalating food safety concerns, expanding applications of non-invasive techniques across various industries, and the growing adoption of NIRS (Near-Infrared Spectroscopy) in the diagnosis of medical conditions.
Near-Infrared Spectroscopy Market Overview:
Key Drivers, Trends, Challenges, and Customer Landscape:
The rising concerns regarding food safety are notably driving market growth, although challenges like the high cost of NIRS devices may impede the market's growth. This comprehensive analysis of market drivers, trends, and challenges assists companies in refining their marketing strategies to gain a competitive edge.
Key Near-Infrared Spectroscopy Market Driver:
The rising food safety concerns play a significant role in driving market growth. The food and beverage industry continuously assesses food quality to ensure food safety. NIRS technology is utilized to analyze food properties, such as fiber, protein, and fat content in fruits and vegetables. NIRS offers advantages like rapid measurement, eliminating the need for sample preparation, no alteration of food properties, minimal risk of substance pollution, and cost-effectiveness. It is extensively employed to analyze fermentation processes, flavors, and fragrances in food products. NIRS is also used to detect adulteration in food products, contributing to food safety. Therefore, the growing concern for food safety evaluation and control drives the global NIRS market's growth during the forecast period.
Significant Near-Infrared Spectroscopy Market Trends:
The primary trend in the market is the evolution of miniature NIR spectrometers. These miniature devices are increasingly being used for fast and non-destructive testing of raw materials in warehouses. They reduce the time and cost required for taking samples to laboratories and quarantining incoming raw materials, leading to greater efficiency. Moreover, these devices lack moving parts, which results in longer life and increased durability. Viavi Solutions Inc.'s MicroNIR spectrometers offer scalability and flexibility to NIRS solutions. These instruments are employed for online and at-line process monitoring and control in the chemical, food manufacturing, and pharmaceutical and biomedical industries. As they find new applications and implementations, such miniature instruments are experiencing rapid growth.
Major Near-Infrared Spectroscopy Market Challenge:
The high cost of NIRS devices is a significant challenge in the market. Technological advancements, such as embedded components like polarization interferometers and gray filters, have increased the cost of these devices. While these technological improvements enhance resolution and wavelength accuracy, they are expensive. Additionally, optical accessories and sampling tools for NIRS devices contribute to the cost. Furthermore, the integration of NIRS hardware with electronic devices like tablets and smartphones further increases the cost. This challenge is primarily driven by technological enhancements in NIRS devices.
Key Near-Infrared Spectroscopy Market Customer Landscape:
The report includes an analysis of the customer lifecycle in the market, covering from innovators to laggards, and addresses the drivers of price sensitivity. It provides insights to help companies evaluate and refine their growth strategies.
Key Companies in Near-Infrared Spectroscopy Market:
Companies in the market are implementing various strategies like strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to strengthen their market presence. ABB Ltd., which offers infrared spectroscopy devices like FT-IR and FT-NIR, focuses on manufacturing and selling various products related to process automation. The report also includes detailed analyses of the competitive landscape, including information about 15 market vendors.
Fastest-Growing Segment:
The benchtop segment is expected to exhibit significant growth during the forecast period. Benchtop devices are known for their fast and accurate measurements of various sample properties. They provide a safe laboratory environment and eliminate the errors associated with manual testing methods. Benchtop devices have advantages like repeatability and measurement accuracy, which are key drivers for their segment growth. These devices are widely used in end-user industries such as pharmaceuticals, biomedicine, food and beverage, and agriculture for multiple sample composition determinations and the rapid measurement of solids and liquids. Their ability to analyze multiple samples simultaneously benefits end-user industries by reducing laboratory analysis time and replacing routine tests, which, in turn, contributes to market growth.
Regional Overview:
North America is projected to contribute 42% of the global market's growth during the forecast period. The region's NIRS market is experiencing growth due to the increased demand for NIRS devices across various industries, including agriculture, food and beverage, pharmaceuticals, and biomedicine. The region is witnessing consolidation in the food processing industry, where larger companies are utilizing NIRS devices for quality control and testing. As these companies explore newer applications for NIRS devices, the market is anticipated to benefit. The COVID-19 pandemic had a positive impact on the regional NIRS market, and with the resumption of business activities and the stabilization of market growth, vendors are meeting the increased demand for NIRS devices.
Segment Overview:
The report forecasts market growth by revenue at the global, regional, and country levels. It also provides an analysis of the latest trends and growth opportunities from 2017 to 2027, segmented as follows:
Product Outlook (USD Million, 2017 - 2027):
Benchtop
Portable
End-user Outlook (USD Million, 2017 - 2027):
Pharmaceutical and biomedical industry
Food and beverage industry
Others
Region Outlook (USD Million, 2017 - 2027):
North America
Europe
Asia
Rest of World (ROW)
Contact us:
https://www.technavio.com/content/contact-us
https://www.technavio.com/report/near-infrared-spectroscopy-market-industry-analysis
there doesn't seem to be anything here