LONDON--(BUSINESS WIRE)--The global near infrared spectroscopy market is expected to grow by USD 310.67 million as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 9%.
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Read the 120-page report with TOC on "Near Infrared Spectroscopy Market Analysis Report by Product (Benchtop and Portable), End-users (Pharmaceutical and biomedical industry, Food and beverage industry, and Other industry), Geography (Asia, Europe, North America, and ROW), and the Segment Forecasts, 2020-2024".
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The market is driven by the rise in food safety concerns. In addition, the evolution of miniature NIR spectrometers is anticipated to boost the growth of the near infrared spectroscopy market.
Players in the food and beverage industry are required to regularly test the safety levels of their products to prevent diseases that may arise from spoilt and contaminated food. Near infrared spectrometers (NIRS) are widely used in the food and beverage industry to monitor food quality. This is because they offer fast and economical measurement without the need for sample preparation. It is mainly used to check the fermentation, flavors, and fragrances of food products. It can also be used to detect adulteration in food products through safety surveillance. With the rising importance of food safety evaluation and control, the demand for NIRS will increase during the forecast period.
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Major Five Near Infrared Spectroscopy Companies:
Agilent Technologies Inc.
Agilent Technologies Inc. operates its business through segments such as Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab. The company offers a wide range of near infrared spectrometers. Cary 6000i and Cary 7000 are some of its key offerings.
Avantes BV
Avantes BV operates its business through the Products segment. The company offers NIR spectrometers under the brand name NIRLine. These instruments are designed to perform in a variety of applications, including moisture content measurement of liquids, solids and powders for in-line and quality control purposes, quantitative and qualitative measurement of volatile organics such as ethanol and methanol, and others.
Bruker Corp.
Bruker Corp. operates its business through segments such as BSI and BEST. The company offers a wide range of NIRS. Some of the key offerings of the company include TANGO, MPA II, and MATRIX-F.
BÜCHI Labortechnik AG
BÜCHI Labortechnik AG operates its business through segments such as Products and Solutions and Service and Support. The company offers a wide range of NIRS. NIRFlex N-500, NIRMaster, and NIRMaster Pro IP65 are some of its key offerings.
FOSS India Pvt. Ltd.
FOSS India Pvt. Ltd. operates its business through segments such as Solutions and Support. The company offers a wide range of NIRS for various applications. FoodScan 2 Dairy Analyser and FoodScan 2 Meat Analyser are some of its key offerings.
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Near Infrared Spectroscopy Market Product Outlook (Revenue, USD Million, 2020-2024)
- Benchtop
- Portable
Near Infrared Spectroscopy Market End-user Outlook (Revenue, USD Million, 2020-2024)
- Pharmaceutical and biomedical industry
- Food and beverage industry
- Other industry
Near Infrared Spectroscopy Market Regional Outlook (Revenue, USD Million, 2020-2024)
- Asia
- Europe
- North America
- ROW
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