Market Size – USD 270 Million in 2020, Market Growth – at a CAGR of 6.2%, Market Trends – Surge in application in agriculture sector

VANCOUVER, BC, CANADA, April 20, 2023 /EINPresswire.com/ -- The global Near Infrared (NIR) spectroscopy market size is expected to reach USD 437.3 Million at a steady CAGR of 6.2% in 2028, according to latest analysis by Emergen Research. Near infrared spectroscopy market revenue growth is driven by steady rise in demand for specific tests and improved quality results. The technology offers various advantages and is used extensively in fields such as food, pharmacy, chemicals, and agriculture which is driving market revenue growth to a significant extent currently. Near infrared spectroscopy helps in identifying healthy and infected seeds. It can also classify the degree to which seeds are infected. Near infrared spectroscopy is an accurate and non-destructive detection method with potential for quality control of seeds and safety assessment, which drives its demand in agricultural industry. However, high cost of near infrared spectroscopy devices and lack of awareness are some factors hindering market growth.

The Near Infrared Spectroscopy market research report is broadly bifurcated in terms of product type, application spectrum, end-user landscape, and competitive backdrop, which would help readers gain more impactful insights into the different aspects of the market. Under the competitive outlook, the report’s authors have analyzed the financial standing of the leading companies operating across this industry. The gross profits, revenue shares, sales volume, manufacturing costs, and the individual growth rates of these companies have also been ascertained in this section. Our team has accurately predicted the future market scope of the new entrants and established competitors using several analytical tools, such as Porter’s Five Forces Analysis, SWOT analysis, and investment assessment.

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Competitive Landscape

 The report presents a holistic investigation of the Near Infrared Spectroscopy business mechanism and growth-oriented approaches undertaken by the leading companies operating in this market. The report highlights the numerous strategic initiatives, such as new business deals and collaborations, mergers & acquisitions, joint ventures, product launches, and technological upgradation, implemented by the leading market contenders to set a firm foot in the market. Hence, this section is inclusive of the company profiles of the key players, total revenue accumulation, product sales, profit margins, product pricing, sales & distribution channels, and industry analysis.

Leading Players Profiled in the Report Include:

Agilent Technologies, PerkinElmer, Thermo Fisher Scientific Inc., Bruker Corp., Hitachi Ltd., Shimadzu Corporation, Carl Zeiss AG, JASCO International Co., Ltd., Horiba Ltd., and Lumex Instruments

Some Key Highlights from the Report
In March 2020, trinamiX GmbH, which is a subsidiary of BASF SE, launched mobile Near Infrared (NIR) spectroscopy solution. The company makes spectroscopy affordable and accessible beyond laboratory and factory applications. trinamiX is providing all the features, such as precise data and material analytics, mobile and robust hardware, and excellent chemical and molecular expertise in a single handheld device.

Portable near infrared spectroscopy is powerful instrument which provides advantages for online, non-destructive or in situ analysis. These devices are cost-effective, small-sized, simpler, and robust with ergonomic design. The portable segment revenue is expected to register a rapid growth rate during the forecast period.

Fourier Transform InfraRed (FT-IR) spectrometer is an instrument which acquires broadband near infrared spectra. FT-IR is used in various applications due to its improved sensitivity and speed. Fourier Transform InfraRed spectroscopy is used in chemistry, biology research fields, geology, and materials.

Near infrared spectroscopy is used in medicine to provide information about oxygen saturation of hemoglobin within microcirculation. It can be used to assess microvascular and oxygenation function in brain or in peripheral tissues. Near infrared spectroscopy is also used in pediatric critical care to manage patients after cardiac surgery. The technology is more likely to be suggested for patients due to its non-invasive, painless process, and it helps critical care physicians with an estimate of cardiac output.

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Emergen Research has segmented the global near infrared spectroscopy market on the basis of modality, technology, application, and region:

Modality Outlook (Revenue, USD Million; 2018–2028)
Benchtop

Portable

Technology Outlook (Revenue, USD Million; 2018–2028)
Dispersive Infrared Spectroscopy

Fourier Transform Infrared (FT-IR) Spectroscopy

Application Outlook (Revenue, USD Million; 2018–2028)
Medical uses

Astronomical Spectroscopy

Remote Monitoring

Agriculture

Particle Measurement

Material Science

Industrial uses

Others

The global Near Infrared Spectroscopy market is classified into the following regions:

North America (the U.S., Canada)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Europe (the U.K., Italy, Germany, France, Rest of EU)

Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

The Middle East & Africa (Saudi Arabia, the U.A.E., South Africa, Rest of MEA)

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Key Points Covered in This Section:

Regional contribution

Estimated revenue generation

Vital data and information about the consumption rate in all the leading regional segments

An expected rise in market share

Forecast growth in the overall consumption rate

Report Highlights:

Besides offering a vivid depiction of the global Near Infrared Spectroscopy business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.

The report includes information on the present and historical market scenarios, which helps forecast the market conditions over the next eight years (2020-2028). 

The report scrutinizes the salient factors influencing the growth of the market in the near future.

The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.

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About Us:

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Emergen Research
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