GLOBAL IR SPECTROSCOPY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has traditionally been the dominant region in the global IR spectroscopy market with share of 41.3% in 2024.This can be attributed to the strong presence of leading IR spectroscopy manufacturers such as Thermo Fisher Scientific Inc. and Agilent Technologies, Inc. in the U.S. These companies have established vast distribution and service networks across the region to effectively cater to the demands of the end users. In addition, the region is home to top research institutions that are early adopters of advanced analytical techniques like IR spectroscopy. This has ensured a stable demand for various IR spectroscopy instruments such as FT-IR, Near-IR, and UV-Vis spectrometers in industries as well as academia.

However, over the past few years, the Asia Pacific region has emerged as the fastest growing market for IR spectroscopy globally. This growth can be attributed to increasing R&D investments by governments as well as private players across developing countries like China and India. Both the countries have witnessed exponential growth in their generic pharmaceutical manufacturing capabilities. This has created substantial demand for process analytical technology and quality control equipment like IR spectrometers. At the same time, growth in power, oil & gas and semiconductor industries has also fueled the sales of IR spectroscopy instruments in the region. Additionally, lower manufacturing and operating costs make IR spectroscopy solutions comparatively affordable for end-users in Asia Pacific. This has encouraged higher adoption of these analytical techniques even in price-sensitive applications.