Europe IR Spectroscopy Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Technology, Product Type, and End-user

The IR spectroscopy market in Europe is expected to reach US$ 511.81 million by 2028 from US$ 328.26 million in 2020. The market is estimated to grow at a CAGR of 6.0 % from 2021 to 2028. In the last few years, the IR spectroscopy has witnessed the arrival of handheld/portable laser-induced breakdown spectroscopy (LIBS) and smartphone spectroscopy concentrating on medical diagnostics for low-resource areas. The emergence and capabilities of portable instruments have increased drastically in the last 20 years, along with becoming compact and lighter. Pertaining to the factors such as developments in computing power, consumer electronics, constant R&D, and manufacturing advancement for the production of instruments are contributing toward the adoption of portable spectroscopy. In addition, a few product launches have been experienced in the market in context to IR spectroscopy.

In Europe, Russia is the hardest-hit country by the COVID-19 outbreak, followed by the UK and other countries. Majority of European countries are expected to suffer an economic hit due to a lack of revenue from various industries, as these countries record the highest number of COVID-19 cases and deaths in the past year. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to face an economic slowdown in 2020 and most likely in 2021. European countries represent a major market for IR spectroscopy owing to the stringent quality and safety regulations in food & beverages and pharmaceutical industries proposed by the government and industry regulators. As spectrometers are used for analyzing samples, medicines and food items, manufacturers can ensure quality and make the final product as per the prescribed standards. However, the supply chain disruptions and demand decline from various end-user industries of IR spectroscopy market have led to a decline in revenues of market players operating in the European region.

Based on product type, the portable spectroscopes segment is expected to witness the highest CAGR growth in the Europe IR spectroscopy market in 2020. The portable or handheld spectroscope enables analysis of samples in the field - away from main power source. A few samples are too large (aircraft), or too precious (artworks), which restricts their easy movement; whereas, there are some sample, such as forensic and environmental that may require on spot analysis. Therefore, to ensure proper analysis of above-mentioned samples, demand for portable spectroscopy is expected to rise. Agilent’s 4300 handheld FTIR spectrometer is a robust and lightweight handheld spectrometer suitable for nondestructive testing and in nonlaboratory environment & field. Additionally, the company’s 5500 Series compact FTIR and 4500 Series portable FTIR are the other spectroscopy meters falling under Agilent’s portfolio of portable and rugged analyzers for field applications, which ultimately drives the IR spectroscopy market.

The overall Europe IR spectroscopy market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe IR spectroscopy market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe IR spectroscopy market. Agilent Technologies, Inc.; Bruker Corporation; Carl Zeiss AG; Hitachi, Ltd.; Horiba, Ltd.; JASCO; International Co., Ltd.; Lumex Instruments; PerkinElmer, Inc.; Shimadzu Corporation; and Thermo Fisher Scientific Inc. are among a few players operating in the Europe IR spectroscopy market.

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