Northbrook, IL -- (SBWIRE) -- 08/17/2018 -- IR spectroscopy is the study of the interaction of infrared light with matter, which can be used to identify unknown materials, examine the quality of a sample, and determine the amount of components in a mixture. This technique is used in various industries such as food & drug safety, biological, environmental monitoring, pharmaceuticals, forensic laboratories, and others. The IR spectroscopy market is expected to be valued at USD 1.26 Billion by 2022, growing at a CAGR of 6.5% during the forecast period. Continuous technological advancements in IR spectroscopy and increase in adoption of food fingerprinting techniques are some of the driving factors for the growth of the IR spectroscopy market.

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Some of the key players in the IR spectroscopy market are Agilent Technologies, Inc. (U.S), Bruker Corporation (U.S), Perkinelmer Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), and Foss (Denmark) among others. These players have adopted various strategies such as new product developments, partnerships, agreements, expansions, and mergers & acquisitions to grow in the global IR spectroscopy market; of which, new product development is mostly adopted strategies by the industry players.

The IR spectroscopy market has witnessed several new product launches and developments by key players between 2012 and 2016. The increasing demand for an efficient IR spectroscopy in the verticals such as pharmaceuticals, chemicals, food & beverages, biological, and others have encouraged the companies to adopt this strategy. For instance, in 2015, PerkinElmer, Inc. (U.S.) launched Spotlight, a FT-IR microscope system for applications in the pharmaceuticals, forensics, biomaterials & biomedical, and other verticals.

Besides new product launches, the companies have also adopted other strategies such as partnerships, agreements, expansions, and joint ventures to expand their product portfolio and distribution network to reach the global market. For instance, in 2016, Thermo Fisher Scientific Inc. (U.S.) acquired FEI Company (U.S.), an electron microscopy company, to penetrate into the material sciences and life science markets. Similarly, in 2015, Princeton Instruments (PI) (U.S.) signed an agreement with Delta Optics (Spain). Under this agreement, Delta Optics would handle sales for products of Princeton Instruments in Spain; which would increase the PI's customer base in Spain as well as in Rest of Europe.

IR spectroscopy manufacturing companies worldwide are continuously undertaking new product innovations to address the evolving application-specific needs. Also, IR spectroscopy is being increasingly adopted in industries such as chemicals & pharmaceuticals to increase the quality of manufacturing and food fingerprinting techniques among others; this has led to the growth of the market worldwide.

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