(EMAILWIRE.COM, May 28, 2020 ) According to a new market research report " Terahertz and Infrared Spectroscopy Market by Spectrum (Near/Mid /Far-Infrared), by Technology (Benchtop/Portable & Handheld), by Application (Semiconductors/Homeland Security/Pharmaceutical & Biotechnology/Industrial Chemistry) - Global Forecasts", published by MarketsandMarkets.

The Terahertz Spectroscopy Market is poised to reach USD 52.5 Million, growing at a CAGR of 21.3%, whereas the Infrared Spectroscopy Market is poised to reach USD 1.25 Billion, growing at a CAGR of 6.9%, during the forecast period.

The demand for terahertz and infrared spectroscopy systems has been on the rise due to growth in the semiconductors industry, rising use of THz spectroscopy in homeland security, and burgeoning requirements of the life sciences, pharmaceutical, and chemical industries. Various regulatory authorities across industries have enforced stringent safety regulations in order to ensure that the products launched in the market adhere to quality specifications. The use of terahertz and infrared spectroscopy technologies facilitate compliance with these regulations by enabling the measurement and monitoring of samples.

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By application, the THz spectroscopy market comprises semiconductors, homeland security, research and development, and non-destructive testing. In 2015, the semiconductor segment is estimated to account for the largest share of the THz spectroscopy market and expected to grow at the highest rate during the forecast period.

By spectrum, the infrared spectroscopy market comprises near-infrared, mid-infrared, and far-infrared. mid-infrared segment is estimated to account for the largest share of the THz spectroscopy market and the far-infrared segment is expected to grow at the highest rate during the forecast period.

By technology, the infrared spectroscopy market comprises benchtop, microscopy, portable & handheld, and hyphenated. The benchtop segment is estimated to account for the largest share of the infrared spectroscopy market, while the portable & handheld segment is expected to grow at the highest rate during the forecast period.

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In the coming years, the terahertz and infrared spectroscopy market is expected to witness the highest growth rate in the Asia-Pacific region. North America is expected to account for the largest share of the global terahertz and infrared spectroscopy market. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.

Major players in the terahertz spectroscopy market include TeraView, Ltd. (U.S.), Menlo Systems GmbH (Germany), Toptica Photonix AG (Germany), Advanced Photonix, Inc. (U.S.), and Advantest Corporation (Japan).