New Product Launches, Companies Have also adopted Other Strategies Such as Partnerships, Agreements, and Expansions in Spectroscopy IR Detector Market
IR spectroscopy is the study of the interaction of infrared light with matter; it can be used to identify unknown materials, examine the quality of a sample, and determine the amount of components in a mixture. The IR spectroscopy device comprises various components such as IR sensor, IR detector, beam splitter, optical bench, enclosure, and others, of which IR detector is one of the most important components required for an accurate result.
The IR detector market for IR spectroscopy is estimated to be worth USD 224.5 Million by 2022, growing at a CAGR of 6.9% during the forecast period; the market size, in terms of volume, is expected to grow at a CAGR of 7.7% during the forecast period. The increasing shipments of IR spectroscopy devices in various industries and the industry practice of upgrading old IR spectroscopy devices by installing new IR detector modules are some of the driving factors for the growth of the IR detector market for IR spectroscopy.
Some of the key players in the IR detector market for IR spectroscopy are Hamamatsu Photonics K.K. (Japan), Excelitas Technologies Corp. (U.S.), LASER Components GmbH (Germany), UTC Aerospace Systems (U.S.), Newport Corporation (U.S.), and others. These players have adopted various strategies such as new product developments, expansions, mergers & acquisitions, and partnerships & agreements to achieve growth in the global IR detector market for IR spectroscopy. Of these, new product development is the most widely adopted strategy used by industry players.
The IR detector market has witnessed several new product launches and developments by key players between 2012 and 2016 to cater to the increasing demand for efficient IR spectroscopy in verticals such as pharmaceuticals, chemicals, food & beverages, biological, and others. For instance, in October 2015, LASER Components GmbH (Germany) launched two IR detectors IA35 and IG19 which are InAs and InGaAs photodiode, respectively.
Besides new product launches, 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 April 2016, Hamamatsu Photonics K.K. (Japan) announced its plan to establish a new optosemiconductor manufacturing unit in Japan by February 2017. Such expansions by the industry players would help the IR detector market to grow in the near future.
IR detector 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 fingerprinting techniques among others; this has led to the growth of the IR detector market worldwide.
Related Reports:
Spectroscopy IR Detector Market by Detector Technology (DTGS, MCT, InGaAs), Spectrum Sensitivity (NIR, Mid IR, and Far IR), Cooling Requirement (Cooled and Uncooled), Product Type (Benchtop, Portable, Hyphenated) - Global Forecast to 2022
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