South America IR Spectroscopy Market is expected to reach US$ 114.90 million by 2028

Food and Beverages is Expected to be the Fastest Growing Segment in South America IR Spectroscopy Market during 2021–2028

According to a new market research study on “South America IR Spectroscopy Market to 2028 – COVID-19 Impact and Analysis and Forecast by Technology, Product Type, and End- users,” is expected to reach US$ 114.90 million by 2028 from US$ 82.03 million in 2020. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. The report provides trends prevailing in the South America IR spectroscopy market along with the drivers and restraints pertaining to the market growth. Escalating applications in pharmaceutical, approaching growth opportunity in food industry, and emergence of portable/handheld spectrometers are the major factor driving the growth of the South America IR spectroscopy market. However, high priced IR spectroscopy solutions hinder the growth of North America IR spectroscopy market.

According to latest situation report from the World Health Organization (WHO), Brazil, Argentina, Colombia, and Peru are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 and likely in 2021. The outbreak has created significant disruptions in primary industries such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the South America IR spectroscopy market as they are the major supply and demand sources for IR spectroscopy products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of IR spectroscopy.

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 the leading companies in the South America IR spectroscopy market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Agilent Technologies, Inc. released MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 in order to comply with regulatory requirements from the EU EMEA and US FDA.

The report segments the South America IR Spectroscopy Market as follows:

South America IR Spectroscopy Market – By Technology

• Near-infrared
• Mid- infrared
• Far-infrared

South America IR Spectroscopy Market – By Product Type

• Benchtop Spectroscopes
• Micro Spectroscopes
• Portable Spectroscopes
• Hyphenated Spectroscopes

South America IR Spectroscopy Market – By End-user

• Healthcare
• Chemicals
• Oil and Gas
• Food and Beverages
• Other End-users

South America IR Spectroscopy Market – By Country

• Brazil
• Argentina
• Rest of South America