The global infrared and terahertz spectroscopy market size was US$ 0.71 billion in 2021. The global infrared and terahertz spectroscopy market is forecast to grow to US$ 4.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 19.1% during the forecast period from 2022 to 2030. 
Infrared spectroscopy tells the process of how infrared radiation interacts with matter through emission, absorption, or reflection. It is primarily used to investigate chemical compounds and functional groups in their solid, liquid, and gaseous states. The concentration of various chemicals in various food products is also measured in the food sector using infrared spectroscopy. The process uses electromagnetic waves with frequencies ranging from a few hundred gigahertz to terahertz to measure and monitor the characteristics of materials.

Factors Influencing the Market
Terahertz spectroscopy is the process of detecting defects in circuits and investigating the material. In addition, the rapidly growing semiconductor industry will also contribute to the growth of the infrared and terahertz spectroscopy market during the study period. 
The wide range of applications of infrared spectroscopy in semiconductor microelectronics, such as gallium arsenide, zinc selenide, silicon, silicon nitride, etc., will also benefit the infrared and terahertz spectroscopy market during the analysis period. Apart from that, the growing demand for security screening systems will escalate the demand for the infrared and terahertz spectroscopy as the technology is widely used in the manufacturing of these systems. Security screening cameras are deployed in the defense sector to inspect flat items, such as envelopes, letters, and small packages. Thus, it will benefit the overall infrared and terahertz spectroscopy market. 
Growing technological advancements will also contribute to the growth of the market. For instance, the HarleNIR near-infrared hyperspectral view (NIR) system was unveiled by SEA Vision in September 2018. HarleNIR is a next-generation blister test technology that passes beyond obvious testing and can perform the chemical analysis of drug goods. Moreover, the technology is based on the Harlequin blister control system. 
On the flip side, the high cost of equipment may limit the growth of the infrared and terahertz spectroscopy market during the study period.

COVID-19 Impact Analysis
The COVID-19 pandemic has positively influenced the global infrared and terahertz spectroscopy market by increasing the rate of R&D activities. Due to the sudden COVID-19 outbreak, companies began developing software that automatically measures tools. Thus, it emerged as an opportunity for the infrared and terahertz spectroscopy market. However, the demand for raw materials intensified as various countries imposed import-export restrictions, causing a demand-supply gap. Therefore, it impeded the R&D activities for a significant time, which hampered the growth of the infrared and terahertz spectroscopy market.

Regional Analysis
North America is forecast to hold the largest market share due to the rising technological advancements and strengthening industrial infrastructure. Apart from that, the presence of key players and growing technology adoption will contribute to this regional infrared and terahertz spectroscopy market's growth during the forecast period.

Competitors in the Market
• PerkinElmer Inc
• Toptica Photonics
• Thermo Fisher Scientific Inc.
• TeraView Limited.
• Shimadzu Medical (India) Pvt. Lt
• Menlo System
• Bruker
• Agilent Technologies, Inc
• ADVANTEST CORPORATION
• Advancedphotonix
• Bio-Rad Laboratories, Inc
• METTLER TOLEDO.
• Other prominent players

Market Segmentation
The global infrared and terahertz spectroscopy market segmentation focuses on Spectrum, Technology, Application, End-User, and Region. 
By Spectrum 
• Near-Infrared Radiation (NIR)
• Mid-Infrared Radiation (MIR)
• Far-Infrared Radiation (FIR)
By Technology 
• Benchtop
• Microscopy
• Portable & Handheld
• Hyphenated
By Application 
• Semiconductors
• Homeland Security
• Non-Destructive Testing
• Research & Development Biomedical
By End-User 
• Pharmaceuticals & Biotechnology
• Industrial Chemistry
• Food & Beverage Testing
• Environmental Testing
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America