Rising awareness about optoelectronic approaches is anticipated to be a growth opportunity to the global terahertz market.
Terahertz is becoming increasing popular in the world attracting science, medical, research, and many other fields. It is offering a wide range of opportunities in a number of applications like detecting drugs and explosives, disease detection, non-destructive testing, clinical diagnosis, research, etc.
The biggest advantage of terahertz technology is that it is safe and non-invasive, can penetrate through any object including wood, dielectric material, fabric, paper, plastic, leather, etc. Moreover, it has large absorption of water and high reflection of metals. Increasing awareness for adopting advanced technologies for homeland security, defense, drug detection, and medical diagnosis is the key factor driving growth of global terahertz market.
Growing applications of terahertz technology across applications such as security and defense, biomedical imaging, assurance systems of industrial quality as well as technical diagnostics systems are furthering rapid progress in the global terahertz market. This has led to substantial market growth. According to recent prediction the global terahertz market may reach close to US$1,500.89 Million with annualized growth rate of 26.90%.
Despite rapid progress and application of terahertz technology across applications, certain challenges are still restricting full-fledged growth in the global terahertz market.
Terahertz adoption has many disadvantages like, difficulties faced in terahertz signal detection, severe atmospheric attenuation, failure in selection of appropriate optics are likely to hamper the market growth.
However, addressing the problems by using coherent source for scanning objects, short-range terahertz imaging, increasing demand for Terahertz based imaging in research laboratories, and growing commercial applications in for advanced imaging and communications is anticipated to be an opportunity to the global terahertz market.
Terahertz is a type of non-ionizing electromagnetic radiation that travels in a line of sight. The electromagnetic radiation that penetrates through plastic, fiber, or any other object and does efficient surveillance such as security screening, that can easily detect concealed weapons on a person even remotely can also be classed under terahertz technology. The global terahertz market is immensely competitive and progressive due to its rising application in various fields. The market players to stay competitive have established strong distribution networks worldwide and are bringing innovation in the field. The companies are growing stronger as they are attracting customers from different industries, and are serving with their terahertz based technology products in several countries. This is providing huge growth opportunities to the market players. The emerging companies are providing efficient and technologically advanced products in best prices disrupting the traditional players resulting into market consolidation.
It is predicted that global terahertz market will rise sporadically in the forecast years 2021-2020. Thus is necessary to make the interested public aware of market aspects.
The Adroit Market Research Report discusses potential advantages and limitations of investing in terahertz technology. The report does financial analysis of the global terahertz market along with segment and region wise analysis. It identifies the growth opportunities, market restraints, leading players, growth forecasts, and current market sizes. The report studies at extensive level the competitive landscape of the global terahertz market.
Their information such as company profiles, newly launched products, pricing patterns, business models, market size, market share, geographical footprint, and strategic approached undertaken by the companies are highlighted in the report. Finally the report recommends solutions, models for strategizing the marketing for smart dust technologies, and other solutions. The report also summarizes the specific Key Performance Indicators (KPIs) of global terahertz technology.
Based on different market approaches Terahertz technology market is classified based on different component including Terahertz Sources and Terahertz Detectors. Terahertz Detectors segment recorded highest revenue share in the market. The key factors such as efficient detection of explosives and drugs hidden in any objects, remote detection are key benefits increasing its use homeland security and defense fields.
On the basis of type global terahertz market is diversified into three broad categories such as terahertz communication system, terahertz imaging systems, and terahertz spectroscopy systems. The Terahertz Imaging Systems accounted for maximum market revenue high penetration through any object, non-invasive to human body, and increasing medical diagnostics, security surveillance, and laboratory research are driving its market growth.
Based on different market approaches Terahertz technology market is classified based on different applications including Medical & Healthcare, Defense and Security, Food & Agriculture, and Industrial applications and others. The largest revenue streams of the global terahertz market is limited to the healthcare and medical applications. Early disease diagnosis, non-invasive to human body, and high penetration are the key growth factors of terahertz technology in medical and healthcare segment.
North America is the biggest shareholder in the total market share of global terahertz market. The key factors such as growing awareness of using advanced technologies for better imaging presence of prominent technologically advanced research, pharma, security, healthcare etc firms and high rate of terahertz technology penetration in commercial sectors of the region are boosting North America’s market share in terahertz technology.
The list of companies mesmerized by terahertz technology and getting larger each day in the global terahertz market are Applied Research & Photonics, TeraSense, Acal PLC, Advantest Corporation, Digital Barriers PLC, Toptica Photonics AG, TeraView Limited, Microtech Instruments, Menlo Systems GmbH, and Advanced Photonix among others. The leading companies are manufacturing state-of-the-art Terahertz technology based products.
Key Segments of the Global Terahertz Market
Type Overview, 2018-2028 (USD Million)
- Terahertz Imaging Systems
- Terahertz Spectroscopy Systems
- Terahertz Communication System
Application Overview, 2018-2028 (USD Million)
- Medical & Healthcare
- Defense and Security
- Food & Agriculture
Component Overview, 2018-2028 (USD Million)
- Terahertz Sources
- Terahertz Detectors
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa