Terahertz technology is a part of the electromagnetic spectrum. These waves are visible between the infrared and microwave ranges. Their high-frequency nature enables them to enter more materials than microwaves, and they offer better spatial resolution than infrared.
Market Statistics:
The global terahertz technologies market was valued at US$ 421.5 Mn in 2021 and is forecast to reach a value of US$ 2827.3 Mn by 2030 at a CAGR of 23.7% between 2022 and 2030.
Figure 1: Global Terahertz Technologies Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030
Market Drivers:
Driver 1:
The ability to render high-quality spectroscopy imaging through terahertz radiation and the diagnosis of certain chronic diseases has been done at ease. This is anticipated to boost the growth of the global terahertz technologies market. As per NHC, around 157 million people globally suffer from different chronic diseases.
Driver 2:
The replacement of the conventional x-rays and infrared rays with terahertz rays has been the main step in making huge inroads towards creating the technology in the healthcare industry, which is anticipated to boost the growth of the global terahertz technologies market.
Figure 2: Global Terahertz Technologies Market Share (%), By Region, 2021
Market Restraints:
Restraint 1:
The use of ICs and IoT devices makes the network more complex. Similarly, for network monitoring and control, drop modules, variable optical attenuators, and tap power monitors are required to be fixed in a single compact unit which is not available in terahertz technologies is expected to hamper the growth of global terahertz technologies market.
Restraint 2:
The lack of awareness about the terahertz technologies, especially in the developing regions is a factor anticipated to hinder the growth of the global terahertz technologies market.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 421.5 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 23.7% | 2030 Value Projection: | US$ 2827.3 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÜBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited and Batop GmbH. |
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| Restraints & Challenges: |
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Market Opportunities
Opportunity 1:
The expansion of telecommunication infrastructure will have a substantial effect on developing countries in a positive way. Which is anticipated to boost the growth of the global terahertz technologies market. With the advent of IoT, AI, and Big Data, there is an increasing demand for smart devices and other connected applications which is expected to propel the growth of global terahertz technologies market.
Opportunity 2:
The interconnected technologies in telecommunication sectors play an important role in capturing, translating, and transferring data into meaningful information, which is important for the reinforcement of urban infrastructure. This is expected to boost the growth of the global terahertz technologies market.
Key Trends/Takeaways:
Trend 1:
Metal detection and X-ray bag scanning are time-consuming procedures; it becomes very difficult in public transportation hubs with frequent movements. Hence, there is a need for technological solutions which can perform security checks even at a distance from the possible source. Terahertz technology enables the scanning of a large number of people without the need of stopping them for security check. This is expected to boost the growth of global terahertz technologies market.
Trend 2:
With the rising need for security in recent times, the capability to identify threats such as hidden weapons and body-worn explosives is a strong operational requirement. Due to the growing emphasis on imaging concealed explosives, terahertz technology for security and defense-related applications recently experienced rising interest. Which is expected act as a trend for the growth of global terahertz technologies market.
Competitive Landscape:
Key players operating in the global terahertz technologies market are Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÜBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited and Batop GmbH.
Terahertz Technology is used in the medicine sector. This technology is able to detect tiny changes in the body. It can also identify skin cancer and breast cancer in their initial stages. The use of terahertz technology has also made it possible to study wound conditions under the bandage layer.
Market Dynamics:
The terahertz technology can penetrate specific opaque materials for the structuring of objects in a sealed package. Hence it is considered as an ideal replacement for the conventional scanning technologies in security terminals. This factor is anticipate to boost the growth of global terahertz technologies market. In laboratory research and rising significance of terahertz technology for satellite computing and communication and food industry for food processing application are projected to enhance the growth of the market over the forecast period.
The validating use and the unique nature of the terahertz technology as a facility to the customers’ needs some specific time. Hence, the efforts and challenges to change the technologies such as MRI and the X-rays in the particular industries is anticipated to restrict the growth of the global terahertz technologies market.
Key features of the study:
Detailed Segmentation:
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