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.
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
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.
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
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.
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.
Terahertz Technologies Market Report Coverage
|Market Size in 2021:
|US$ 421.5 Mn
|Historical Data for:
|2017 to 2020
|2022 to 2030
|Forecast Period 2022 to 2030 CAGR:
|2030 Value Projection:
|US$ 2827.3 Mn
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.
|Restraints & Challenges:
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.
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.
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.
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.
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.
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