The Global Terahertz Components and Systems Market was valued at US$ 65.7 million in 2015 and is projected to expand at a CAGR of 27.9% during the forecast period (2017–2025). Increasing application of terahertz technologies in different industry verticals which include material inspection and process control monitoring among others is anticipated to fuel the growth of the terahertz components and systems market globally. Rising penetration for terahertz technology in nondestructive testing for different materials is also fueling the market for terahertz components and systems market globally. In addition, increasing technological advancement in the food industry along with growing concern towards food quality is boosting the market for terahertz components and systems globally. The market for terahertz components and systems is gaining significant traction due to growing potential application of terahertz applications across security scanning, process control, medical imaging and advanced communication instruments, among others. The growth in the revenue of the global terahertz components and systems market is also attributable to growing concerns over homeland security. Terahertz technology is used for security scanning in airports and railway stations. Increasing application of terahertz technologies in research laboratory instruments is also one of the prime factor which is fueling the market growth for terahertz components and systems.
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Global terahertz components and systems market is expected to witness growth due to various research and development activities and extensive application of terahertz technology in medical sector and advanced communication systems. Utilization of terahertz components and systems in solar industry and homeland security are expected to positively impact growth of the market. Furthermore, applications in archeological and historical studies are expected to drive growth of the global terahertz components and systems market over the forecast period. Nondestructive evaluation method, used for the dielectric materials inspection, uses terahertz technology. This method is also used for quality control in the security, biomedical, pharmaceutical, aerospace, and materials characterization industries. Such technological advancement in the industrial process management is propelling growth of the market worldwide. Moreover, active imaging methods used for detecting skin cancer, also contributes to growth of the market. However, the high cost of terahertz devices is a major factor restraining growth of market. Developing flexible and cost effective terahertz systems are some of the prime opportunities for the market players.
Key takeaways of the Terahertz Components and Systems Market:
- The global terahertz components and systems market is estimated to increase at a CAGR of 27.9% over the forecast period (2017–2025) as there exists a huge demanding market especially in North America and Europe.
- The Terahertz Sources dominates the market in the components segment and in terms of systems segment, the Systems based on Spectroscopy is leading the market.
- Nondestructive Testing is the major application area of terahertz components and systems market, as terahertz radiation primarily characterizes micro-structure variation in dielectric materials without causing any damage.
- Some of the major players involved in global terahertz components and systems market are Advantest Corporation, Applied Research & Photonics Inc., Digital Barriers PLC, EMCORE Corporation, Bruker Corporation, Teraview, M Squared Lasers Ltd, NEC Corporation, Menlo Systems GmbH, Techcomp Group Ltd., Bridge12 Technologies, Inc. and Microtech Instruments Inc.