Market key trends:
One of the key trends driving growth in the is the increased adoption of blockchain technology. Blockchain acts as a distributed digital ledger that permanently records transactions in a way that makes them tamper-proof. It is seeing increased usage to power cryptocurrencies like Bitcoin which can be used for peer-to-peer digital transactions without intermediaries. The ability of blockchain to offer lower transaction costs, better transparency and security has led to its evaluation and implementation by financial institutions and digital payment companies to develop new solutions.
Segment Analysis
The global Terahertz Components And Systems market is segmented by product type, technology, application and end use industry. By product type, the market is dominated by the terahertz sources and detectors segment as it contributes to around 45% share of the total market. This is because terahertz sources and detectors are core components for any terahertz system and have wide applications across various industries like healthcare, security and defense.
Key Takeaways
The global Terahertz Components And Systems market is expected to witness high growth, exhibiting a CAGR of 27.% over the forecast period, due to increasing demand for terahertz components and systems in healthcare, security and defense industries.
Regional analysis:
Regionally, North America dominated the terahertz components and systems market in 2023, accounting for around 35% share. This is attributed to increasing R&D investments and presence of major players in countries like the US and Canada. However, Asia Pacific is expected to witness the highest growth during the forecast period with a CAGR of over 30%, due to rising adoption of terahertz technologies across industries in emerging economies like India and China.
Key players:
Key players operating in the Terahertz Components And Systems market are Bruker, EMCORE Corporation, TeraSense Group, Applied Research & Photonics, Inc., Bridge12 Technologies, Inc., M Squared Lasers Limited, Virginia Diodes, Menlo Systems GmbH, TeraView Limited.
Bruker is currently the market leader with over 15% market share due to its wide product portfolio and global presence. EMCORE Corporation follows Bruker with around 10% share and focuses on production of terahertz sources and detectors
