The Terahertz Technologies Market is estimated to be valued at US$ 644.97 Mn or Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Terahertz technologies find applications in various industries such as healthcare, defense and security, telecommunications, industries and research. Terahertz technologies are used for non-destructive testing and imaging in industries. Thz imaging is used for quality control and defect analysis of manufactured goods in various industries such as pharmaceuticals, semiconductors, electronics and packaging. In healthcare, terahertz imaging is used for biomedical applications such as diagnostics, pathology and personalised medicine.
Market Dynamics:
Growing applications of terahertz technologies in security screening is a major factor driving growth of the market. Thz radiation is non-ionizing and can penetrate non-metallic and non-polar materials such as clothes, leather, paper, ceramic and wood. This property makes terahertz technologies useful in security scanning applications to detect concealed objects underneath clothes without requiring the person to remove metal items or lift clothing for inspection. In addition, increasing investments by government and private organizations in development of advanced terahertz devices is also expected to propel the market growth over the forecast period. However, high costs associated with terahertz components is a major factor that may hinder growth of the terahertz technologies market.
Segment Analysis
The terahertz technologies market is dominated by the terahertz imaging segment. This segment accounts for the largest market share due to the increasing adoption of terahertz imaging technology in airport security, medical imaging, and manufacturing. Terahertz spectroscopy is another major segment which finds extensive application in pharmaceutical and bioengineering research for analyzing the composition and structure of materials. Within terahertz sources and detectors, photoconductive antennas contribute significantly as they serve as efficient emitters and receivers of terahertz waves.
PEST Analysis
Political: Supportive government policies and regulations regarding the use of terahertz technologies in defense, homeland security, biomedical research are fueling market growth.
Economic: Rising R&D investments by both private and public organizations to develop new terahertz applications is driving the terahertz technologies market.
Social: Increasing consumer awareness about the benefits of terahertz imaging for non-invasive inspection and medical diagnosis is boosting adoption.
Technological: Advancements in terahertz sources and devices along with miniaturization of terahertz systems have increased their usage in diverse industries.
Key Takeaways
The Global Terahertz Technologies Market Size is expected to witness high growth, exhibiting 23% CAGR over the forecast period, due to increasing demand for terahertz imaging systems in security screening and non-destructive testing applications. Regionally, North America holds the largest market share currently due to major government funding and presence of key players. However, Asia Pacific is expected to emerge as the fastest growing regional market with countries like China and India significantly ramping up investments in terahertz research.
Key players operating in the 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 sources manufacturers like Menlo Systems and Advantest are focusing on miniaturization and cost reduction of terahertz emitters and detectors. Meanwhile, terahertz imaging companies including Luna Innovations and TeraView are expanding their product portfolios as well as geographical footprint.
The North American region dominates the global terahertz technologies market currently owing to heavy investments in terahertz research by government organizations like Defense Advanced Research Projects Agency (DARPA). Additionally, presence of major players in the US is also driving the North America market. China and India are emerging as high growth territories in the Asia Pacific region due to increasing government funding for terahertz applications in healthcare, security and quality check. Both countries are anticipated to witness a CAGR exceeding 25% over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
