Terahertz technologies generate and utilize electromagnetic waves in the frequency range from 0.3 to 10 THz. The uses of terahertz technologies include medical imaging, wireless communication and contactless product quality inspections. The presence of terahertz radiations allows non-destructive imaging of substances beneath obscuring materials like plastics, cardboard, ceramics and clothing fabrics without harmful effects. It finds uses in security scanning of letters and packages at airports as terahertz imaging can detect organic compounds including explosives under clothes and other obscuring materials. With the increasing demand to ensure high quality standards and to prevent product recalls, terahertz technologies are being increasingly adopted by various industries for contactless inspection of pharmaceuticals, food and other products.
The global Terahertz Technologies Market is estimated to be valued at US$ 644.97 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for contactless product quality inspections: Non-destructive terahertz imaging allows contactless quality inspection of pharmaceuticals, food products, electronic components and others to ensure compliance with specifications without harming the product. This helps improve production efficiency and prevent costly product recalls.
Driver explained from heading: The increasing focus on quality standards in manufacturing is driving greater adoption of terahertz technologies across industries for non-contact quality control and assurance. Terahertz imaging enables detection of defects, foreign contaminants and ensures composition of materials according to regulations without direct contact thereby minimizing product damage. This helps reduce costs associated with product failure and recalls.
Segment Analysis
Terahertz Technologies Market is dominated by the Security & Defence segment. This segment accounts for more than 30% share of the overall market as terahertz technologies find wide applications in homeland security such as detecting concealed weapons or hazardous materials. With rising terrorism activities globally, governments across countries are heavily investing in advanced security screening solutions like terahertz imaging which can detect objects hidden under clothes without direct contact. This is driving the demand for terahertz technologies in security & defence vertical.
PEST Analysis
Political: Governments across nations are formulating regulations to ensure privacy and secure communication using quantum technologies. They are providing grants and funding for R&D in this sector.
Economic: The global economy is expected to witness robust growth in the coming years which will augment the investment capabilities of end-users to adopt terahertz technologies. These solutions also promise significant cost savings over traditional methods.
Social: With rising threat perceptions, there is increasing societal support for strengthening of security infrastructure. Terahertz imaging is gaining acceptance as a preferred screening method due to its non-invasive nature.
Technological: Continuous innovation is leading to improvements in terahertz sources, detectors and imaging technologies. Integration of terahertz with other solutions like quantum key distribution is further enhancing applications.
Key Takeaways
Global Terahertz Technologies Market Size is expected to witness high growth at a CAGR of 21% during the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region is projected to be the fastest growing regional market for terahertz technologies during the forecast period. This can be attributed to increasing R&D spending and government focus on quantum technologies in major countries like China, Japan, South Korea and India. Rapid industrialisation and economic growth are contributing significantly to the region’s growth.
Key players operating in the terahertz technologies market are ID Quantique, QuintessenceLabs, Toshiba Corporation, NEC Corporation, Qubitekk, MagiQ Technologies, QuantumCTek, Quantum Xchange, Quantum Communication Technologies AG, Post-Quantum, PQ Solutions Limited, Qasky, Quantum Machines, Quantum-Secure Communications, Cambridge Quantum Computing. ID Quantique and QuintessenceLabs are widely recognised as leaders in quantum key distribution solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it