Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Global Terahertz Technologies Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global terahertz technologies market is poised for substantial growth, with an estimated value of USD 620.89 million in 2023, projected to reach USD 1.75 billion by 2028.
This market expansion is driven by the potential applications of terahertz technology, ranging from passenger scanning to large data transfers.
The market landscape is characterized by moderate fragmentation and intense competition, with major players including Luna Innovations, Teravil Ltd, TeraView Limited, Toptica Photonics AG, and HUBNER GmbH & Co. KG. These industry participants employ various strategies such as partnerships, innovation, expansion, and acquisitions to enhance their product offerings and gain a sustainable competitive advantage.
Terahertz technology, operating within the frequency range of 0.1 THz to 3 THz, holds significant promise for diverse applications. It possesses unique properties, allowing it to penetrate materials that block visible and infrared spectra. The potential applications span multiple fields, including communication, security inspection, and biomedicine. Notably, terahertz technology has shown promise in differentiating between benign and malignant brain tumors in neuroscience research.
While terahertz technology holds immense potential, the market has faced challenges stemming from a lack of knowledge and awareness. However, the COVID-19 pandemic has propelled the growth of the terahertz technology market, particularly in healthcare, biomedical, and security applications. The need for advanced technology to detect the virus has resulted in increased research and development activities, further boosting market growth.
The defense and security segment accounts for a significant market share, driven by the growing need to identify concealed threats such as hidden weapons and explosives. Terahertz technology's ability to detect objects behind barriers has led to its increased adoption in security-critical locations such as airports. Unlike traditional metal detection and X-ray scanning, terahertz technology enables security checks at a distance without disrupting the flow of people.
North America dominates the market, primarily due to increasing investments in defense and homeland security, stringent government regulations, and a thriving aerospace industry. The United States, in particular, experiences high demand for terahertz technologies, driven by its aerospace and automotive sectors. In Canada, the need for security screening equipment is on the rise, particularly in public places where stringent security measures are required.
As the terahertz technologies market continues to evolve, it presents significant opportunities for innovation and expansion. Companies are investing in research and development, forging strategic partnerships, and broadening their product portfolios to cater to diverse customer needs.
A selection of companies mentioned in this report includes
- Luna Innovations
- Teravil Ltd
- TeraView Limited
- Toptica Photonics AG
- HUBNER GmbH & Co. KG
- Advantest Corporation
- BATOP GmbH
- Terasense GP Inc.
- Microtech Instrument Inc.
- Menlo Systems GmbH
- Gentec Electro-optics Inc.
- Bakman Technologies LLC
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Impact of Macro Economic trends on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increased Demand in the Medical Sector and Non-destructive Testing Applications
5.1.2 Holistic Approach to Security Through the Usage of Terahertz Technology
5.2 Market Restraints
5.2.1 Lack of Awareness of the Technology in the Market
5.2.2 Lacking the Device Infrastructure to Support the Adoption of Terahertz Technology
6 MARKET SEGMENTATION
6.1 By Type of Technology
6.1.1 Terahertz Imaging Systems
6.1.1.1 Active System
6.1.1.2 Passive System
6.1.2 Terahertz Spectroscopy Systems
6.1.2.1 Time Domain
6.1.2.2 Frequency Domain
6.1.3 Communication Systems
6.2 By End User
6.2.1 Healthcare
6.2.2 Defense and Security
6.2.3 Telecommunications
6.2.4 Industrial
6.2.5 Food and Agriculture
6.2.6 Laboratories
6.2.7 Other End Users
6.3 By Geography
7 COMPETITIVE LANDSCAPE
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/e89410
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