Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Terahertz Technology Market Forecast to 2028 - Global Analysis by Component, Type, Application" report has been added to ResearchAndMarkets.com's offering.
In the year 2022, the global terahertz technology market exhibited a valuation of US$ 461.9 million, projected to surge to an impressive US$ 3 billion by the year 2030. This trajectory reflects a robust compound annual growth rate (CAGR) of 26.4% during the forecast period.
Asia Pacific: Emerging as a Powerhouse of Growth
The Asia Pacific (APAC) region is set to emerge as the fastest-growing arena with an astonishing CAGR of 27.7% during 2022-2030. This region boasts a diverse landscape encompassing developing economies like China, India, several Southeast Asian countries, as well as developed powerhouses like Japan and South Korea. APAC's dynamic blend of developing and developed economies is fostering growth across various sectors. In nations like China and India, the medical and healthcare sectors, as well as food and agriculture industries, are experiencing rapid growth fueled by rising disposable incomes, urbanization, burgeoning population, government policies, and increased public-private partnerships. These factors combine to present substantial growth opportunities for players in the terahertz technology market in the APAC region. Notably, investments in agricultural industry development are driving steady growth in other developing regions such as the Middle East, Africa, and South America during the forecast period spanning 2023 to 2030.
Navigating the COVID-19 Impact and Beyond
The global terahertz technology market's growth trajectory is influenced by the ongoing COVID-19 pandemic. The strict restrictions on business activities and the movement of goods and people imposed by major countries in regions such as Europe, Asia Pacific, and North America have impacted both supply and demand for terahertz technology. This, in turn, has affected revenue growth, particularly in the year 2020. However, as the market adapts to the new normal, it is projected that the growth will stabilize in 2021, paving the way for positive expansion until 2030.
Component Dynamics: Terahertz Detectors Lead
Within the terahertz technology market, the terahertz detectors segment holds the largest share. Terahertz radiation occupies a unique position between microwaves and far infrared bands in the electromagnetic spectrum. These radiations, capable of penetrating materials such as plastics, clothing, and wood, are non-ionizing and safe for humans and animals. Unlike potentially harmful X-rays, terahertz radiations are utilized in full body scanning machines at airports and public places for security applications. They also find use in medical applications, notably for initial cancer cell detection. Spanning a frequency range of 0.1-10 THz, corresponding to wavelengths from 3 mm to 30 mm, terahertz radiation has a broad scope of applications.
In summary, the terahertz technology market is poised for remarkable growth, with APAC taking center stage as a key growth driver. The market's resilience amid the challenges posed by COVID-19 underscores its potential to thrive and innovate in the coming years, powered by a range of applications spanning security to healthcare.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $461.9 Million |
| Forecasted Market Value (USD) by 2030 | $3 Billion |
| Compound Annual Growth Rate | 26.4% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Rising Demand of Terahertz Technology from the Defense, Homeland Security, and Medical Sectors
- Growing Use of Terahertz System in Semiconductor Industry
- Restraints
- Lack of Awareness and Unavailability of Skilled Professionals
- Opportunities
- Processing Applications of Terahertz Technology in the Food Industry
- Expansion of 6G Technology
- Future Trends
- Use of Terahertz Technology for Satellite Communication
A selection of companies mentioned in this report includes:
- Acal BFi UK Ltd.
- Advanced Photonix Inc.
- Advantest Corporation
- HUBNER GmbH & Co. KG
- Luna Innovations Inc.
- Menlo Systems GmbH
- Microtech Instrument Inc.
- Terasense Group Inc.
- Teraview Limited
- Toptica Photonics AG
Key Topics Covered
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Terahertz Technology Market Landscape
5. Terahertz Technology Market - Key Market Dynamics
6. Terahertz Technology Market - Global Analysis
7. Terahertz Technology Market Analysis - By Component
8. Terahertz Technology Market - By Type
9. Terahertz Technology Market - By Application
10. Terahertz Technology Market - Geographic Analysis
11. Terahertz Technology Market- COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/mduu1g
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