New York, United States, July 13, 2022 (GLOBE NEWSWIRE) -- Terahertz waves are anticipated to be helpful in various applications such as hazardous materials scanning systems, high-speed wireless communications, and medical analysis devices. They're also used in the multi-residue analysis for medical diagnostics, agrochemicals, environmental assessment, biometric security process monitoring systems, and industrial products. Between the infrared bands (100 GHz-10 THz) and mm-wave, the Terahertz area of the spectrum is where optics and electronics meet.
Increasing Demand for Healthcare Sector and Need for Robust Security Boosts Market
Terahertz technologyis increasingly being used in healthcare, including biomedical imaging, terahertz imaging, and spectroscopy for cancer detection, among other applications. Furthermore, due to its precision and accuracy, terahertz technology aids in real-time confirmation of removal of all cancer tissues simultaneously, reducing the number of surgeries and facilitating earlier and more precise diagnosis. Furthermore, the ability to generate high-quality spectroscopic imaging by terahertz radiation has made the diagnosis of many chronic and associated disorders much easier.
The emergence of new diseases, such as COVID-19, the expansion of regulatory norms around the world, the focus on population health management, inventions, better-informed customers, and the evolution of advanced technologies are all factors that are increasing the demand for terahertz technologies in the healthcare industry. Furthermore, terahertz technology is rapidly being used in non-destructive testing since it has various advantages over other non-destructive testing methods.
Security checks and surveillance have been a source of concern in airports and other security-sensitive locations where terrorist attacks could occur. Furthermore, because of its many capacities for detecting metallic and non-metallic compounds, the employment of terahertz technology has been advocated in these regions. Terahertz technology can penetrate some opaque materials for the structure of objects in a sealed package, making it an ideal replacement for the present scanning technologies used at security terminals.
Furthermore, because most materials have unique spectral identities in the terahertz range and can be easily recognized by authorities, Terahertz technology can identify dangerous elements from afar. Plastic, ceramics, and polymers are standard opaque components that are transparent in the terahertz region and can thus be detected using terahertz technology.
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Development of Technology and Plastics Provide New Opportunities
Terahertz technology is quickly gaining traction in 6G connectivity. Several efforts and research projects around the world have achieved milestones in favor of 6G development, particularly in the Terahertz (THz) band, since 2019. For example, at the IEEE International Conference on Communications (ICC 2021) in June 2020, researchers from Samsung Research, Samsung Research America, and the University of California, Santa Barbara (UCSB) demonstrated an end-to-end 140GHz wireless link using a fully-digital beamforming solution, demonstrating the potential impact of THz on 6G technology. Various countries are putting terahertz technology to the test in newer fields, such as space and astronomy, which will pave the way for commercialization.
Plastic welding, in particular, is supposed to produce a stable physical link between polymers if done correctly. Delamination and inclusions were not detected using ultrasonic waves or X-rays. On the other hand, THz waves expose both destructive and non-destructive fault types between polymers. THz technologies, such as THz time-domain spectroscopy, are also predicted to drive food quality control and applications in domains such as security scanning, material characterization, and historical and archaeological research.
In terms of detection of trace metals and minerals, terahertz transmission spectroscopy was also used, which demonstrated good agreement with the conventional characterization results. Overall, different industries can benefit from the distinctive advantages of THz technology due to its diverse uses. THz systems will likely become even more competitive as system resilience, measuring speed, and cost-efficiency increase.
Report Scope
| Report Metric | Details |
| Market Size | USD 2.87 Billion by 2030 |
| CAGR | 23.8% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, End-User, and Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Luna Innovations, Travel, TeraView Limited, TOPTICA Photonics AG, HÜBNER GmbH & Co. KG, Advantest Corporation, Batop GmbH, Terasense Group Inc., Microtech Instrument Inc., Menlo Systems GmbH, Gentec Electro-optics Inc., Bakman Technologies. |
| Key Market Opportunities | Terahertz technology is quickly gaining traction in 6G connectivity |
| Key Market Drivers | Increasing Demand in Medical Sector Widescale Security Applications |
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Regional Analysis of the Global Terahertz Technologies Market
North America is anticipated to hold the largest market share of USD 1,029 million by 2030 at a CAGR of 21.6% during the forecast period, primarily due to the rising homeland security issues, investments in defense, and increasing R&D. Europe is the second contributor to the terahertz technologies market, with revenue of USD 102 million in 2021. Early adopters of modern technology, government initiatives related to national security and counter-terrorism, and the need to protect against the growing threat of crime are propelling the industry.
Terahertz technologies market in Asia-Pacific is expected to witness steady growth with a value of USD 95 million in 2021. The market for terahertz technology-based equipment is being driven by an expansion in the number of manufacturing firms in countries like China and Japan and increased demand for explicit security measures in the medical and defense sectors. The rest of the World has the lowest market.
Key Highlights
- The global terahertz technologies market was valued at USD 420 million in 2021 and is anticipated to generate USD 2,879 million by 2030, growing at a CAGR of 23.8% during the forecast period (2022–2030).
- Based on the technology used, terahertz imaging is the major shareholder in the global terahertz technologies market. The global market for terahertz imaging is projected to generate USD 1,808 million in 2030, growing at a CAGR of 23.1%.
- End-user application-wise, defense and security is the largest market holder. The global market for the defense and security industry is projected to generate USD 983 million in 2030, growing at a CAGR of 22.6%.
- Geographically, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. The market in North America is expected to be valued at USD 1,029 million at a CAGR of 21.6% during the forecast period.
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Competitive Analysis
- Luna Innovations
- Travel
- TeraView Limited
- TOPTICA Photonics AG
- HÜBNER GmbH & Co. KG
- Advantest Corporation
- Batop GmbH
- Terasense Group Inc.
- Microtech Instrument Inc.
- Menlo Systems GmbH
- Gentec Electro-optics Inc.
- Bakman Technologies.
Global Terahertz Technologies Market: Segmentation
By Technology
- Terahertz Imaging System
- Terahertz Spectroscopy System
- Communication System
By End-User
- Healthcare
- Defense and Security
- Telecommunications
- Industrial
- Food and Agriculture
- Laboratories
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Rest of the World
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Terahertz Technologies Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Technology Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Terahertz Imaging System
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Terahertz Spectroscopy System
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Communication System
5.4.1 Market Size & Forecast (Value & Volume)
6 End User Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Healthcare
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Defense and Security
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Telecommunications
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Industrial
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Food and Agriculture
6.6.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Luna Innovations
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 Travel
8.5 TeraView Limited
8.6 TOPTICA Photonics AG
8.7 HÜBNER GmbH & Co. KG
8.8 Advantest Corporation
8.9 Batop GmbH
8.10 Terasense Group Inc.
8.11 Microtech Instrument Inc.
8.12 Menlo Systems GmbH
8.13 Gentec Electro-optics Inc.
8.14 Bakman Technologies.
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/terahertz-technologies-market/toc
Market News
- In May 2021, Luna Innovations formed a strategic partnership with Liberty Oilfield Services through its OptaSense business.
- In March 2021, TERASENSE introduced a new terahertz generator family, with a fixed frequency of 95 GHz and a remarkable output power of >1.8W.
- In January 2021, TeraView secured USD 6 million of funding from its existing and new investors, including Wonik Investments, Pathfinder H, and Ingenious, to further accelerate product and technology development, customer support, and sales and marketing by the company.
- In July 2020, Advantest Corporation stated that the sales of its new TS9001 TDR System had begun.
News Media
Top 7 Players in the Global Ventilators Market
Top 10 Medical Device Companies in the World
Impact of COVID-19 on the Telecom Sector
Top Technology Trends to Watch Out For in 2020
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