Dublin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The "Global Terahertz Technology Market: Analysis By Component, Type, Application, Region Size, Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global terahertz technology market was valued at US$729.59 million in 2023. The market value is expected to reach US$2.12 billion by 2029. The market is expected to grow at a CAGR of approx. 19.8% during the forecasted period of 2024-2029.
The global terahertz technology market is characterized by intense competition among key players who are striving to expand their market share through product innovation, strategic partnerships, upgradation of current technology, and geographic expansion.
The terahertz technology focuses on the electromagnetic waves in the terahertz frequency. The terahertz frequency falls between infrared and microwave spectrum, which comprises of the frequency of one million oscillations per second. The THz region (located between 0.1 and 10 THz) fosters a vast range of sensing for applications in different fields, such as astronomy, non-destructive characterization of materials, communications, defense and security, medicine, and more. The terahertz technology is non-ionizing, which means its radiation does not affect animals as well as the human body. It penetrates non-conducting materials such as paper, clothing, wood, plastics, and ceramics.
Terahertz waves have emerged as a promising technology in the field of sensing and imaging due to their exceptional properties such as non-ionizing radiation, high penetration, and high-resolution imaging capabilities. Terahertz sensing and imaging has shown great potential in various industries, including biomedical imaging, non-destructive testing, and ultrafast kinetic monitoring. Terahertz waves are also essential for process monitoring and quality control in the manufacturing industries since they allow for the accurate assessment of material properties.
Also, this technique is widely used in the medical and pharmaceutical fields, as this is harmless for living organisms as the radiation is highly scattered and not energetic enough to break chemical bonds. Terahertz technology can also contribute to inspecting pipelines for corrosion, structural defects, or material degradation without physical intrusion. Thus, because of the increasing demand for non-destructive testing methods, the terahertz technology market is anticipated to increase significantly. Furthermore, the implementation of the next-generation mobile network technology 6G is projected to drive the adoption of terahertz technology in the near future.
North America held the major share of the market, as a result of increasing number of homeland security issues, growing investments in military and defense sector, escalating aerospace and automotive industries, and the presence of various regional research and development centers which are working in the field of terahertz technology.
The US is the largest region of North America terahertz technology market, driven by government regulations regarding the safety and production of aerospace technologies, and increasing commercial aircraft production. In addition, the telecommunications industry is expected to be a major driver of the market in the coming years, as Terahertz (THz) transmission has emerged as a potential option for communication networks in the 6G future.
Germany stands out in the European terahertz technology market. The region's market growth is being driven by the adoption of advanced safety solutions based on terahertz technology. Furthermore, several firms and research institutes in the region concentrate their efforts on the 6G band spectrum's research and development.
India is one of the key player in the Asia Pacific terahertz technology market. In India, the medical and healthcare as well as food & agriculture industry is rising at an impressive pace owing to the rising disposable incomes, rapid urbanization, high population growth, supportive government policies, and growing number of public private partnerships. All these factors are anticipated offer ample growth opportunities for terahertz technology market players in the region.
Market Segmentation Analysis:
The terahertz detectors held the highest share in the market and is expected to be the fastest-growing segment in the forecasted period. The growth in the terahertz detectors segment is driven by rising prevalence and demand for detecting, generating, and manipulating coherent terahertz signals across the globe, especially in developed countries such as the US, France, Germany, and Japan.
Moreover, terahertz detectors play an increasing role in several applications (e.g., security, biological, drugs and explosions detection, imaging, astronomy applications, etc.). Thus, numerous applications of the terahertz detectors segment proliferate the market's growth. Terahertz (THz) detectors play an increasing role in different areas of human activities.
The terahertz imaging systems held the major share of the global terahertz technology market, driven by comprehensive utilization of this technology in the field of non-destructive testing, materials characterization, medical imaging, security, aerospace, and pharmaceutical industries for the analysis of dialytic materials and quality control. In the medical field, Terahertz imaging systems find applications in dermatology, cancer detection, and pharmaceutical research, where they enable non-destructive analysis of biological tissues and pharmaceutical products.
Whereas, terahertz communication systems is expected to be the fastest-growing segment in the forecasted period. Terahertz (THz) wireless communication systems have received growing attention given the widespread adoption of fifth-generation (5G) wireless networks and the drive for ever increasing bandwidths. Terahertz communication systems also paved the road towards 6G and beyond.
The medical & healthcare segment accounted for the largest revenue share, owing to increased adoption of this technology in various applications such as biomedical imaging, pharmaceutical analysis, and spectroscopy in the cancer detection. Furthermore, the ability of terahertz technology to provide high-quality imaging results has helped to diagnose several chronic and related diseases at ease across the globe.
The continuous improvement in this technology and introduction to more innovative terahertz rays resulted in replacing existing x-rays and infrared rays, further likely to support the market growth. The Defense & Security segment is expected to be the fastest-growing segment in the forecasted period. Terahertz technology are utilized in a wide range of military applications, including intelligence, surveillance, and reconnaissance (ISR), identification of isolated troops behind enemy lines, and terminal guidance of precise weapons. As governments across the world place a greater emphasis on detecting hidden explosives, terahertz technology is in high demand in security and defence applications.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $0.86 Billion |
| Forecasted Market Value (USD) by 2029 | $2.12 Billion |
| Compound Annual Growth Rate | 19.7% |
| Regions Covered | Global |
Market Dynamics
Growth Drivers
- Growing Demand of Terahertz Technology from the Military & Defense, and Medical Sectors
- Growing Use of Terahertz System in Semiconductor Industry
- Rising Demand for Non-Destructive Testing
- Increasing Use in Wireless Communication
- Increasing Use in Security and Monitoring Applications
- Government Initiatives
Challenges
- Lack of Awareness and Unavailability of Skilled Professionals
- High Costs Associated
Market Trends
- Processing Applications of Terahertz Technology in the Food Industry
- Technological Advancements
- Adoption of New Technology such as 6G
- Use of Terahertz Technology for Satellite Communication
Global Market Analysis
- Market: An Analysis
- Market: An Overview
- Market by Value
- Market by Component (Terahertz Detectors and Terahertz Sources)
- Market by Type (Terahertz Imaging Systems, Terahertz Spectroscopy Systems, and Terahertz Communication Systems)
- Market by Application (Medical & Healthcare, Industrial, Defense & Security, Semiconductor, Food & Agriculture, and Others)
- Market by Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)
Global Terahertz Technology Market: Component Analysis
- Global Terahertz Technology Market by Component: An Overview
- Global Terahertz Detectors Market by Value
- Global Terahertz Sources Market by Value
Global Terahertz Technology Market: Type Analysis
- Global Terahertz Technology Market by Type: An Overview
- Global Terahertz Imaging Systems Market by Value
- Global Terahertz Spectroscopy Systems Market by Value
- Global Terahertz Communication Systems Market by Value
Global Terahertz Technology Market: Application Analysis
- Global Terahertz Technology Market by Application: An Overview
- Global Medical & Healthcare Terahertz Technology Market by Value
- Global Industrial Terahertz Technology Market by Value
- Global Defense & Security Terahertz Technology Market by Value
- Global Semiconductor Terahertz Technology Market by Value
- Global Food & Agriculture Terahertz Technology Market by Value
- Global Others Terahertz Technology Market by Value
Company Profiles: Business Overview, Operating Segments, Business Strategy
- Advantest Corporation
- Luna Innovations Incorporated
- TeraSense Group
- TeraView Limited
- TOPTICA Photonics AG
- HUBNER GmbH & Co. KG
- Menlo Systems
- GENTEC-EO
- NTT Innovative Devices Corporation
- QMC Instruments Ltd
- TeraVil Ltd
- BATOP GmbH
- Bridge12 Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/116018
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
