The global Terahertz Components And Systems Market is estimated to be valued at US$ 421.5 Mn or Million in 2023 and is expected to exhibit a CAGR of 27% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Terahertz components and systems are used for various applications including imaging, spectroscopy, communication, security, and radar sensing. They offer advantages such as non-destructive detection, penetration through various non-conducting materials and identification of materials based on their spectral fingerprints.
Market key trends:
One of the key trends in the Terahertz components and systems market is the increasing adoption of terahertz technology in security applications. Terahertz technology helps identify concealed metals, explosives, drugs and other materials under clothing, envelopes and other products non-invasively. It does not cause any harm to human skin or tissues and provides enhanced security screening at airports, borders and public places. This is driving many government and private entities to increasingly use terahertz components and systems for security checks, thereby contributing to the growth of the overall market.
Market Key Trends:
Terahertz components and systems have widespread applications in security screening, non-destructive testing, and medical imaging. The increasing adoption of terahertz technologies for non-destructive testing and evaluation across various industries such as electronics, semiconductor, aerospace, and automotive is one of the key trends driving the growth of the terahertz components and systems market. Terahertz radiation has the ability to penetrate through various non-conducting materials like plastics, ceramics and wooden materials without causing any damage. This property is being leveraged for performing non-destructive quality checks in manufacturing processes.
SWOT Analysis
Strength: Wide range of applications in security screening, medical imaging, and non-destructive testing.
Weakness: High costs associated with terahertz components and systems limit widespread adoption.
Opportunity: Growing investments by governments and private organizations in terahertz technologies for industrial and healthcare applications.
Threats: Presence ofsubstitute technologies like x-rays for security screening and medical imaging applications.
Key Takeaways
The global Terahertz Components And Systems Market is expected to witness high growth, exhibiting CAGR of 27.% over the forecast period, due to increasing demand for terahertz technologies in non-destructive testing applications across industries.
The North American region is expected to dominate the terahertz components and systems market over the forecast period. This can be attributed to extensive R&D activities in terahertz technologies by research institutes and government funding for commercialization of terahertz applications in the region.
Key players operating in the terahertz components and systems are Bruker, EMCORE Corporation, TeraSense Group, Applied Research & Photonics, Inc., Bridge12 Technologies, Inc., M Squared Lasers Limited, Virginia Diodes, Menlo Systems GmbH, TeraView Limited.
Regional analysis:
The Asia Pacific region is projected to grow at the fastest pace in the terahertz components and systems market owing to increasing government spending on security and healthcare applications of terahertz technologies especially in China and India. Countries in this region are progressively adopting terahertz devices for quality check in electronics and pharmaceutical manufacturing.
_________________________________________________________________________
V4
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.