Terahertz Components and Systems Market to Surge Past US$ 0.69 Billion by 2025
The Global Terahertz Components and Systems Market was valued at US$ 65.7 million in 2015 and is projected to expand at a CAGR of 27.9% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing application of terahertz technologies in different industry verticals which include material inspection and process control monitoring among others is anticipated to fuel the growth of the terahertz components and systems market globally.
Rising penetration for terahertz technology in nondestructive testing for different materials is also fueling the market for terahertz components and systems market globally. In addition, increasing technological advancement in the food industry along with growing concern towards food quality is boosting the market for terahertz components and systems globally. The market for terahertz components and systems is gaining significant traction due to growing potential application of terahertz applications across security scanning, process control, medical imaging and advanced communication instruments, among others.
The growth in the revenue of the global terahertz components and systems market is also attributable to growing concerns over homeland security. Terahertz technology is used for security scanning in airports and railway stations. Increasing application of terahertz technologies in research laboratory instruments is also one of the prime factor which is fueling the market growth for terahertz components and systems.
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Research and development activities in the field of terahertz components and systems is also boosting the market. Increasing adoption of terahertz technology in medical sector along with advanced communication systems is another major trend for the market. In addition, solar industry and homeland security are some of the prime application areas of terahertz technology which is anticipated to have positive impact on the market over the forecast period. Archeological and historical studies is another potential application area which is anticipated to have positive impact on the market for terahertz components and systems globally.
Terahertz technology have significant applications in the nondestructive evaluation method which is primarily used for the dielectric materials inspection as well as quality control in the security, biomedical, pharmaceutical, aerospace and materials characterization industries. Increasing technological advancement in the industrial process management is also contributing in the positive development of the market globally. Moreover, active imaging methods are used for medical imaging as it is biologically safe and it is used for detecting skin cancer which is also one of the major driving factor for the market. The terahertz devices are expensive and bulky which is considered as one of the prime restraining factor for the market. Invention of flexible and cost effective terahertz systems is considered as one of the prime opportunities for the market.
Key takeaways of the Terahertz Components and Systems Market:The global terahertz components and systems market is estimated to increase at a CAGR of 27.9% over the forecast period (2017–2025) as there exists a huge demanding market especially in North America and Europe.
The Terahertz Sources dominates the market in the components segment and in terms of systems segment, the Systems based on Spectroscopy is leading the market.Nondestructive Testing is the major application area of terahertz components and systems market, as terahertz radiation primarily characterizes micro-structure variation in dielectric materials without causing any damage.
Some of the major players involved in global terahertz components and systems market are Advantest Corporation, Applied Research & Photonics Inc., Digital Barriers PLC, EMCORE Corporation, Bruker Corporation, Teraview, M Squared Lasers Ltd, NEC Corporation, Menlo Systems GmbH, Techcomp Group Ltd., Bridge12 Technologies, Inc. and Microtech Instruments Inc.
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