Terahertz Technology Market Trend Shows a Rapid Growth, Competitive Analysis, Future Prospects And Forecast 2027 | Terasense Group Inc.,Teraview limited,Advantest Corporation,Toptica Photonics AG

The terahertz technology market was valued US$ 158.94 million in 2019 and is expected to reach US$ 1,418.84 million by 2027; it is estimated to grow at a CAGR of 27.8% during 2020-2027.

The terahertz range falls between the microwave and infrared ranges of the electromagnetic spectrum, which comprises the frequency of one million oscillations per second. Its exceptional properties make the terahertz radiation a crucial technology to be adopted in the future. This technology is usually used to detect hidden explosives and drugs as well as to recognize substances flowing from the plastic pipe. The terahertz technology is proficient enough to nondestructively measure the layer thickness and monitor the flaws in materials made of ceramics or plastics.

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Leading companies profiled in the report include

1. Terasense Group Inc.
2. Teraview limited
3. Advantest Corporation
4. Toptica Photonics AG
5. Luna Innovations Inc.
6. H�BNER GmbH & Co. KG
7. Menlo Systems GmbH
8. Acal BFi Limited
9. Advanced Photonix Inc.
10. Microtech Instrument Inc.

Owing to its low energy characteristics, the terahertz radiations are nonhazardous to animals as well as humans. The technology is usually integrated with scanners based on active and passive methods. In a passive method, the scanning is constrained to the natural terahertz radiations emitted through the human body. Similarly, the active method integrates an additional artificial radiation source through terahertz radiation. Thus, the systems use the discrepancies in the wavelength from the backscatter to recreate an image.

Currently, the terahertz technology market is principally dominated by developed regions such as North America and Europe region, accounting for ~70% of the global market collectively. Western Europe is one of the wealthiest regions on the continent of Europe, with greater GDP per capita. Europe was at the forefront of the industrial revolution and was home to premium manufacturing. Itis expected to dominate the global terahertz technology market from 2020 to 2027.

The report segments the global terahertz technology market as follows:

Global Terahertz Technology Market - By Component

o Terahertz Sources
o Terahertz Detectors

Global Terahertz Technology Market - By Type

o Terahertz Imaging Systems
o Terahertz Spectroscopy Systems
o Terahertz Communication Systems

Global Terahertz Technology Market - By Application

o Medical and Healthcare
o Defense and Security
o Food and Agriculture
o Industrial

North America attracts several technological developments across economically robust countries. The companies in the region are continuously enhancing the overall business processes to meet customers' demand for high-quality products and services in the best possible way. North America is expected to be a strong player in the global economy, as the largest market for technology-based solutions, particularly in the development and implementation of new technologies. The demand for this technology is the largest in the region, due to terahertz being a new technology and North America being one of the early adopters of modern technologies. Increasing helicopter and commercial aircraft production in the US is also expected to drive the terahertz technology market in that region.

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Impact of COVID-19 on Terahertz Technology market

The emergence and rapid spread of COVID-19 has paralyzed numerous countries in the world. The continuous surge in count of infected patients is threatening several industries globally. As per latest WHO figures, for May 13, 2020, there are ~4.17 million confirmed COVID-19 cases globally with ~287,000 total deaths occurred so far, and the number is growing at varying rates in different countries. The global economy is anticipated to take a worst hit in the year 2020, with the possibility of extended effects in 2021. Since majority of the countries are exercising lockdowns, the demand for terahertz technology is decreasing at a prominent rate.

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