Terahertz Technology Market is Anticipated to Record a Valuation of US$ 1,841.7 million by 2028, a Recent Study by The Insight Partners

Terahertz Technology Market: Key Insights

According to our latest market study on “Terahertz Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Type, Application, and Geography,” the Terahertz Technology Market is projected to reach US$ 1,841.7 million by 2028 from US$ 321.0 million in 2021; it is expected to grow at a CAGR of 28.3% from 2021 to 2028.

Terahertz (THz) transmission is a complimentary wireless technology that has emerged as a potential option for communication networks in the 6G future. Users in rural or distant areas that are difficult to reach (e.g., mountains, islands) should be linked with high data rates of up to 10 Gbit/s per user in the future. Terahertz transmission as a wireless backhaul extension of optical fibers will be a critical building component in meeting this issue and ensuring high-speed internet access beyond 5G. Furthermore, the growing number of mobile and fixed users in the private sector and industry and the service sector would need hundreds of gigabits per second in transmission to or between cell towers (backhaul) or between cell towers and remote radio heads (fronthaul). Terahertz Wireless Communication can also be practical in these situations. THz communications are also intended to enable seamless connectivity between ultra-high-speed cable networks, such as fiber optic lines, and personal wireless devices, such as laptops and tablet-like devices, resulting in total transparency and rate convergence between wireless and wired links. THz will make it easier for static and mobile users to run bandwidth-intensive apps, primarily indoor and local access settings. Two examples of specialized uses are high-definition holographic video conferencing (virtual reality office) and ultra-high-speed wireless data dissemination in data centers.

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Furthermore, IEEE (The Institute of Electrical and Electronics Engineers) 802.15 has created a THz Interest Group. The focus of THz Interest Group was majorly concerned with THz communications and other associated network applications performing in THz frequency bands' between 275-3 000 GHz. Also, With the development of a more significant number of transceiver technologies, 802.15 has made a step for the new standard with a scope of defining validity of a standard on 100 G. In addition, the Federal Communications Commission (FCC) has announced the availability of experimental 6g spectrum licenses in 2019. The band, which spans 95 gigahertz (GHz) to 3 terahertz (THz), will be available for testing. The FCC will provide inventors a ten-year license to test innovative 6G devices and services under its regulations.

The terahertz technology applies to various domains that provide unprecedented capabilities for many research fields. The terahertz technology can benefit information and communication technology (ICT) sector as it has significant applications in wireless communications, high-speed data processing, and satellite communications. Satellites are widely used in various communication applications. In the past few years, the interest in the field of satellite networks has increased, which allows for an entirely new class of navigation, communication, and remote sensing missions. This has, consequently, led to a need for innovative methodologies to meet the increasing demand for high-speed wireless connection.

Impact of COVID-19 Pandemic on Terahertz Technology Market

The emergence and rapid spread of COVID-19 has paralyzed both developed and developing countries. A continuous surge in the count of infected patients is threatening several industries across the world. Since the majority of countries are imposing lockdown measures, whenever required, the temporary shutdown of manufacturing facilities is resulting in a negative trend in the terahertz technology market. Key market players are restricting their investments on high-tech solutions and are rather utilizing a fair percentage of their budget for combating the impact of COVID-19 on their businesses. The semiconductor and automotive industries are among major victims of the pandemic. The food and agriculture industries requires a significant number of human labors; however, these industries couldn’t work to their optimum as this disease spreads through public gatherings. The negative trend in these industries restrained the terahertz technology market growth in 2020.

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Terahertz band communication is conceived as the key technology in meeting the need for high data rates. Wireless terabit per second links are expected to become a reality soon due to the broad availability of bandwidth at the terahertz band. Terahertz waves are characterized by a wide frequency band, high speed, small scattering, high penetrability, good directionality, high safety, and so on. They serve as another frequency band of communication between microwave communication and laser communication. Besides, recent advancements in the terahertz technology—such as electronic approach III-V semiconductor technologies and optical Quantum Cascade Lasers—allow frequency generation from 0.34 terahertz to 1 terahertz with power from 1 mW to 10 mW. Thus, the use of terahertz technology in satellite communication is expected to emerge as one of the significant trends boosting the market growth during the forecast period.

Terahertz Technology Market: Component Overview

Based on component, the global terahertz technology market is segmented into terahertz sources and terahertz detectors. Terahertz sources are categorized as follows: photonic and electronic sources. Solid-state and electron-beam sources as well as frequency multipliers are broadly utilized terahertz electronic sources. However, the terahertz QCLs and terahertz photoconductive antennas are the most commonly used terahertz photonic sources. The development of terahertz photoconductive antennas has led to enhancement in the performance of this technology, in the form of maximum output powers and optical-to-electrical efficiencies at the frequencies above 1 terahertz. Further, the miniaturized electron-beam sources have been designed and developed, while the performance of frequency multipliers and solid-state sources has been progressively improved by increasing their power efficiencies and upper frequency limits. Also, terahertz quantum-cascade lasers (QCLs) are also undergoing rapid developments from the last few years.

Terahertz Technology Market: Competitive Landscape and Key Developments

Acal BFi UK Ltd; Advanced Photonix, Inc.; Advantest Corporation; HÜBNER GmbH & Co. KG; Luna Innovations, Inc.; Menlo Systems GmbH; Microtech Instrument, Inc.; Terasense Group Inc.; TeraView limited; and Toptica Photonics AG are among the key players profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global terahertz technology market and its ecosystem.

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In 2020, TeraSense announced its new powerful 0.8W and 1.8W waves sources at 94 GHz, which are IMPATT-based generators with output power ranging from 0.08 W to 1.8 W.

In 2020, Toptica announced TeraFETs enabled with TeraScan, the next-generation terahertz detectors that enhance its performance.

In 2018, Luna Innovations announced its merger with Advanced Photonix, Inc. to form new division named as "PicoMetrix." This new division comprises terahertz products, and fiber optic testing and sensing products suite of Luna Innovations.

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