Global Terahertz Components and Systems Market to Reach US$415.0 mn by 2023, North America Projected to be Most Attractive Regional Market

Transparency Market Research has published a new market report titled “Terahertz Components and Systems Market, by components (terahertz sources, terahertz detectors, others), by systems (systems based on spectroscopy, terahertz radar, terahertz sensing), by application (industrial process monitoring, research laboratory applications, medical imaging, non destructive testing and others): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023”. According to the report, the global terahertz components and systems market was valued at US$56.0 mn in 2014 and is estimated to grow at a CAGR of 25.9% and reach US$415.0 mn by 2023.

Terahertz technology refers to the electromagnetic waves at wavelengths between 3 mm and 30 μm or frequencies range of 100 GHz and 10 THz. Terahertz waves can pass through different amorphous substances such as textiles, synthetics, ceramic, and wood, cardboard and paper in uninterrupted manner. Furthermore, terahertz radiation has some properties similar to microwave and infrared radiation. For instance, terahertz radiation also travels in a line of sight and is non-ionizing. Moreover, the two key advantages of terahertz technology include high chemical selectivity along with the penetration of typically opaque materials. Growing application of terahertz radiation for detection of impurities in the pharmaceuticals industry and security screening among others is fueling the growth of the market for terahertz components and systems globally.

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In 2014, North America held the largest market share for terahertz components and systems, accounting more than 40% of total market size. In North America, factors such as infrastructure availability, greater awareness regarding details of terahertz technology among stakeholders, wide application penetration and investments in research & developments (R&D) activities are some of the factors driving the market growth. Growing application of terahertz technology in biological research and pharmaceutical industry will drive the growth of North American terahertz components and systems market.

In Europe, growing preference for terahertz technology in different industries such as pharmaceutical, industrial and non destructive testing is driving the growth of terahertz components and systems market. As of 2014, terahertz systems based on spectroscopy held the largest share in terahertz components and systems market across Europe.

In Asia Pacific, penetration of terahertz components and systems was low in last few years due to high cost of the technology, low awareness and lack of skilled human capital who can handle complex terahertz technology. During the forecast period, it is expected that advances in terahertz technology and growing usage of terahertz components for non destructive testing and medical imaging will boost the growth of terahertz components and systems market in Asia Pacific.

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Due to restraining factors such as lack of awareness, lack of infrastructure and high cost of operation, penetration of terahertz systems and components market in Rest of the World (RoW) will remain low throughout the forecast period.

Some of the major players operating in the terahertz components and systems market are Advantest Corporation (Japan), Digital Barriers PLC (U.K.), Applied Research & Photonics Inc. (U.S.), EMCORE Corporation (U.S.), Teraview (U.K.), Bruker Corporation (U.S.), M Squared Lasers Ltd (U.K.), NEC Corporation (Japan), Menlo Systems GmbH (Germany), Techcomp Group Ltd. (Hong Kong), Bridge12 Technologies, Inc. (U.S.) and Microtech Instruments Inc. (U.S.) among others.

The market has been segmented as follows:

Terahertz Components and Systems Market, by Components:

Terahertz Sources
Terahertz Detectors
Others

Terahertz Components and Systems Market, by Systems:

System based on Spectroscopy
Time-domain spectroscopy
Frequency-domain spectroscopy
Imaging by scanning
Terahertz Radar
Terahertz Sensing

Terahertz Components and Systems Market, by Application:

Industrial Process Monitoring
Research Laboratory Application
Medical Imaging
Non Destructive Testing
Others

Terahertz Components and Systems Market, by Geography:

North America
Europe
Asia Pacific
Rest of the World

TMR is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.