Terahertz Technology Market to Significant Growth Foreseen by 2027
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Terahertz Technology Market: Drivers and Restraints
Increasing adoption of terahertz technology in industries such as aerospace and defence and homeland security across regions is thereby driving the market for terahertz technology over the forecast period. In addition, some of the prominent drivers for terahertz technology market are factors such as increasing investments in R&D activities, growing penetration of terahertz technology in biology and medical science sectors and increasing applications of high end terahertz devices in research laboratory and process control monitoring processes. On the other hand, factors such as lack of awareness of terahertz technology can result into slow adoption rate and concerns regarding accuracy and reliability issues may act as a major restraint for the terahertz technology market.
Terahertz Technology Market: Segmentation
Terahertz technology market can be segmented on the basis of component, application, vertical and regions. On the basis of component the terahertz technology market can be segmented into terahertz sources, terahertz detectors and others. On the basis of system, the terahertz technology market can be segmented as terahertz imaging, terahertz spectroscopy, terahertz communication systems and others. Whereas the application segment in the terahertz technology market may include industrial, defence & security, biomedical, wireless communication and others. Regionally, terahertz technology market can be segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
Terahertz Technology Market: Regional Outlook
Terahertz technology market is dominated by the North America region. North America dominance is attributed to rising adoption of process control in various industries as well as high investments in R&D activities pertaining to terahertz technology by key players based in the region. On the other hand, Asia Pacific Excl. Japan, and Japan is expected to grow at a significantly as compared to the other region in the terahertz technology market and will see a good growth rate in the future. Asia Pacific Excl. Japan is expected to great opportunities terahertz technology market due to the wide presence of manufacturing companies in developing countries, such as China, and India. Eastern Europe, Latin America and MEA is expected to see a moderate growth rate in the terahertz technology market.
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Terahertz Technology Market: Competition Landscape
Among the prominent players involved in terahertz technology market, companies such as Advantest Corp, TeraView, EMCORE Corp and Terasense Group, Inc., among others are focusing on organic as well as inorganic strategies to strengthen their position in the terahertz technology market. For instance, in December 2016, Terasense Group, Inc. launched terahertz wave-sources based on ‘IMPATT’ technology for imaging scanners. On the other hand, in 2015, TeraView launched a continuous wave terahertz system ‘CW Spectra 400’ along with fibre fed external devices.
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