Terahertz Technologies Industry: Elevating Potential Application Business to New Heights
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The terahertz technologies market was estimated at USD 154.28 million in 2017. This market is expected to reach USD 761.1 million by the end of 2023, at a CAGR of 30.47% during the forecast period (2018 - 2023). Terahertz technology is an emerging field, with unique advantages that can considerably propel the growth of the terahertz technology market over the forecast period. The advantages of terahertz radiation, such as being intrinsically non-invasive, safe, and non-destructive, have increased its application range beyond data transfer and security, to deal with applications related to healthcare and pharmaceuticals. Other emerging applications in molecular spectroscopy, plasma diagnostics, space sciences, and others, have created huge opportunities for expansion in the field of terahertz technology.
INCREASED DEMAND IN MEDICAL SECTOR AND NDT APPLICATIONS TO
DRIVE THE MARKET GROWTH
Terahertz has major advantages over other conventional technologies, because, unlike standard metal-only detectors, it is sensitive to the presence of explosives and does not emit ionizing radiation, which is safer than X-rays. It is also used to detect airborne chemical warfare agents and toxic industrial chemicals. Millimeter wave technologies and X-rays need dedicated operators to feed analysis data into the software, whereas terahertz fingerprint technology can be automatically fed into the software, eliminating the need for operator interpretation of multifaceted images as well as the major privacy concerns with regard to both X-Ray and millimeter wave technologies.
LABORATORIES HOLD THE MAJOR MARKET SHARE, BY END USER
Laboratories hold the largest market share in terahertz technology, and are expected to see high growth over the forecast period. With growing awareness, many industries are investing in R&D to explore the potential applications of terahertz. Thus, the adoption of terahertz technology in laboratories has witnessed a drastic growth over the past two years. Biochemistry, pharmaceutical R&D, and material characterization applications have been the major contributors to the growing terahertz market, in the segment. Pharmaceutical industries are exploring these technology for mass deployment in quality control. With the technology capable of material categorization, the industry uses these systems for composition and thickness testing. Biochemical R&D operations deploy terahertz for accurate measurement and categorisation of components. Many industries are now looking at terahertz for plasma diagnostic operations. The semiconductor industry deploys this technology to quickly and accurately detect cracks and impurities in semiconductor packaging.
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NORTH AMERICA TO HOLD MAJOR SHARE OVER THE FORECAST PERIOD
North America is the major segment in terahertz technologies market because of the increasing homeland security issues, investment in defense, and growing R&D. Also, stringent government regulations regarding safety, new power generation projects in the United States, and the significantly growing automotive and aerospace industries drive the market for Terahertz technologies in this region. With growing population and increasing health-related concerns among the individuals the industry is expected to see growth over the next few years. The country also spends heavily in the healthcare industry, which can be observed from the healthcare expenditure per capita (USD 8,608) of the country. According to the national cancer institute, in 2016, 1,685,210 new cancer cases were estimated to be diagnosed, and 595,690 people were expected to die from the disease. The national expenditure for cancer in the United States is expected to reach nearly USD 156 billion by 2020. Terahertz technology, which plays a crucial role in the medical diagnostics of the oncology applications, is expected to observe huge adoption rates.
Major key players include: ADVANTEST CORPORATION, TRAYCER DIAGNOSTIC SYSTEMS, TERASENSE GROUP INC, MICROTECH INSTRUMENT INC, MENLO SYSTEMS GMBH
Key Developments in the Market
March 2017: Luna Innovations Incorporated announced that its Picometrix division entered into a Vendor Managed Inventory Agreement with a leading Chinese provider of telecommunications equipment and network solutions. This agreement will integrate Picometrix more closely into the customer’s supply chain and manufacturing processes.
February 2017: Advantest Corporation introduced the new HF-AWGD (high-frequency arbitrary waveform generator and digitizer) module to extend the capabilities of its EVA100 measurement platform to include high-resolution and high-speed analog devices. With the new module, the EVA100 system can measure all key parameters of mixed-signal, precision and standard analog semiconductors used in high-growth applications, including on-board automotive electronics.
January 2017: Terasense partnered with Eidos Business Lab LLC - an official distributor in Russian Federation. The company shares their extensive experience in supplying end users and various R&D institutions with a wide spectrum of components and turnkey solutions for homeland security and industrial NDT applications.
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Reasons to Purchase this Report
• The changing market scenario of Terahertz technologies.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The security technology, services, and vertical that is expected to dominate the market.
• The regions that are expected to witness the fastest growth during the forecast period.
• Identifying the latest developments, market shares, and strategies employed by the major market players.
• Three month analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements.
• Companies Mentioned:
• Advantest Corporation,
• Traycer Diagnostic Systems Inc.,
• Terasense Group Inc.,
• Microtech Instrument Inc.,
• Menlo Systems GmbH,
• Gentec Electro-optics Inc.,
• Luna Innovations Inc.,
• Digital Barriers PLC,
• Teraview limited,
• Toptica Photonics AG,
• Hubner GmbH & KG,
• Bakman Technologies
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