Growing application of terahertz technology across various sectors coupled with increased use of this technology in laboratories fuels the demand for terahertz components and systems market. Moreover, expanding utilization of terahertz in medical imaging and non-destructive testing also boosts the growth of the market.
Global Terahertz Components and Systems Market Report, published by Variant Market Research, forecast that the global market was valued at $65 million in 2016 and expected to reach $434 million by 2024, growing at a CAGR of 26.8% from 2016 to 2024. In geographical segments, Asia-Pacific and RoW are expected to grow at a CAGR of 30.2% and 27.3%, respectively, over the forecast period 2016 –2024.
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Global terahertz components and systems market is majorly driven by increasing application of terahertz in medical imaging and non-destructive testing, and growing demand of terahertz technology across various sectors coupled with increased use of this technology in laboratories. Though, low industrial demand due to restricted penetration capability of terahertz radiation and lack of expertise to manage terahertz devices may hamper the growth of the market.Additionally, technological advancement in terahertz technology and science, and growing adoption of terahertz technology in various sector would provide several growth opportunities for the market during the forecast period.
The global terahertz components and systems market has been bifurcated into system, component type, application, and geography. System segment comprises terahertz radar, spectroscopy, and terahertz sensing.
Component type includes terahertz detectors, terahertz sources, and others. Furthermore, application segment includes research laboratory application, industrial process monitoring, non-destructive testing, and medical imaging, among others.
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In the systems segment, spectroscopy accounted for highest share in 2016 followed by terahertz sensing. By components type, terahertz sources held the largest market share in 2016 followed by terahertz sources.
In the applications segment, non-destructive testing accounted for the largest market share followed by research laboratory applications in 2016.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific is the fastest growing region in the global Terahertz Components and Systems market, and is anticipated to continue this trend driven by technological advancement and usage of terahertz technology for medical imaging.
North America accounts the largest share of the market followed by Europe in 2016.
The key players operating in the terahertz component and systems market comprise Digital Barriers Plc., Microtech Instruments Inc., EMCORE Corporation, NEC Corporation, Applied Research & Photonics Inc., Bridge12 Technologies, Inc., Bruker Corporation, Digital Barriers PLC, M Squared Lasers Ltd, and Menlo Systems GmbH, among others.
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Scope of Terahertz Components and Systems Market
Component Type Segments
- Terahertz Sources
- Terahertz Detectors
System Type Segments
- Time-Domain Spectroscopy
- Frequency Domain Spectroscopy
- Imaging By Scanning
- Terahertz Radar
- Terahertz Sensing
- Terahertz Radar
- Terahertz Sensing
- Industrial Process Monitoring
- Research Laboratory Application
- Medical Imaging
- Non Destructive Testing
- North America
- South Korea
- South America
- Middle East
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