Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Terahertz Technologies Market Report (2023-2028)," the market is estimated at USD 620.89 million in 2023. It is expected to register a CAGR of 23.14% during the forecast period.
Terahertz (THz) technology is a new and emerging field that reflects significant advancements on the scientific front. The range of frequencies known as terahertz spans from 0.1 THz to 3 THz. It is applicable in developing scenarios like passenger scanning at airports to large digital data transfers. Despite its huge potential, it remains unexplored and underdeveloped.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 620.89 million |
| Market Size (2028) | USD 1.75 billion |
| CAGR (2023-2028) | 23.14% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Immense untapped potential in new fields. |
| Major applications in healthcare, biomedical, security, and several others. | |
| Unique properties that differentiate it from other technologies. |
Who are the Top Companies in the Global Terahertz Technologies Market?
The terahertz technologies market is moderately fragmented. Major players in the market are establishing partnerships, innovations, company expansion, and acquisitions as strategies to gain a competitive advantage over each other.
These are the significant players in the global terahertz technologies market in 2023 that hold majority market shares –
- Luna Innovations
- Teravil Ltd
- TeraView Limited
- Toptica Photonics AG
- HÜBNER GmbH & Co. KG
- Advantest Corporation
- BATOP GmbH
- Terasense GP Inc.
- Microtech Instrument Inc.
- Menlo Systems GmbH
- Gentec Electro-optics Inc.
- Bakman Technologies LLC
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Key Highlights from the Global Terahertz Technologies Market Report:
Emerging Applications in Defense and Security
- Concealed weapons and explosives worn on the body have become a major threat in security environments all over the world. Terahertz beams can even detect ceramic knives or plastic explosives quickly and effectively, whereas metal detection and X-ray scanning can be time-consuming.
- Terahertz technology can scan many people without requiring them to stop for a security check. It helps security personnel carry out checks at a distance from the potential source.
- THz sensors have conceivable military applications in intelligence, surveillance, and reconnaissance (ISR), including detecting isolated personnel behind enemy lines, fixing targets, and terminal guidance of precision weapons.
Increasing Security Requirements in the North American Region
- The United States is a crucial market for terahertz technologies due to growing homeland security issues and heavy investments in defense and R&D.
- The demand for security screening equipment in Canada is also growing across public spaces. Thus, companies are focusing on producing a comprehensive range of technologically complex products for domestic and competitive global markets.
What are the Latest Developments in the Global Terahertz Technologies Market?
- In February 2023, TeraView Limited partnered with ACE Solution to launch TZ6000, a non-destructive wafer quality measurement tool for the compound semiconductor industry.
- In August 2022, Advantest Corporation acquired CREA, a power semiconductor test system based in Italy, to capture the future growth of the power semiconductor tester market.
Mordor Intelligence has Segmented the Global Terahertz Technologies Market Based on Type of Technology, End-user Industry, and Geography:
- Type of Technology (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Terahertz Imaging Systems
- Active System
- Passive System
- Terahertz Spectroscopy Systems
- Time Domain
- Frequency Domain
- Communication Systems
- Terahertz Imaging Systems
- End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
-
- Healthcare
- Defense and Security
- Telecommunications
- Industrial
- Food and Agriculture
- Laboratories
- Other End Users
-
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
-
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
- North America
-
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Terahertz Technologies Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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