Terahertz Technology Market Share, Size, Trends, Industry Analysis Report, By Type (Terahertz Imaging, Terahertz Spectroscopy, and Terahertz Communication Systems); By Application; By Component; By Region; Segment Forecast, 2022 - 2030
- Published Date:Dec-2022
- Pages: 118
- Format: PDF
- Report ID: PM2913
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global terahertz technology market was valued at USD 526.7 million in 2021 and is expected to grow at a CAGR of 14.6% during the forecast period.
The rising implementation of terahertz (THz) technology across various sectors, including military & defense and healthcare, coupled with the high technological advancements and wide utilization in various types of applications such as biomedicine, material science, security screening, communications, and chemistry, are the major factors driving the growth of the global market.
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Moreover, with the ability to render better and high-quality spectroscopy imaging with the help of terahertz radiation, certain types of chronic diseases can be diagnosed quickly, which has paved the way to replace conventional x-rays and infrared rays with terahertz rays and pushing the market forward at a significant rate.
Furthermore, various research organizations and researchers across the globe are focusing on the best utilization of the technology. The backbone of solid networking infrastructural development is the availability of high-speed network, which enables the transfer of a large amount of data from one end to another quickly. Additionally, THz is also expected to be the future technology for 6G wireless communications, which could satisfy the growing requirements of military to analyze, gather, and share information quickly.
For instance, in January 2022, Chinese scientists announced that they had demonstrated the next-generation THz technology, which is used for detecting hypersonic weapon vehicles and tracking to solve blackout problems that usually occur at five times sound speed or even faster.
The outbreak of the COVID-19 pandemic has negatively impacted the market’s growth. The emergence and rapid spread of coronavirus have paralyzed both developing and developed countries worldwide. Since, the large number of countries were imposing lockdowns and other stringent regulations, which resulted in temporary shutdown of manufacturing facilities due to which key market companies were restricting their investments in high-tech solutions and utilizing their budget for combating the pandemic impact on their businesses.
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Industry Dynamics
Growth Drivers
A continuous rise in demand for compact and energy efficient transceiver around the world has forced manufacturers to increase their focus on research & developments activities to serve a wider range of applications in data center interconnect, metro network, and long-haul applications, where the need for optical transceivers is high to be compatible with the complex network due to its high range of data connectivity at a significantly faster speed. This is expected to be the major factor driving the global market growth significantly during the projected period.
Furthermore, a rapid surge in demand for THz technology in security and monitoring applications coupled with the rising, increasing adoption of this technology in several research firms, universities, and medical laboratories and growing advancements in technology to introduce more improved and enhanced wearable terahertz devices are likely to augment the market growth in the near future.
Report Segmentation
The market is primarily segmented based on type, application, component, and region.
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By Type |
By Application |
By Component |
By Region |
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Terahertz imaging segment accounted for highest market share in 2021
The terahertz imaging segment will lead the global market in terms of revenue in 2021 and is expected to maintain its dominance throughout the forecast period. The growth of the segment market can be mainly attributed to comprehensive utilization of this technology in various applications, including materials characterization, biomedical, security, aerospace, and pharmaceutical industries for the analysis of dialytic materials and quality control. THz imaging technology is the most effective and innovative technology for inspecting layers, coating, and detecting structural defects and issues in composite and ceramic materials.
Furthermore, terahertz spectroscopy segment is expected to witness considerable market growth over the forecast period as it provides very crucial quantitative and qualitative information regarding the food samples. An extensive rise in the adoption of terahertz spectrometers in the food processing industry for various purposes such as quality control, detection of moisture, and inspection of food materials is likely to be one of the key factors propelling the growth of the segment market in the next coming years.
Medical & Healthcare segment held a significant market revenue share in 2021
In 2021, the medical & healthcare segment accounted for the highest global revenue share owing to increased adoption of this technology in various applications such as terahertz imaging, biomedical imaging, and spectroscopy in the cancer detection. Furthermore, the ability of terahertz technology to provide high-quality imaging results has helped to diagnose several chronic and related diseases at ease across the globe. The continuous improvement in this technology and introduction to more innovative terahertz rays by market players resulted in replacing existing x-rays and infrared rays with this technology, further likely to boost the market rapidly.
Terahertz detectors is expected to witness fastest growth
The terahertz detectors segment is projected to grow fastest during the anticipated period due to the rising prevalence and demand for detecting, generating, and manipulating coherent terahertz signals across the globe, especially in developed countries such as United States, France, Germany, and Japan. In addition, these detectors can easily identify dangerous elements from a remote distance as most items have different spectral identities in terahertz range and can be classified without any problem by authorities, which is expected to boost the adoption of this technology at a significant growth rate worldwide.
The demand in North America is expected to witness significant growth
North America is likely to register healthy growth over the study period on account of the increasing number of homeland security issues, research & development activities, and high investments in defense sector. Moreover, various stringent regulations towards the safety and production of aerospace technologies in the United States, coupled with the growing aerospace and automotive industries are driving the market’s growth significantly in the region. For instance, in January 2022, researchers at Harvard University announced that they had made considerable improvements in bringing terahertz technology out into the hard-to-reach region of the electromagnetic spectrum and entering into daily applications.
However, the Asia Pacific region dominated the terahertz technology market in 2021 and is expected to maintain its dominance over the forecast period. The market’s growth is mainly driven by wide utilization of these technologies in several end-user industries, such as medical and healthcare industries, especially in developing countries like India, China, South Korea, and Indonesia. In addition, increased demand for security screening equipment across many public places, such as airports and hotels, will likely boost the terahertz technology market in the region over the coming years.
Competitive Insight
Some of the major players operating in the global market include Advantest Corporation, HUBNER, Terasense Group, QMC Instruments, Menlo Systems, TeraVil, Gentec-Electro Optics, TeraView, TOPTICA Photonics, Luna Innovations, Batop GmbH, Microtech Instrument, Rainbow Photonics, Phase Sensitive Innovations, and Bakman Technologies.
Recent Developments
In August 2022, NASA collaborated with Longwave Photonics through flagits ship “Small Business Innovation Research Program” & successfully devised a heterodyne spectrometer. The instrument uses a high-powered, stable, terahertz laser to zoom in on various particular frequencies to identify and locate the availability of water sources on Moon.
In October 2021, Advantest Corp. acquired Altanova, offering simulation, layout, design, fabrication, and assembly of test interfaces. With this acquisition, these solutions will bring advanced printed circuit board production capabilities to the company.
Terahertz Technology Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 601.5 million |
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Revenue forecast in 2030 |
USD 1,790 million |
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CAGR |
14.6% from 2022 – 2030 |
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Base year |
2021 |
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Historical data |
2018 – 2020 |
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Forecast period |
2022 – 2030 |
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Quantitative units |
Revenue in USD million and CAGR from 2022 to 2030 |
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Segments Covered |
By Type, By Application, By Component, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Advantest Corporation, HUBNER GmbH & Co. KG, Terasense Group Inc., QMC Instruments Ltd., Menlo Systems, TeraVil Ltd., Gentec-Electro Optics, TeraView Ltd., TOPTICA Photonics AG, Luna Innovations, Batop GmbH, Microtech Instrument Inc., Rainbow Photonics, Phase Sensitive Innovations Inc., and Bakman Technologies. |
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