The global market for terahertz components and systems have reported significant growth in the recent past. Analysts at TMR suggest for a similar future. In 2014, the opportunity in terahertz components and systems, globally, reached US$56 mn. Rising at an exponential CAGR of 25.90% during the period from 2015 to 2023, it is likely to worth US$415 mn by the end of 2023.
The growing application of terahertz technology in a number of industries for quality check and process control monitoring is expected to enable terahertz components and systems to register a remarkable rise in the coming years. Moreover, the increasing usage of this technology in laboratories will also fuel the demand for terahertz components across the world at a steady rate.
Terahertz Components and Systems to Find Prominent Opportunity in Industrial Process Monitoring
Research laboratories, non-destructive testing, industrial process control, and medical imaging are the prime application areas of terahertz components and systems. In 2014, the most of these components and systems were utilized in non-destructive testing, trailed by research laboratories.
The opportunity for these components and systems in non-destructive testing was US$18.9 mn while in research laboratories, it stood at US$15 mn that year. However, by the end of 2023, terahertz components and systems will find most prominent opportunity in industrial process monitoring segment, which is projected to reach US$119.1 mn by that time.
In non-destructive testing, terahertz technology is applied for the detection of abnormalities and damages from heat, mechanical impact delamination and disband, hydraulic fluid ingression, and foreign material inclusions. Material inspection and testing coating for process improvement are the key application areas of this technology in the industrial process monitoring segment.
Asia pacific to Provide Most Promising Opportunities in Terahertz Components and Systems
The global market for terahertz components and systems spreads across Asia Pacific, North America, Europe, Asia Pacific, and the Rest of the World. North America, among these, has emerged as the key contributors to the overall revenue generated in this market with a share of more than 45%. The growing adoption of process control in various industries to evade hazardous situations has fueled the usage of terahertz components and systems in North America.
Analysts project this region to remain the leading consumer of these components and systems in the coming years. However, Asia Pacific has begun to surface as a promising regional terahertz components and systems market. Advancements in terahertz technology and their increasing application for the characterization of chemicals and materials are boosting the demand for these components and systems in this region. By 2023, the opportunity in these components and systems in Asia Pacific is estimated to reach US$96.2 mn.
The leading manufacturers of terahertz components and systems across the world are Advantest Corp, M Squared Lasers Ltd., NEC Corp, Bridge12 Technologies Inc., Applied Research & Photonics Inc., Bruker Corp, Menlo Systems GmbH, Microtech Instruments Inc., Digital Barriers PLC, TeraView, EMCORE Corp, and Techcomp Group Ltd.
Terahertz technology refers to the electromagnetic waves with frequencies range between 100 GHz and 10 THz. Two key advantages of terahertz technology include high chemical selectivity along with the penetration of typically opaque materials. In initial phase, researches on terahertz technologies were primarily being conducted by researchers to explore laboratory applications. In recent years, Growing application of terahertz radiation for detection of impurities in the pharmaceuticals industry and security screening among others is fueling the market for terahertz components and systems globally.
Increasing application of terahertz science and technology across different industry verticals primarily for process control monitoring and quality check are some of the factors boosting the demand for terahertz components and systems globally. Furthermore, growing application of high end terahertz devices in research laboratory applications is one of the key contributing factors in directing the positive growth of the market. Advances in terahertz science and technology along with growing usage of terahertz components for medical imaging and non destructive testing are expected to fuel the growth of terahertz components and systems market over the forecast period. As of 2015, low industrial application scope due to limited penetration of terahertz radiation is one of the challenges that may restrain the growth of terahertz components and systems market at global level. The available terahertz devices are big, bulky and expensive and this might limit the commercial applications of terahertz components and systems.
Increasing application of terahertz technology in biology and medical science is one of the factors fueling the market for terahertz components and systems. Moreover, material inspections along with testing coating for the process improvement are some of major application area of terahertz technology in industrial process monitoring segment. Growing penetration for terahertz technology in different industries such as pharmaceutical, industrial and non destructive testing is driving the growth of terahertz components and systems market across different regions which include North America, Europe, Asia Pacific, and Rest of the World (RoW).
Based on components, the market for terahertz components and systems is segmented into terahertz sources, terahertz detectors among others. In terms of systems, the market is segmented into systems based on spectroscopy, terahertz radar and terahertz sensing. Furthermore, systems based on spectroscopy is segmented into time-domain spectroscopy, frequency-domain spectroscopy and imaging by scanning. Moreover, by application, the market is segmented into industrial process control, research laboratory applications, medical imaging and non destructive testing among others.
Geographically, the terahertz components and systems market is categorized into North America, Europe, Asia Pacific and Rest of the World (RoW). The scope of the report offers an insight into terahertz components and systems market in these regions based on revenue (USD million).
The report also includes competitive profiling of leading players in the industry and their market position to aid in strategic decision making. The market attractiveness analysis and patent analysis included in the report provide insight into market dynamics, future research scope, industry competition and strategies adopted by market leaders.
The report also breaks down and reviews the various factors impacting the market growth, which can be appropriately described as market drivers, restraints, and opportunities. These factors help to determine the various existing trends and their impact on the market growth. Overall, taking into consideration the various factors affecting the terahertz components and systems market, the report includes a holistic analysis of the global terahertz components and systems market, and provides an estimate of growth for the period 2015 to 2023.
Some of the major players operating in the terahertz components and systems market are Advantest Corporation (Japan), Digital Barriers PLC (U.K.), Applied Research & Photonics Inc. (U.S.), EMCORE Corporation (U.S.), Teraview (U.K.), Bruker Corporation (U.S.), M Squared Lasers Ltd (U.K.), NEC Corporation (Japan), Menlo Systems GmbH (Germany), Techcomp Group Ltd. (Hong Kong), Bridge12 Technologies, Inc. (U.S.) and Microtech Instruments Inc. (U.S.) among others.