by The global Terahertz Technologies Market is estimated to be valued at US$ 644.97 Mn in 2023 and is expected to exhibit a CAGR of 23. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Terahertz technologies refer to devices and systems that generate, detect, and manipulate terahertz electromagnetic waves or terahertz radiation which ranges from 0.1 THz to 10 THz. Terahertz radiation has characteristics of both microwaves and infrared radiation which makes it useful for applications such as spectroscopy, imaging, and communication. Terahertz technologies find increasing usage in security and medical imaging applications due to non-ionizing property of terahertz waves which allows safe inspection of humans, liquids and other soft materials. Other key applications include quality control, process control, and non-destructive testing in industries.
Market key trends:
One of the key trends in the terahertz technologies market is increasing adoption in security and medical imaging applications. Terahertz imaging systems are gaining popularity at airports as they help detect concealed weapons, improvised explosive devices (IEDs) and contraband under clothing or in luggage without any health hazards unlike X-rays. Similarly, terahertz imaging is emerging as a non-invasive solution for medical diagnostic to detect skin cancer, dental caries and study pharmacological characteristics of drugs. Another major trend is ongoing technological advancements to develop cost-effective terahertz sources, detectors and imaging systems to expand commercialization potential. Market players are focusing on miniaturization of terahertz devices for deployment in portable and handheld products.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the terahertz technologies market is low due to high manufacturing costs involved in setting up production facilities to produce these technologies.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of a large number of buyers and the differentiation in products offered by different vendors in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of a large number of suppliers in the market.
Threat of new substitutes: There is a low threat of substitutes for terahertz technologies as they offer unique transmission capabilities for applications in imaging and spectroscopy.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many global and regional players offering differentiated products.
Key Takeaways
The Global Terahertz Technologies Market Size is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing demand for terahertz imaging and increasing government and private funding for the development of terahertz technologies.
North America is expected to dominate the terahertz technologies market during the forecast period. Factors such as increased funding from the government for healthcare and security applications and growing commercialization of terahertz technologies are driving the growth of the regional market.
Key players operating in the terahertz technologies market include Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÜBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited and Batop GmbH. Key players are focusing on new product launches and collaborations to strengthen their market position. For instance, in September 2022, Advantest Corporation launched a new terahertz measurement system.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
