According to our latest market study on “Terahertz Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Type, Application and Geography” the market is expected to grow from US$ 321.0 million in 2021 to US$ 1,841.7 million by 2028; it is estimated to grow at a CAGR of 28.3% from 2021 to 2028.
|Market Size Value in||US$ 321.0 Million in 2021|
|Market Size Value by||US$ 1,841.7 Million by 2028|
|Growth rate||CAGR of 28.3% from 2020-2028|
|No. of Pages||163|
|No. of Charts & Figures||84|
|Historical data available||Yes|
|Segments covered||Component; Type; and Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South, Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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The use of ionizing radiation (X-rays) is critical for quality control and nondestructive testing because of its detrimental effect on biological agents. Thus, the terahertz imaging technology is proving beneficial in the food industry. Instead of using X-ray machines, food manufacturers and packagers can use terahertz food scanners in various areas, such as checking whether a pick-and-place robotic arm has placed all candy bars inside the carton.
Unwrapping a chocolate bar could reveal an unpleasant surprise, like an insect, metal or glass pieces, or dirt clots. This can not only kill the appetite of the consumer but also harm them physically via a broken tooth or poisoning. Moreover, in some countries, producers or retailers may end up being sued, potentially leading to fines and lawsuits worth millions of dollars. Several tests have specifically been designed for the food industry to detect the presence of foreign objects (e.g., insects, pieces of plastics, metal, stones, or soil) in the food products. Further, terahertz imagers also allow industrial customers to detect any signs of infections such as Aspergillus flavus and A. parasiticus, which exude carcinogenic Aflatoxin B1. Thus, the use of terahertz technology in the food industry is a significant opportunity for the growth of the terahertz technology market players during the forecast period.
Impact of COVID-19 Pandemic on Terahertz Technology Market
The emergence and rapid spread of COVID-19 have paralyzed both developed and developing countries. A continuous surge in the count of infected patients is threatening several industries across the world. Since the majority of countries are imposing lockdown measures, whenever required, the temporary shutdown of manufacturing facilities is resulting in a negative trend in the terahertz technology market. Key market players are restricting their investments on high-tech solutions and are rather utilizing a fair percentage of their budget for combating the impact of COVID-19 on their businesses.
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The most common usage of terahertz technology is in Terahertz spectroscopy, used predominantly in biomedical research owing to its exclusive features, which include the label-free and non-invasive identification and medical imaging of living cells. This technology offers significant advantages and advancements in THz spectroscopy technology, which plays a vital role in blood cell detection, bacterial identification, cancer cell characterization, as well as biological tissue discrimination.
Terahertz Technology Market: Product Type
Based on type, the global terahertz technology market is broadly segmented into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication systems. The major characteristics of THz frequencies include high transmission through fabrics, plastics, and paper materials; a strong sensitivity toward polar liquids that are much attenuating; and spectroscopic responses to different materials.
Terahertz Technology Market: Competitive Landscape and Key Developments
Acal BFi UK Ltd; Advanced Photonix, Inc.; Advantest Corporation; HÜBNER GmbH & Co. KG; Luna Innovations; Menlo Systems GmbH; Microtech Instrument, Inc.; Terasense Group, Inc., TeraView limited; Toptica Photonics AG, and das-Nano SL are among the key players in the global Terahertz Technology market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, TeraSense announced its new powerful 0.8W and 1.8W waves sources at 94 GHz, which are IMPATT-based generators with output power ranging from 0.08 W to 1.8 W.
In 2020, Toptica announced TeraFETs enabled with TeraScan, the next-generation terahertz detectors that enhance its performance.
In 2018, Luna Innovations announced its merger with Advanced Photonix, Inc. to form a new division named “PicoMetrix.” This new division comprises terahertz products, and fiber optic testing and sensing products suite of Luna Innovations.
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