CHICAGO, May 20, 2022 /PRNewswire/ -- According to a research report "Terahertz Technology Market by Type (Terahertz Imaging, Terahertz Spectroscopy, Terahertz Communication Systems), Application (Laboratory Research, Medical & Healthcare, Satellite Communication), and Geography - Global Forecast to 2027", published by MarketsandMarkets, the global Terahertz Technology Market was valued at USD 0.6 billion in 2022 and is projected to reach USD 1.2 billion by 2027, registering a CAGR of 14.7% during the forecast period. Stringent government regulations for public safety and homeland security and rise in demand for terahertz technology in the medical sector are the major driving factors for the growth of the terahertz technology market.
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By application: Laboratory research in terahertz imaging and spectroscopy to propel market growth
The terahertz technology used to manufacture imaging and spectroscopy products frequently undergo research and development (R&D) activities. In laboratory research, researchers can determine the variables; the series of manipulations and preventive measures can be specified precisely; and then it can be administered in the desired sequence, with high response rates and relative attention. Researchers can identify relevant variables and operationalize them deliberately. Hence, laboratory research application is projected to hold the largest share of terahertz technology market in 2027.
Increasing application areas of terahertz communication systems to accelerate demand for terahertz technology
The terahertz communication systems segment is expected to grow with the highest CAGR during the forecast period. Satellite communication plays a vital role in data transmission in the global telecommunication system. The key advantages of satellite communications are that wireless and mobile communication applications can be effortlessly established irrespective of the location, covers a wide geographical area of the earth with just one satellite, and enables point to multipoint communication. Therefore, these factors are expected to create lucrative opportunities for the growth of terahertz communication system manufacturers in the near future.
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Asia Pacific likely to emerge as the largest terahertz technology market during the forecast period
The terahertz technology market in Asia Pacific is expected to grow at the highest CAGR ~16.6% during the forecast period, while China in the Asia Pacific region accounted for the largest share of the terahertz technology market in 2021; a similar trend is seen during the forecast period. This growth can be attributed to the expansion of the Chinese economy, as China plans to modernize its economic infrastructure and increase the number of industries. Along with this, Chinese scientists are focusing on developing new communication products based on terahertz technology in the region thereby propelling the growth of market.
ADVANTEST CORPORATION (Japan), Luna Innovations (US), TeraView Limited. (UK), TOPTICA Photonics AG (Germany), HÜBNER GmbH & Co. KG (Germany), Menlo Systems (Germany), Terasense Group Inc. (US), Gentec Electro-Optics (Canada), QMC Instruments Ltd. (UK), and TeraVil Ltd. (Lithuania) are some of the key players in the terahertz technology market.
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