With the growing involvement of international players in the market for terahertz components and systems, the degree of competition has increased significantly, finds TMR. The leading companies, namely, Advantest Corp, TeraView, Bruker Corp, NEC Corp, Menlo Systems GmbH, and Techcomp Group Ltd., are heavily investing in research and development activities to expand their product portfolios in order to sustain in this competitive environment.
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Going forward, the companies are likely to compete on the basis of innovation and advancements. Product pricing will also play a key role in providing the manufacturers an edge over each other. Analysts at Transparency Market Research predict a high degree of competition as well as profitability in this market over the coming years.
“Terahertz technology has found a widespread application in the fields of biology, molecular spectroscopy, medical science, and space sciences”, states an analyst. As terahertz radiation does not possess any ionization threat for biological tissues, thanks to its low photon energy, terahertz imaging solutions are gaining immense popularity in medical applications, increasing the demand for terahertz components and systems significantly.
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Going forwards, the advancement in terahertz technology and the augmenting application of terahertz components in medical imaging and non-destructive testing are anticipated to boost the market’s growth over the next few years.
On the other hand, the limited penetration level of terahertz radiation may hamper the application of terahertz components and systems in various other industries in the near future. Their demand may also be influenced negatively by the lack of awareness pertaining to the benefits offered by terahertz technology and the dearth of skilled professionals for the management of terahertz devices.