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).
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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.