The global market for terahertz components and systems have reported significant growth in the recent past. Analysts at TMR suggest for a similar future. In 2014, the opportunity in terahertz components and systems, globally, reached US$56 mn. Rising at an exponential CAGR of 25.90% during the period from 2015 to 2024, it is likely to worth US$415 mn by the end of 2024.
The growing application of terahertz technology in a number of industries for quality check and process control monitoring is expected to enable terahertz components and systems to register a remarkable rise in the coming years. Moreover, the increasing usage of this technology in laboratories will also fuel the demand for terahertz components across the world at a steady rate.
Terahertz Components and Systems to Find Prominent Opportunity in Industrial Process Monitoring
Research laboratories, non-destructive testing, industrial process control, and medical imaging are the prime application areas of terahertz components and systems. In 2014, the most of these components and systems were utilized in non-destructive testing, trailed by research laboratories.
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The opportunity for these components and systems in non-destructive testing was US$18.9 mn while in research laboratories, it stood at US$15 mn that year. However, by the end of 2024, terahertz components and systems will find most prominent opportunity in industrial process monitoring segment, which is projected to reach US$119.1 mn by that time.
In non-destructive testing, terahertz technology is applied for the detection of abnormalities and damages from heat, mechanical impact delamination and disband, hydraulic fluid ingression, and foreign material inclusions. Material inspection and testing coating for process improvement are the key application areas of this technology in the industrial process monitoring segment.
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Asia pacific to Provide Most Promising Opportunities in Terahertz Components and Systems
The global market for terahertz components and systems spreads across Asia Pacific, North America, Europe, Asia Pacific, and the Rest of the World. North America, among these, has emerged as the key contributors to the overall revenue generated in this market with a share of more than 45%. The growing adoption of process control in various industries to evade hazardous situations has fueled the usage of terahertz components and systems in North America.
Analysts project this region to remain the leading consumer of these components and systems in the coming years. However, Asia Pacific has begun to surface as a promising regional terahertz components and systems market. Advancements in terahertz technology and their increasing application for the characterization of chemicals and materials are boosting the demand for these components and systems in this region. By 2024, the opportunity in these components and systems in Asia Pacific is estimated to reach US$96.2 mn.
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The leading manufacturers of terahertz components and systems across the world are Advantest Corp, M Squared Lasers Ltd., NEC Corp, Bridge12 Technologies Inc., Applied Research & Photonics Inc., Bruker Corp, Menlo Systems GmbH, Microtech Instruments Inc., Digital Barriers PLC, TeraView, EMCORE Corp, and Techcomp Group Ltd.
