HOME Top Market Reports Terahertz Technology Market by Type (Terahertz Imaging, Terahertz Spectroscopy, and Terahertz Communication Systems), Technology (Terahertz Source and Terahertz Detector), Application & Region - Analysis & Forecast to 2022

Terahertz Technology Market by Type (Terahertz Imaging, Terahertz Spectroscopy, and Terahertz Communication Systems), Technology (Terahertz Source and Terahertz Detector), Application & Region - Analysis & Forecast to 2022

By: marketsandmarkets.com
Publishing Date: April 2016
Report Code: SE 4268

 

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The global terahertz technology market is expected to reach USD 489.8 Million by 2022, growing at a CAGR of 31.83% between 2016 and 2022. The main drivers of the growth of this market include the increasing adoption of terahertz technology-based products for laboratory research applications in various universities & research firms globally and the growing demand for these products in various cancer treatment institutes & hospitals worldwide for more informative results. The terahertz technology market has been segmented on the basis of type, technology, application, and region. In this report, 2014 has been considered as the historical year, 2015 has been considered as the base year, the 2016 to 2022 has been considered as the forecast period for the study of the market.

In addition, the report also profiles the major companies operating in the terahertz technology market. It also provides the competitive landscapes of key players, which includes the key growth strategies adopted by the key players in the market. The report comprises the critical market data and qualitative information for each type along with the qualitative analysis such as the Porter’s five force analysis and value chain analysis.

To estimate the size of the terahertz technology market, top-down and bottom-up approaches have been considered. This entire research methodology includes the study of annual and financial reports of the top players, presentations, press releases, journals, paid databases, and interviews with industry experts. All the percentage splits and segment breakdown of the market are based on secondary and primary researches. The breakdown of profiles of primary discussion participants is depicted in the below figure:

Terahertz Technology Market

To know about the assumptions considered for the study, download the pdf brochure

This report provides valuable insights regarding ecosystem of this market such as product manufacturers and suppliers, OEMs, system integrators, middleware and firmware providers, suppliers and distributors, research institutes, optical wireless communication technology providers, pharmaceutical product manufacturers, automobile manufacturers, tracking and monitoring device manufacturers, and standardization and testing firms.

Key Target Audience:

  • Original equipment manufacturers (OEMs)
  • OEM technology solution providers
  • Research institutes
  • Market research and consulting firms
  • Forums, alliances, and associations
  • Technology investors
  • Governments and financial institutions
  • Analysts and strategic business planners
  • End users who want to know more about the technology and the latest technological developments in the industry

“The study answers several questions for the target audiences, primarily, which market segments to focus on in the next two to five years for prioritizing the efforts and investments”.

Report Scope:

In this report, the terahertz technology market has been segmented into the following categories in addition to the industry trends, which have also been detailed below:

  • Market, by Type:
    • Terahertz imaging
    • Terahertz spectroscopy
    • Terahertz communication systems
  • Terahertz Technology: Sources and Detectors:
    • Terahertz sources
    • Terahertz detectors
  • Market, by Application:
    • Terahertz imaging
    • Terahertz spectroscopy
    • Terahertz communication systems
  • Market, by Geography:
    • North America (subsegmented into the U.S., Canada, and Mexico)
    • Europe (subsegmented into the U.K., Germany, France, Italy, Spain, and Rest of Europe)
    • APAC (subsegmented into China, Japan, India, South Korea, and Rest of APAC)
    • RoW (subsegmented into South America and the Middle East & Africa)
  • Competitive Landscape
  • Company Profiles: Detailed analysis of the major companies present in the terahertz technology market.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product Matrix, which gives a detailed comparison of product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions and Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights – Terahertz Technology Market (Page No. - 30)
    4.1 Terahertz Technology Market, 2016–2022 (USD Million)
    4.2 Market in APAC to Exhibit Significant Growth During the Forecast Period
    4.3 Market, Segment-Wise Market Share: 2016
    4.4 Market, By Type
    4.5 Terahertz Communication Market, By Application

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 Terahertz Technology Market, By Type
           5.2.2 Market, By Application
           5.2.3 Market: By Technology
           5.2.4 Market, By Geography
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increase in Demand From the Defense, Homeland Security, and Medical Sectors
                    5.3.1.2 Increase in the Usage of Terahertz Systems in Laboratory Research
           5.3.2 Restraints
                    5.3.2.1 Slow Adoption Rate of Terahertz Technology Due to the Lack of Awareness
                    5.3.2.2 High Cost of R&D
           5.3.3 Opportunities
                    5.3.3.1 Processing Applications of Terahertz Technology in the Food Industry
                    5.3.3.2 Use of Terahertz Technology for Satellite Communication and Computing
           5.3.4 Challenges
                    5.3.4.1 Development of Efficient Terahertz Sources and Detectors for Accuracy and Reliability of Products

6 Industry Trends (Page No. - 42)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Analysis
           6.3.1 Threat of New Entrants
           6.3.2 Threat of Substitutes
           6.3.3 Bargaining Power of Buyers
           6.3.4 Bargaining Power of Suppliers
           6.3.5 Degree of Competition

7 Terahertz Technology Market, By Type (Page No. - 50)
    7.1 Introduction
    7.2 Terahertz Imaging
           7.2.1 Active Terahertz Imaging Systems
           7.2.2 Passive Terahertz Imaging Systems
    7.3 Terahertz Spectroscopy
           7.3.1 Terahertz Time Domain Spectroscopy
           7.3.2 Terahertz Frequency Domain Spectroscopy
    7.4 Terahertz Communication Systems
           7.4.1 Antennas
           7.4.2 Emitters
           7.4.3 Modulators

8 Terahertz Technology Market, By Application (Page No. - 55)
    8.1 Introduction
    8.2 Terahertz Imaging & Spectroscopy Applications
           8.2.1 Laboratory Research
                    8.2.1.1 Material Characterization
                    8.2.1.2 Biochemistry
                    8.2.1.3 Plasma Diagnostics
           8.2.2 Medical & Healthcare
                    8.2.2.1 Oncology
                    8.2.2.2 Dentistry
                    8.2.2.3 Dermatology
                    8.2.2.4 Tomography
           8.2.3 Military and Homeland Security
                    8.2.3.1 Passenger Screening
                    8.2.3.2 Landmine and Improvised Explosive Device Detection
           8.2.4 Industrial Non-Destructive Testing (NDT)
                    8.2.4.1 Aerospace
                    8.2.4.2 Semiconductor and Electronics
                    8.2.4.3 Pharmaceutical
    8.3 Terahertz Communication System Applications
           8.3.1 Satellite Communication
           8.3.2 Tactical/Military Communication
           8.3.3 Outdoor/Indoor Wireless Communication

9 Terahertz Technology: Sources and Detectors (Page No. - 85)
    9.1 Introduction
    9.2 Thz Source
           9.2.1 Quantum-Cascade Laser (QCL)
           9.2.2 Frequency Multiplier
           9.2.3 Globar
           9.2.4 Photoconductive Antenna (PCA)
           9.2.5 Stimulated Terahertz Amplified Radiation (STAR)
    9.3 Detector
           9.3.1 Schottky Diode
           9.3.2 High Electron Mobility Transistor (HEMT)
           9.3.3 Nanowire
           9.3.4 Pyroelectric Detector
           9.3.5 Golay Cell
           9.3.6 Bolometer and Superconductive Hot-Spot Air-Bridge Bolometer (SHAB)

10 Terahertz Technology Market, By Region (Page No. - 92)
     10.1 Introduction
     10.2 North America
              10.2.1 U.S.
              10.2.2 Canada
              10.2.3 Mexico
     10.3 Europe
              10.3.1 U.K.
              10.3.2 Germany
              10.3.3 France
              10.3.4 Italy
              10.3.5 Spain
              10.3.6 Rest of Europe
     10.4 APAC
              10.4.1 China
              10.4.2 Japan
              10.4.3 India
              10.4.4 South Korea
              10.4.5 Rest of APAC
     10.5 RoW
              10.5.1 South America
              10.5.2 Middle East and Africa

11 Competitive Landscape (Page No. - 120)
     11.1 Overview
     11.2 Market Ranking Analysis: Terahertz Technology Market (2015)
     11.3 Competitive Situation and Trends
              11.3.1 New Product Launches
              11.3.2 Partnerships & Collaborations
              11.3.3 Contracts & Agreements
              11.3.4 Mergers & Acquisitions
              11.3.5 Expansions

12 Company Profiles (Page No. - 130)
(Overview, Products and Services, Financials, Strategy & Development)*
     12.1 Introduction
     12.2 Advantest Corporation
     12.3 Teraview
     12.4 Menlo Systems GmbH
     12.5 ACAL PLC
     12.6 Microtech Instrument Inc.
     12.7 Digital Barriers PLC
     12.8 Traycer
     12.9 QMC Instruments Ltd.
     12.10 Gentec Electro-Optics
     12.11 Del Mar Photonics, Inc.
     12.12 Terasense
     12.13 Toptica Photonics AG
     12.14 Insight Product Co.
     12.15 Advanced Photonix, Inc.

*Details on Overview, Products and Services, Financials, Strategy & Development Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 164)
     13.1 Discussion Guide
     13.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.3 Introducing RT: Real-Time Market Intelligence
     13.4 Available Customizations
     13.5 Related Reports

 

List of Tables (74 Tables)

Table 1 Increased Demand From Defense, Homeland Security, and Medical Sectors Contributing to the Growth of the Terahertz Technology Market
Table 2 Slow Adoption Rate of Terahertz Technology Due to the Lack of Awareness
Table 3 Use of Terahertz Technology for Satellite Communication and Computing
Table 4 Development of Efficient Terahertz Sources and Detectors for Accuracy and Reliability of Products
Table 5 Terahertz Technology Market Size, By Type, 2014–2022 (USD Million)
Table 6 Market for Imaging and Spectroscopy,By Application, 2014–2022 (USD Million)
Table 7 Market for Communication, By Application,2014–2022 (USD Million)
Table 8 Market for Imaging and Spectroscopy,By Application, 2014–2022 (USD Thousand)
Table 9 Market for Laboratory Research, By Region, 2014–2022 (USD Thousand)
Table 10 Market for Laboratory Research in North America, By Country, 2014–2022 (USD Thousand)
Table 11 Terahertz Technology Market for Laboratory Research in Europe,By Country, 2014–2022 (USD Thousand)
Table 12 Market for Laboratory Research in APAC,By Country, 2014–2022 (USD Thousand)
Table 13 Market for Laboratory Research in RoW,By Region, 2014–2022 (USD Thousand)
Table 14 Market for Medical & Healthcare, By Region, 2014–2022 (USD Thousand)
Table 15 Terahertz Technology Market for Medical & Healthcare Applications in North America, By Country, 2014–2022 (USD Thousand)
Table 16 Market for Medical & Healthcare Applications in Europe, By Country, 2014–2022 (USD Thousand)
Table 17 Market for Medical & Healthcare Applications in APAC, By Country, 2014–2022 (USD Thousand)
Table 18 Market for Medical & Healthcare Applications in RoW, By Region, 2014–2022 (USD Thousand)
Table 19 Market for Military & Homeland Security,By Region, 2014–2022 (USD Thousand)
Table 20 Terahertz Technology Market for Military & Homeland Security in North America, By Country, 2014–2022 (USD Thousand)
Table 21 Market for Military & Homeland Security in Europe, By Country, 2014–2022 (USD Thousand)
Table 22 Terahertz Technology Market for Military & Homeland Security in APAC, By Country, 2014–2022 (USD Thousand)
Table 23 Market for Military & Homeland Security in RoW, By Region, 2014–2022 (USD Thousand)
Table 24 Market for Industrial Ndt, By Region,2014–2022 (USD Thousand)
Table 25 Market for Industrial Ndt in North America,By Country, 2014–2022 (USD Thousand)
Table 26 Market for Industrial Ndt in Europe,By Country, 2014–2022 (USD Thousand)
Table 27 Terahertz Technology Market for Industrial Ndt in APAC, By Country, 2014–2022 (USD Thousand)
Table 28 Market for Industrial Ndt in RoW, By Region, 2014–2022 (USD Thousand)
Table 29 Market for Communication, By Application,2014–2022 (USD Thousand)
Table 30 Terahertz Technology Market for Satellite Communication, By Region, 2014–2022 (USD Thousand)
Table 31 Market for Satellite Communication in North America, By Country, 2014–2022 (USD Thousand)
Table 32 Terahertz Technology Market for Satellite Communication in Europe, By Country, 2014–2022 (USD Thousand)
Table 33 Market for Satellite Communication in APAC,By Country, 2014–2022 (USD Thousand)
Table 34 Market for Satellite Communication in RoW,By Region, 2014–2022 (USD Thousand)
Table 35 Market for Tactical/Military Communication,By Region, 2014–2022 (USD Thousand)
Table 36 Market for Tactical/Military Communication in North America, By Country, 2014–2022 (USD Thousand)
Table 37 Terahertz Technology Market for Tactical/Military Communication in Europe, By Country, 2014–2022 (USD Thousand)
Table 38 Market for Tactical/Military Communication in APAC, By Country, 2014–2022 (USD Thousand)
Table 39 Terahertz Technology Market for Tactical/Military Communication in RoW, By Region, 2014–2022 (USD Thousand)
Table 40 Market for Indoor/Outdoor Wireless Communication, By Region, 2014–2022 (USD Thousand)
Table 41 Terahertz Technology Market for Indoor/Outdoor Wireless Communication in North America, By Country,2014–2022 (USD Thousand)
Table 42 Market for Indoor/Outdoor Wireless Communication in Europe, By Country, 2014–2022 (USD Thousand)
Table 43 Market for Indoor/Outdoor Wireless Communication in APAC, By Country, 2014–2022 (USD Thousand)
Table 44 Terahertz Technology Market for Indoor/Outdoor Wireless Communication in RoW, By Region, 2014–2022 (USD Thousand)
Table 45 Market, By Region, 2014–2022 (USD Thousand)
Table 46 North America Terahertz Technology Market, By Country,2014–2022 (USD Thousand)
Table 47 Terahertz Technology Market for Imaging and Spectroscopy in North America, By Application, 2014–2022 (USD Thousand)
Table 48 Market for Imaging and Spectroscopy in the U.S., By Application, 2014–2022 (USD Thousand)
Table 49 Terahertz Technology Market for Imaging and Spectroscopy in Canada, By Application, 2014–2022 (USD Thousand)
Table 50 Market for Imaging and Spectroscopy in Mexico, By Application, 2014–2022 (USD Thousand)
Table 51 Market in Europe, By Country,2014–2022 (USD Thousand)
Table 52 Europe Terahertz Technology Market for Imaging and Spectroscopy,By Application, 2014–2022 (USD Thousand)
Table 53 U.K. Terahertz Technology Market for Imaging and Spectroscopy,By Application, 2014–2022 (USD Thousand)
Table 54 Terahertz Technology Market for Imaging and Spectroscopy in Germany, By Application, 2014–2022 (USD Thousand)
Table 55 Market for Imaging and Spectroscopy in France, By Application, 2014–2022 (USD Thousand)
Table 56 Market for Imaging and Spectroscopy in Italy,By Application, 2014–2022 (USD Thousand)
Table 57 Market for Imaging and Spectroscopy in Spain,By Application, 2014–2022 (USD Thousand)
Table 58 Terahertz Technology Market for Imaging and Spectroscopy in Rest of Europe, By Application, 2014–2022 (USD Thousand)
Table 59 Market in APAC, By Country,2014–2022 (USD Thousand)
Table 60 Market for Imaging and Spectroscopy in APAC,By Application, 2014–2022 (USD Thousand)
Table 61 Terahertz Technology Market for Imaging and Spectroscopy in China, By Application, 2014–2022 (USD Thousand)
Table 62 Market for Imaging and Spectroscopy in Japan, By Application, 2014–2022 (USD Thousand)
Table 63 Market for Imaging and Spectroscopy in India,By Application, 2014–2022 (USD Thousand)
Table 64 Terahertz Technology Market for Imaging and Spectroscopy in South Korea, By Application, 2014–2022 (USD Thousand)
Table 65 Market for Imaging and Spectroscopy in Rest of APAC, By Application, 2014–2022 (USD Thousand)
Table 66 Terahertz Technology Market for Imaging and Spectroscopy in RoW,By Application, 2014–2022 (USD Thousand)
Table 67 Market for Imaging and Spectroscopy in South America, By Application, 2014–2022 (USD Thousand)
Table 68 Terahertz Technology Market for Imaging and Spectroscopy in Middle East and Africa, By Application, 2014–2022 (USD Thousand)
Table 69 Market Ranking of the Top 5 Players in the Terahertz Technology Market, 2015
Table 70 New Product Launches, 2012–2015
Table 71 Partnerships & Collaborations, 2012–2015
Table 72 Contracts & Agreements, 2012–2015
Table 73 Mergers & Acquisitions, 2012–2015
Table 74 Expansions, 2012–2015
 
 
 
List of Figures (65 Figures)
 
Figure 1 Terahertz Technology: Markets Covered
Figure 2 Years Considered for the Study
Figure 3 Research Design: Terahertz Technology Market
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation
Figure 7 Limitations of the Research Study
Figure 8 Terahertz Communication to Exhibit the Highest Growth Rate During the Forecast Period
Figure 9 Laboratory Research Applications to Grow at the Highest CAGR During the Forecasted Period
Figure 10 North America Expected to Hold the Largest Share of the Terahertz Technology Market in 2016
Figure 11 Attractive Market Opportunities for the Market
Figure 12 U.S. to Account for the Major Share of the Terahertz Tehnology Market in 2016
Figure 13 Terahertz Imaging to Hold the Major Share of the Global Market in 2016
Figure 14 Terahertz Communication to Grow at the Highest CAGR During the Forecast Period
Figure 15 Satellite Communication Expected to Grow at the Highest CAGR Between 2016 and 2022
Figure 16 Segmentation of Market on the Basis of Geography
Figure 17 Increase in Demand From Various Sectors Expected to Propel Market Growth During the Forecast Period
Figure 18 Value Chain Analysis (2015): Major Value Added During the R&D and Manufacturing Phases
Figure 19 Porter’s Five Forces Analysis: 2015
Figure 20 Porter’s Five Forces: Impact Analysis
Figure 21 Threat of New Entrants is Expected to Have Medium Impact
Figure 22 Threat of Substitutes is Expected to Have High Impact
Figure 23 Bargaining Power of Buyers is Expected to Have Medium Impact
Figure 24 Bargaining Power of Suppliers is Expected to Have High Impact
Figure 25 Degree of Competition is Expected to Have Medium Imapct
Figure 26 Terahertz Communication Technology Market to Grow at A Highest CAGR in the Forecast Period
Figure 27 Laboratory Research to Hold the Largest Share of the Market for Imaging and Spectroscopy During the Forecast Period
Figure 28 Terahertz Technology Market for Laboratory Research in India Expected to Grow at the Highest CAGR During the Forecast Period
Figure 29 Market for Medical & Healthcare Applications in North America to Hold the Largest Share During the Forecast Period, (USD Thousand)
Figure 30 China to Hold Largest Share of the Market for Medical & Healthcare Applications in APAC During the Forecast Period
Figure 31 Terahertz Technology Market for Military & Homeland Security in APAC Market Expected to Grow at the Highest CAGR During the Forecast Period
Figure 32 Market for Military & Homeland Security in India Expected to Grow at the Highest CAGR During the Forecast Period
Figure 33 North America to Hold the Largest Share of the Market During the Forecast Period
Figure 34 Market for Industrial Ndt in the Rest of Europe Expected to Grow at the Highest CAGR During the Forecast Period
Figure 35 Satellite Communication to Hold the Largest Share of the Market for Communication During the Forecast Period
Figure 36 Market for Satellite Communication in Italy Market Expected to Grow at the Highest CAGR During the Forecast Period
Figure 37 North America to Hold the Largest Share of the Market for Tactical/Military Communication During the Forecast Period
Figure 38 North America to Hold the Largest Share of the Market for Indoor/Outdoor Wireless Communication During the Forecast Period
Figure 39 State Transition of Electron in Conventional Semiconductor Lasers
Figure 40 Quantum-Cascade Electron Transition Structure
Figure 41 Working Principle of Photoconductive Antenna (Pca)
Figure 42 Golay Cell Construction
Figure 43 APAC Expected to Grow at the Highest CAGR During the Forecast Period
Figure 44 North America to Hold the Largest Share of the Market During the Forecast Period
Figure 45 North America: Terahertz Technology Market Snapshot
Figure 46 Laboratory Research to Hold the Largest Share of the Terahertz Technology Market for Imaging and Spectroscopy in North America During the Forecast Period
Figure 47 Europe: Market Snapshot
Figure 48 Market for Imaging and Spectroscopy in the U.K. for Medical & Healthcare Expected to Grow at the Highest CAGR During the Forecast Period
Figure 49 Laboratory Research to Hold the Largest Share of the Market for Imaging and Spectroscopy in Spain During the Forecast Period
Figure 50 APAC: Terahertz Technology Market Snapshot
Figure 51 Laboratory Research to Hold the Largest Share of the Market for Imaging and Spectroscopy in China During the Forecast Period
Figure 52 Market for Imaging and Spectroscopy for Medical and Healthcare Applications in India Expected to Grow at the Highest CAGR During the Forecast Period
Figure 53 Laboratory Research to Hold the Largest Share of the Market for Imaging and Spectroscopy in RoW During the Forecast Period
Figure 54 Terahertz Technology Market Players Adopted New Product Launches as A Key Strategy for Business Expansion: 2012–2016
Figure 55 Market Witnessed A Significant Growth Between 2012 and 2015
Figure 56 New Product Launches Was the Key Growth Strategy Adopted Between 2012 and 2015
Figure 57 Geographic Revenue Mix
Figure 58 Advantest Corporation: Company Snapshot
Figure 59 Advantest Corporation: SWOT Analysis
Figure 60 Teraview: SWOT Analysis
Figure 61 Menlo Systems GmbH: SWOT Analysis
Figure 62 ACAL PLC: Company Snapshot
Figure 63 ACAL PLC: SWOT Analysis
Figure 64 Microtech Instruments Inc.: SWOT Analysis
Figure 65 Digital Barriers PLC: Company Snapshot

The terahertz technology market is expected to grow at CAGR of 31.83% between 2016 and 2022 to reach USD 489.8 Million by 2022. The key drivers responsible for the growth of this market include the increase in demand for terahertz technology-based products in the defense & homeland security and medical sectors and the high adoption rate of these products for laboratory research applications. The increasing awareness about the optoelectronic approaches based on modern laser technologies as well as high-power electronic emitters help the terahertz technology market grow.

The market for terahertz imaging is expected to hold a major share of the overall terahertz technology market (by type) in 2016 and grow at a significant rate between 2016 and 2022. The low photon energy of terahertz electromagnetic waves make them non-ionizing and harmless even after over exposure to them. This factor is driving the growth of the market for terahertz imaging.

The continuous developments in the technology due to focused research carried out in various universities worldwide create more opportunities for the adoption of terahertz technology for various new applications such as food quality inspection. However, for such researches, there is a need for more precise products. This requirement proves to be the key driving factor for the growth of the market for laboratory research applications. This market held the largest market share in 2015 and is expected to grow at the highest CAGR between 2016 and 2022.

The market in North America is expected to hold the largest share of the global terahertz technology market in 2015. The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The number of manufacturing companies is increasing in several developing countries, such as China, India, and Japan, in the region, which is driving the growth of the market in APAC. In addition, the demographic factors (population), shifting consumer landscape (consumer adoption levels), and economic factors are also propelling the growth of the market.

Terahertz Technology Market

The terahertz technology market is not mature. On the other hand, the market players are filing patents for the same. Moreover, the cost incurred in R&D is quite high due to the use of laser and other costly technologies. Also, because of the requirement of high initial investments to develop terahertz technology-based products, the medium and small players cannot afford to develop these products. This is a major factor limiting the demand and supply of terahertz technology-based products which, in turn, restraining the growth of the market.

TeraView (U.K.) manufactures instruments that provide a reliable and robust source of terahertz light and exploit its properties to characterize a wide range of materials. The company has adopted the expansion approach to grow in the terahertz technology market; for example, in June 2014, the company established its presence in Asia by setting up a new office at Seoul (South Korea) to enhance the service, technical support, and application-specific expertise for its customers and commercial partners in the region. It has marked its presence in the terahertz technology market by launching TPS Spectra 3000, a terahertz imaging and spectroscopy system.

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