According to the new research report published by The Insight Partners, titled “Terahertz Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Type, Application and Geography” the market is expected to grow from US$ 321.0 million in 2021 to US$ 1,841.7 million by 2028; it is estimated to grow at a CAGR of 28.3% from 2021 to 2028.
Based on components, the terahertz technology market is segmented into terahertz sources and terahertz detectors. The terahertz detectors segment held a larger market share in 2020. Based on type, the market is segmented into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication systems. Based on application, the terahertz technology market is segmented into medical and healthcare, defense and security, food and agriculture, industrial, semiconductor, and others.
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The global semiconductors industry is booming at an exponential rate due to factors such as rapid growth of the industrial sector, and surging demand for self-driving vehicles and consumer electronics. Semiconductor packaging inspection; nondestructive fault detection in packaging systems; defect detection in microelectronics; and checking wiring quality of semiconductor packages including wafer-level packages, flip-chip BGA, and 2.5D/3D ICs are a few of the application areas where the terahertz technology is utilized. It also finds applications in wireless communications as it helps in testing the semiconductor chips used in communications and mobile computing, and transmitters and receivers. This technology is ideal for evaluating epitaxial wafers and interconnects in the packaged chips. The terahertz systems also have appealing applications in semiconductor manufacturing is appealing to composite materials, solar cells, dielectric film, and polymer films.
Rising Demand for Terahertz Technology from Defense, Homeland Security, and Medical Sectors Drives Market Growth
With growing technological advancements, the demand for the implementation of terahertz technology across the military & defense and healthcare sectors is also rising. Due to a rise in the study of the “THz gap,” which sits between photonics and electronics, manufacturers are increasingly focusing on the development of THz sources, transmission or reflection, and detection technologies. This technology is being used in applications such as chemistry, biomedicine, material science, security screening, and communications. The exclusive properties of THz radiations are well-suited for healthcare applications; these radiations can stimulate low-frequency molecular vibrations, which include van der Waals or other non-bonded interaction and hydrogen bonds. The propagation of THz radiation from biomolecule, which produces spectral vibrational signature along with the THz range, is one of the essential features of terahertz technology.
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Similarly, the THz imaging enables the detection of tissues as well as the distinction between pathological and normal tissues. Thus, terahertz technology has a wider range of applications in the healthcare sector. The THz frequency range lies on the margin of the electronic world, where microwave, as well as radio radiations, are easily generated from the photonic world and electron-based devices, where the applications of optical techniques are easy. Handheld scanners incorporated with the terahertz technology are increasingly being deployed at airports and other public spaces for security screening. Furthermore, the rising terrorist activities, as well as other criminal activities, is driving government investments across several countries to establish enhanced security infrastructure. Thus, it is anticipated to bolster the demand for terahertz technology during the forecast period.
Terahertz Technology Application-Based Market Insights
Terahertz radiations offer numerous opportunities for imaging and sensing. Many envisioned THz applications are based on the fact that specific vibrations, rotations, and liberation of molecules and molecular aggregates occur in this frequency range. Moreover, there is a high interest in THz imaging technology among several industrial clients, researchers, and original equipment manufacturers (OEMs). The unremitting developments in the technology owing to focused research carried out in several universities around the world generate more opportunities for the acceptance of terahertz technology in several new applications, including food quality inspection, security screening, and medical diagnostics. Thus, the market, by application, is segmented into medical and healthcare, defense and security, food and agriculture, industrial, and others. The others segment is further broken down as the automotive industry, astrophysics, and ceramic industry.
Terahertz Technology Market: Competitive Landscape and Key Developments
Acal BFi UK Ltd; Advanced Photonix, Inc.; Advantest Corporation; HÜBNER GmbH & Co. KG; Luna Innovations; Menlo Systems GmbH; Microtech Instrument, Inc.; Terasense Group, Inc., TeraView limited; Toptica Photonics AG, and das-Nano SL are among the key players in the global Terahertz Technology market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, TeraSense announced its new powerful 0.8W and 1.8W wave sources at 94 GHz, which are IMPATT-based generators with output power ranging from 0.08 W to 1.8 W.
In 2020, Toptica announced TeraFETs enabled with TeraScan, the next-generation terahertz detectors that enhance its performance.
In 2018, Luna Innovations announced its merger with Advanced Photonix, Inc. to form new division named as “PicoMetrix.” This new division comprises terahertz products, and fiber optic testing and sensing products suite of Luna Innovations.
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