The Global Terahertz Technology Market was valued at USD 162.74 million in 2018, is projected to reach USD 634.22 million, exhibiting a CAGR of 25.56%. during the forecast period from 2018-2026.
The Global Terahertz Technology Market was valued at USD 122.74 million in 2018, is projected to reach USD 634.22 million by the end of 2026, exhibiting a CAGR of 24.55%. Increasing adoption of terahertz technology-based products for application in laboratory research in various universities & research firms globally drives the demand for terahertz technology market. Additionally, growing demand of these products in various cancer treatment institutes & hospitals across the globe also propels the demand for terahertz technology market. There has been significant investments into R&D and competitors are filing patents for the terahertz technology which holds strong growth opportunity during the projected period. However, high initial investments is required to manufacture terahertz technology-based products, the medium and small players cannot afford to develop these products which in turn, restrains the market growth.
Terahertz is the unit of electromagnetic wave frequency, which is equal to 1 trillion hertz. The commonly used units are kilohertz and megahertz. This terahertz technology is primarily used by the astronomers and physicists. The advantages of the terahertz light are that they are non-ionizing, non-invasive, and intrinsically safe, and along with being non-destructive. The increasing number of applications of the technology in security applications act as a primary driving force for the growth of the market. Significant rise in the number of manufacturing companies in the developing economies for demand of precise security systems also propels the demand terahertz technology market during the forecast period. There has been wide scope of applications of terahertz technology in the food industry, satellite communication, defense, homeland security, and medical sectors which holds a promising growth opportunity for the market.
The major key Vendors includes in the terahertz technology market are Advantest, Teraview, Menlo Systems, ACAL, Microtech Instrument, Digital Barriers, Traycer, QMC Instruments, Gentec Electro-Optics, Del Mar Photonics, Terasense, Toptica Photonics, Insight Product, Advanced Photonix