Market Ranking Analysis: Terahertz Technology Market- 2018

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.

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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.

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.

The market is dominated by the key players such as Advantest Corporation (Japan), TeraView (U.K.), Menlo Systems GmbH (Germany), Acal plc (U.K.), and Microtech Instrument Inc. (U.S.).

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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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