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.
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.
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.
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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USA : 1-888-600-6441
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