Terahertz Radiation Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 31.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Terahertz Radiation Devices Market Analysis
The Terahertz Radiation Devices market was valued at USD 100.10 million in 2020 and is expected to reach USD 2.59 billion by 2026, at a CAGR of 31.5% over the forecast period 2021 - 2026. Terahertz technology is an emerging and growing field which has potentials to develop applications varying from passenger scanning at airports to large digital data transfers and has been seeing significant advancements on the scientific front.
- Commercial applications such as security imaging, medicines, explosive devices detection, airplanes autonomous landing and their refueling, high-speed communications, etc. are achievable these days with the arrival of this technology.
- An increment in the number of manufacturing firms in the developing nations, rise in global demand for explicit security systems, medical and defense sectors are driving the global terahertz radiations devices market. Increasing adaptation of terahertz radiation treatment due to its capability of barrier penetration without any damage and usage of terahertz systems in R&D also boosts the market growth. However, the high cost and delayed adoption due to missing awareness are the possible obstacles for market growth.
- Terahertz radiation devices have significant potential in medical diagnosis and treatment because its frequency range matches the characteristic energy of biomolecular motion. Advantageously, terahertz-specific low energy does not cause the ionization of biomolecules, owing to its low energy in the millielectronvolt range, offering a vital advantage in medical imaging over X-rays, which can make biological molecules to break down. One of the most encouraging medical applications of THz radiation is cancer imaging. Most cancers start on the surface of soft tissues, which are the ideal target for superficial imaging using THz radiation.
- Additionally, the expanding application of terahertz technology in a number of industries for quality check and process control monitoring is expected to enable terahertz components and systems to register a remarkable rise in the coming years. For instance, Non-destructive analysis (NDT) of the internal structure of objects (quality control of products), also THz cameras tech is quite effective in finding defects in sealed packages of food products under various enclosures.
- With a limited supply of COVID-19 testing kits in countries, such as India, and the other parts of the world, people with mild symptoms are less likely to be tested. In order to tackle this issue, in May 2020, a team of researchers was working on developing artificial intelligence-based terahertz radiation (t-ray) scanning unit in order to address the limitation of the infrared thermal scanner in accurate and early detection of coronavirus patients.
Terahertz Radiation Devices Market Trends
This section covers the major market trends shaping the Terahertz Radiation Devices Market according to our research experts:
Healthcare & Pharmaceuticals has a Major Share in the Market
- The electromagnetic waves constituting THz radiation devices for biomedical spectroscopy and imaging can be generated and detected in pulsed- or continuous-wave (CW) forms. Developments in terahertz device technology such as the generation of THz pulse for spectroscopy applications user NIR laser, submicron scale lithography, low loss waveguide circuits, silicon micromachining, which is used for compact and integrated packing, etc., offer a plethora of opportunities.
- In addition to the imaging for the in vivo detection of diseases, THz devices and systems can expedite the development of in vitro diagnostic medical devices (IVDs), allowing quick disease detection from sample specimens such as body fluid, blood, or breath and able to distinguish tiny amounts of specimen rapidly, such as proteins, nucleic acids, or various metabolites, at the molecular level. Moreover, THz radiation devices are extensively used for the imaging of cancer tissues, as an early cancer diagnosis enhances the survival rate and decreases the risks of complex surgery amalgamated with more advanced-stage cancer treatments.
- Tablet coating plays a significant role in regulating the release of active ingredients in the body coupled with the protection of stomach from high concentrations of active ingredients, improving the tablet visual appeal and extend shelf life by protecting the ingredients from degradation by moisture and oxygen. THz imaging can be useful in performing 3D analysis on tablets, enabling to determine the coating integrity and thickness, detect and identify the localized chemical or physical structure such as cracks or chemical agglomeration within a core and to interrogate embedded layers for delamination and integrity.
Terahertz Radiation Devices Market is Dominated by the APAC Region
- Terahertz radiation devices market is the fastest-growing market in the APAC region. APAC's growth is attributed to the rising adoption of process control in multiple businesses as well as huge investments in R&D activities pertaining to terahertz technology by key players based in the region.
- Further, owing to the augmented scope of manufacturing in the region, several regulations make it compulsory for manufacturing plants to sustain a life assessment procedure as a safety measure. Regular inspection is needed to check for any damage in the equipment and take required countermeasures to control them. This situation is expected to create an enhanced opportunity for Terahertz radiation devices in the manufacturing sector in the APAC region.
- Moreover, Asia Pacific countries like Japan, China, South Korea and, India are expected to grow at a significant rate as compared to the other region in the terahertz technology market and will see a good growth rate in the future. APAC countries are expected to have great opportunities for terahertz radiations devices market due to the wide presence of manufacturing firms in countries, such as China, and India.
Terahertz Radiation Devices Industry Overview
Terahertz Radiation Devices Market is moderately competitive and consists of several major players. In terms of market share, some of the major players currently dominate the market. The end-users demand is driven by safety and regulatory needs and the companies operating in the market are leveraging on strategic collaborative initiatives, to offer specialized solutions, to increase their market share and increase their profitability.
- March 2019 -Coherent Inc. significantly expanded its Gilching, Germany micromachining and sub-system facility, and also completed the relocation of the company's laser marking group. This 'Center of Excellence', is a significant upgrade to the company's applications and R&D capabilities and affirms the company's commitment to the industrial materials processing and manufacturing segment.
- Sept 2020 - EMCORE Corporation announced the introduction of the Model 1790 1550 nm High-Power Laser Module for LiDAR (Light Detection and Ranging) and Optical Sensing.The underlying technology for the Model 1790 has been in development for over 3 years and was designed to address demanding applications in industrial sensing and measurement.
Terahertz Radiation Devices Market Leaders
Advantest Corporation
Alpes Lasers S.A.
Applied Research And Photonics Inc.
ARA Scientific
Emcore Corp.
*Disclaimer: Major Players sorted in no particular order
Terahertz Radiation Devices Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions and Market Definition
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET INSIGHTS
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4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Force Analysis
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4.2.1 Threat of New Entrants
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4.2.2 Bargaining Power of Buyers
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4.2.3 Bargaining Power of Suppliers
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4.2.4 Threat of Substitute Products
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4.2.5 Intensity of Competitive Rivalry
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4.3 Assessment of COVID -19 impact on the industry
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5. MARKET DYNAMICS
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5.1 Market Drivers
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5.1.1 Increase in the Number of Manufacturing Companies in the Emerging Economies
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5.1.2 Growth in Global Demand for Precise Security Systems, Defense, and Medical Sectors
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5.2 Market Restraints
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5.2.1 Lack of Skilled Personnel and Training Facilities
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5.2.2 High Cost and Slow Adoption due to Lack of Awareness
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6. MARKET SEGMENTATION
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6.1 By Product Type
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6.1.1 Imaging Devices
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6.1.2 Spectroscopes
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6.1.3 Communication Devices
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6.1.4 Other Product Types
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6.2 By Application
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6.2.1 Healthcare and Pharmaceuticals
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6.2.2 Manufacturing
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6.2.3 Military and Defense
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6.2.4 Security and Public Safety
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6.2.5 Other Applications
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6.3 Geography
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6.3.1 North America
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6.3.2 Europe
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6.3.3 Asia Pacific
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6.3.4 Latin America
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6.3.5 Middle East and Africa
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7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
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7.1.1 Advantest Corp.
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7.1.2 Emcore Corp.
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7.1.3 Alpes Lasers SA
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7.1.4 Applied Research And Photonics Inc.
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7.1.5 ARA Scientific
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7.1.6 Asqella Oy
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7.1.7 TeraSense Group
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7.1.8 Becker Photonik GmbH
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7.1.9 Bridge12 Technologies Inc.
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7.1.10 Boston Electronics Corporation
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7.1.11 Bruker Optics Inc.
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7.1.12 Coherent Inc.
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7.1.13 Ki3 Photonics Technologies Inc.
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8. INVESTMENT ANALYSIS
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9. FUTURE OF THE MARKET
Terahertz Radiation Devices Industry Segmentation
Terahertz radiation devices also recognized as submillimeter radiation devices, consists of electromagnetic waves within the ITU-designated band of frequencies from 0.3 to 3 terahertz (THz; 1 THz = 10^12 Hz). Wavelengths of radiation in the terahertz band correspondingly vary from 1 mm to 0.1 mm (or 100 μm). Because terahertz radiation devices start at a wavelength of one millimeter and continue into shorter wavelengths, it is seldom known as the submillimeter band devices, and its radiation as submillimeter waves, particularly in astronomy.
| By Product Type | |
| Imaging Devices | |
| Spectroscopes | |
| Communication Devices | |
| Other Product Types |
| By Application | |
| Healthcare and Pharmaceuticals | |
| Manufacturing | |
| Military and Defense | |
| Security and Public Safety | |
| Other Applications |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Terahertz Radiation Devices Market Research FAQs
What is the current Terahertz Radiation Devices Market size?
The Terahertz Radiation Devices Market is projected to register a CAGR of 31.5% during the forecast period (2024-2029)
Who are the key players in Terahertz Radiation Devices Market?
Advantest Corporation, Alpes Lasers S.A., Applied Research And Photonics Inc., ARA Scientific and Emcore Corp. are the major companies operating in the Terahertz Radiation Devices Market.
Which is the fastest growing region in Terahertz Radiation Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Terahertz Radiation Devices Market?
In 2024, the North America accounts for the largest market share in Terahertz Radiation Devices Market.
What years does this Terahertz Radiation Devices Market cover?
The report covers the Terahertz Radiation Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Terahertz Radiation Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Terahertz Radiation Devices Industry Report
Statistics for the 2024 Terahertz Radiation Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Terahertz Radiation Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
