A new market research study, titled “Terahertz Components Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023,” has been recently published by Transparency Market Research. The study provides a detailed analysis of the market, including data on key products, current trends, geographical segmentation, and the competitive landscape. According to the research study, in 2014, the global terahertz components and systems market was worth US$56 mn and is expected to reach a value of US$415 mn by the end of 2023. The market is projected to exhibit a substantial 25.90% CAGR between 2015 and 2023.

Terahertz technology comprises electromagnetic waves bearing frequencies between 100 GHz and 10 THz. The high chemical selectivity and penetration of opaque materials are the major advantages of using terahertz technology. In recent years, the increasing applications of terahertz radiation to detect impurities in the security screening and pharmaceuticals industries are fueling the growth of the market.

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By component, the global market for terahertz components and systems has been categorized into terahertz detectors, terahertz sources, and others. In 2014, the terahertz sources segment held the largest share in the global market, owing to the increasing demand for high-performance terahertz sources in diverse application segments. By system, the global market for terahertz components and systems has been segmented into terahertz sensing, terahertz radar, and systems based on spectroscopy. In 2014, the spectroscopy systems segment held the largest share in the market. The rapid growth of this segment can be attributed to the scalability and flexibility they offer.

By application, the global market for terahertz components and systems has been segmented into medical imaging, research laboratory applications, industrial process control, non-destructive testing, and others. The non-destructive testing segment dominated the global market, followed by the research laboratory segment. In 2014, the non-destructive testing and research laboratory segments together accounted for a 60% share in the global market for terahertz components and systems.

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By geography, the global market for terahertz components and systems has been categorized into Europe, North America, Asia Pacific, and Rest of the World. In 2014, North America held the largest share in the global market owing to the increasing application of terahertz components and systems in medical science and biology. In addition, the rising concerns related to process control so as to avoid hazardous situations are one of the major factors augmenting the growth of the global terahertz components and systems market. North America is followed by Europe and Asia Pacific. These regional markets are expected to grow substantially over the forecast period, due to growing applications and technological advancements.

Some of the major players operating in the market are EMCORE Corporation, Advantest Corporation, Techcomp Group Ltd., Teraview, Digital Barriers PLC, Bridge12 Technologies, Inc., Menlo Systems GmbH, Microtech Instruments Inc., Applied Research & Photonics Inc., Bruker Corporation, NEC Corporation, and M Squared Lasers Ltd.

Key Segments of the Global Terahertz Components and Systems Market:

Global Terahertz Components and Systems Market by Components

Terahertz Sources
Terahertz Detectors
Others

Global Terahertz Components and Systems Market by Systems

System based on Spectroscopy
Time-domain spectroscopy
Frequency-domain spectroscopy
Imaging by scanning
Terahertz Radar
Terahertz Sensing

Global Terahertz Components and Systems Market by Applications

Industrial Process Monitoring
Research Laboratory Application
Medical Imaging
Non Destructive Testing
Others

Global Terahertz Components and Systems Market by Region

North America
Europe
Asia Pacific
Rest of the World (RoW)