Global Terahertz Components and Systems Market Report, published by Variant Market Research, forecast that the global market is expected to reach $433.6 million by 2024 from $64.8 million in 2016, growing at a CAGR of 26.8% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 30.2% and 27.3%, respectively, during the forecast period.
The global terahertz components and systems market is driven by the factors such as increasing use of terahertz in medical imaging and non-destructive testing, and high adoption of terahertz technology across various industrial sectors. Rising use of this technology in laboratories also fuels the growth of the market. Additionally, technologies with low-priced small radiation devices and detectors would provide market opportunities. However, inability of this technology to emphasis on spot sizes below 100 micrometers, and limitation in penetration depth into materials might hinder the adoption of terahertz components and systems.
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The global Terahertz Components and Systems market is categorized by component, system, applications, and geography. By component type, the market is segmented into terahertz sources, terahertz detectors, and others. Terahertz sources accounted for the largest market share in 2016, followed by terahertz detectors. Systems are categorized as spectroscopy (time-domain spectroscopy, frequency domain spectroscopy and imaging by scanning), terahertz radar and terahertz sensing. By systems, spectroscopy accounted for highest share in 2016, followed by terahertz sensing. Furthermore, applications are segmented into industrial process monitoring, research laboratory application, medical imaging, nondestructive testing, and others.
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By geography the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is expected to attain the fastest CAGR during the forecast period, owing to advancements in technology and usage of terahertz technology for medical imaging. North America accounts for the largest share of the market followed by Europe in 2016.
The key players of terahertz component and systems market include M Squared Lasers Ltd, EMCORE Corporation, NEC Corporation, Microtech Instruments Inc., Bridge12 Technologies, Inc., Digital Barriers PLC, Digital Barriers Plc., Applied Research & Photonics Inc., Bruker Corporation and Menlo Systems GmbH.
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