Global Terahertz Components and Systems Market Report, published by Variant Market Research, forecast that the global market was valued at $64.8 million in 2016 and is expected to reach $433.6 million by 2024, growing at a CAGR of 26.8% from 2016 to 2024. In geographical segments, Asia Pacific and RoW are expected to grow at a CAGR of 30.2% and 27.3%, respectively, during the forecast period.

Rising penetration for terahertz technology in non-destructive testing and increasing technological improvements in the food industry coupled with rising concern towards food quality are some of the factors driving the global terahertz components and systems market. However, the available terahertz devices are expensive, big, and bulky this might restrict the growth in commercial application of the market. Although, growing terahertz applications across security scanning, medical imaging, process control and advanced communication instruments are anticipated to generate several growth opportunities in the coming years.

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The global terahertz components and systems market is majorly classified into components, systems, and application. The component segment is further bifurcated into terahertz sources, terahertz detectors, and others. By components, terahertz sources dominated the market with highest share in 2016, followed by terahertz detectors. The segmentation of system is given as spectroscopy (time-domain, frequency domain, imaging by scanning), terahertz sensing, and terahertz radar. Among which, systems based on spectroscopy accounted for largest share in 2016, followed by terahertz sensing. The application segment comprises of industrial process monitoring, research laboratory application, nondestructive testing, medical imaging, and others Whereas by applications, non-destructive testing grips the highest share trailed by research laboratory applications in 2016.

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North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major geographical segments of global terahertz components and systems market. Asia-Pacific is the fastest growing region with respect to CAGR in the global terahertz components and systems market, and is expected to continue this trend driven by technology improvements and usage of terahertz technology for medical imaging. In 2016, North America dominates the largest share of the market trailed by Europe.

The key players of terahertz component and systems market include NEC Corporation, Microtech Instruments Inc., Bridge12 Technologies, Inc., EMCORE Corporation, Applied Research & Photonics Inc., Digital Barriers PLC, M Squared Lasers Ltd, Menlo Systems GmbH, Tera View, and Bruker Corporation.

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Scope of Terahertz Components and Systems Market

Component Type Segments

• Terahertz Sources
• Terahertz Detectors
• Others

System Type Segments

• Spectroscopy
o Time-Domain Spectroscopy
o Frequency Domain Spectroscopy
o Imaging by Scanning
o Terahertz Radar
o Terahertz Sensing
• Terahertz Radar
• Terahertz Sensing

Application Segments

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

Geography Segments

• North America
o US
o Canada
o Mexico

• Europe
o U.K.
o Italy
o France
o Germany
o Others

• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others

• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfil clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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