Comprehensive Report on Global Terahertz Technology Market by Knowledge Sourcing Intelligence
The terahertz technology market was valued at
US$185.98 million in 2017 and is projected to expand at a CAGR of 25.91% over
the forecast period to reach US$741.19 million by 2023. The terahertz technology refers to a frequency
range between microwave and infrared, the range lies between 0.3 THz to 10 THz
of the electromagnetic spectrum. New advancements in technologies have made
possible for the previously less or unknown benefits of the terahertz
technology for imaging systems.
The terahertz waves are invisible to the naked
eyes and are considered safe when compared to the X-rays. This is due to the
non-ionizing effect of these radiations and is thus safe for humans as they do
not have the power of deeper penetration into the body cells. Therefore, are also called as non-invasive
radiations. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample view of global terahertz technology market
share
TERAHERTZ TECHNOLOGY MARKET FORECAST BY
GEOGRAPHY
Geographically, the global terahertz technology market is segmented as Americas, Europe Middle East
and Africa, and the Asia Pacific. The terahertz technology market would
dominate in the developed regions of the world owing to the presence of major
multinational companies and early adoption of advanced technologies. Ongoing
research and development expenditure by major companies will add to the growing
demand for terahertz solutions worldwide. The Asia Pacific region is projected
to grow at a significant due to economic growth and favorable government
policies facilitating the setting up of research facilities
Sample view of global terahertz technology market
share
AMERICAS
The Americas the terahertz technology market is projected to grow at a CAGR of X.XX%, rising
from US$XX.XX million in 2017 to US$XX.XX million in 2023. The market is
further segmented into North America and South America. North America held the
largest market share and will continue to lead the market throughout the
forecast period due to the presence of major companies and early adoption of
technology. In addition, the availability of skilled labor, stringent government
regulations regarding product performance across industry verticals, and
security concerns will add to the growing demand for these solutions in the
North American region. Certain factors driving the demand for these solutions
in the South American region are rising disposable income, increasing
healthcare expenditure and political stability.
NORTH AMERICA
The North
American terahertz technology market is projected to grow at a CAGR of X.XX%,
increasing from US$XX.XX million in 2017 to US$XX.XX million in 2023. Terahertz
imaging is used for multiple applications including non-destructive testing,
healthcare testing, and quality inspection among many others. This imaging
could be used for screening of harmful substances in the small packages such as
letters and envelopes. Furthermore, full-body scanners equipped with terahertz
solutions are safer than x-rays machines and have the ability to detect various
items including bombs, explosive belts, weapons, contraband items, and cold
steel among others. Rising security concerns due to an increase in the
terroristic activities will drive the demand for these devices for their use in
public places, VIP locations, airport checkpoints, and high-profile events
among others. Furthermore, stringent government regulation pertaining to the
product quality across industry vertical will boost the demand for these
solutions as terahertz solutions are more effective as compared to existing
solutions. An increasing number of manufacturing facilities coupled with the
enforcement of government regulation will augment the demand for terahertz
solutions for inspection purposes over the forecast period.
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