The terahertz technologies market registered a CAGR of over 30.47% during the forecast period, 2021-2026. The growing number of applications of the technology in security applications has been the primary driving force for the growth of the market in the recent past. There has been a significant rise in the number of manufacturing companies in the developing countries, creating a huge demand for precise security systems, thus driving the growth of the terahertz technologies market.
- Security concerns have been a major issue across the entire world. The governments and private enterprises, as a whole, have invested massive amounts of money, owing to growing terrorist activity around the world. Security checks and surveillance have been the areas of concern in airports and other security critical places where there is a potential risk of terrorist attacks. - The cost complications associated with the installation of the technology in the different applications has been another major factor influencing the decision-making process of the end users. Disruptive technologies in some sectors can face the barriers of customer skepticism and resistance from incumbents already selling into these areas.
Key Market Trends Defense and Security is Expected to Register a Significant Growth
Companies are currently collaborating with this defense and security industry to develop sophisticated devices to detect threats. The ability to detect different types of materials, including non-metallic substances, is helping the security sector handle threats. Handheld scanners are being deployed in airports and other public spaces for security screening. The technology is also being deployed for package scanning in airports. Growing terrorist threats around the world and increasing criminal activities are driving investments in many countries to establish security infrastructure. This is expected to aid the growth of terahertz technology in the coming years.
With increasing innovations and better imaging capabilities, security organizations are investing in upgraded devices for better performance. Increasing utilization of plastic and new chemical & biological weapons by criminals is creating the need to use terahertz devices. Also, increased safety provided by the technology gives it a considerable advantage over existing X-ray scanners and detectors. The cost of the technology is expected to fall over the coming years, owing to the high demand from the market. Thus, the adoption is expected to further grow due to emerging countries looking to upgrade security. Overall, the technology is expected to see a huge demand in the coming years, in turn, driving the market’s growth.
North America is Expected to have the Largest Market Share
North America, being the largest market for technology-based solutions, is expected to be a strong player in the global economy, especially in the development and implementation of new technologies. Owing to terahertz being a new technology and North America being one of the earliest adopters, the market for this technology is the largest in the region. Increase in the production of helicopters and commercial aircrafts in the United States is also expected to drive the market for terahertz technology in this region. The huge aerospace industry of the United States exports more than 60% of all aerospace production.
Competitive Landscape The terahertz technology market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. The companies operating in the market are also acquiring start-ups working on terahertz technologies to strengthen their product capabilities. In March 2017, Luna Innovations Incorporated announced its Picometrix division, which entered into a Vendor Managed Inventory Agreement with the Chinese leading telecommunications equipment and network solutions provider. The agreement integrated Picometrix closely into the customer’s supply chain and manufacturing processes. Under the agreement, Picometrix is expected to maintain a dedicated inventory of 100G integrated coherent receivers and other future approved products, which its customer can draw into manufacturing on a “just-in-time” basis in Hong Kong.
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