Terahertz Technology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Type, and Application, and Geography

Terahertz Technology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Type, and Application, and Geography

  • September 2021 •
  • 163 pages •
  • Report ID: 6176807 •
  • Format: PDF
The terahertz technology market is projected to reach US$ 1,841.7 million by 2028 from US$ 321.0 million in 2021; it is expected to grow at a CAGR of 28.3% from 2021 to 2028.
APAC is anticipated to register an impressive CAGR of 29.7% in the terahertz technology market during 2021-2028. In developing nations such China and India, the healthcare, and food and agriculture sectors are rising at an impressive pace owing to the growing disposable incomes, increasing urbanization, high population growth, supportive government policies, and flourishing public-private partnerships. These factors are anticipated to offer ample growth opportunities for the terahertz technology market players in APAC during the forecast period. With increasing investments in the development of the agriculture industry, the terahertz technology market in other developing regions such as the Middle East, Africa, and South America is also expected to grow at a steady pace during the forecast period.
Based on component, the terahertz detectors segment held the largest share in the global terahertz technology market.Terahertz radiation falls between the microwaves and the far infrared bands of the electromagnetic spectrum.

These radiations are capable of penetrating plastics, clothes, and wood; they are non-ionizing radiations, which makes them safe for humans and animals, unlike X-rays that can be harmful.Terahertz radiations are widely utilized in full body scanning machines at airports and other public places for security applications as well as in medical applications for initial cancer cell detection.

Terahertz radiation falls in the frequency range of 0.1-10 THz, corresponding to wavelengths from 3 mm to 30 ?m.
The emergence and rapid spread of COVID-19 has paralyzed both developed and developing countries.A continuous surge in the count of infected patients is threatening several industries across the world.

Since the majority of countries are imposing lockdown measures, whenever required, the temporary shutdown of manufacturing facilities is resulting in a negative trend in the terahertz technology market.Key market players are restricting their investments on high-tech solutions and are rather utilizing a fair percentage of their budget for combating the impact of COVID-19 on their businesses.

The semiconductor and automotive industries are among major victims of the pandemic.The food and agriculture industries requires a significant number of human labors; however, these industries couldn’t work to their optimum as this disease spreads through public gatherings.

The negative trend in these industries restrained the terahertz technology market growth in 2020.
The terahertz technology market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the terahertz technology market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the terahertz technology market. Acal BFi UK Ltd; Advanced Photonix, Inc.; Advantest Corporation; HÜBNER GmbH & Co. KG; Luna Innovations, Inc.; Menlo Systems GmbH; Microtech Instrument, Inc. Terasense Group, Inc.; Teraview limited; and Toptica Photonics AG are among key players operating in the market.

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