The terahertz technology market sales value is predicted to reach $2,272.7 million by 2030, advancing at a growth rate, of 19.7%, during 2021–2030. The growth can be augmented by the increasing applications of THz technology in communications systems, medical therapies, and defense and security solutions.
The THz technology has been witnessing growing applications and advancements for ease and effective work. The technology has several abilities from quality checks in non-destructive testing to cancer diagnosis in the healthcare sector. The progress is augmented by the increase in research on high-tech THz devices, which have several applications in radiology, archaeology, biology, atmospheric science, and others. The market is also driven by the development in the satellite and telecommunications sectors.
Moreover, the growing penetration of THz technology in the semiconductor electronics, and pharmaceutical industries, and the increasing applications of high-end terahertz devices in the aerospace field are the key market trends.
The increasing interest of technologists and researchers in the field of THz radiation to apply in homeland security, non-destructive testing, and medical diagnosis purposes attract investors and governments to invest and approve products in the areas of THz technology. For instance, in November 2021, the device for skin hydration evaluation with terahertz scanning entered the clinical trial phase for the purpose of cancer, dry skin, or eczema scanning. Considering the aforementioned factors, several key market players are focusing on new product launches, which, in turn, drives the market.
The increasing number of manufacturing companies, coupled with the rising demand for security systems in the defense sector, is driving the need for terahertz technology-based equipment in the region. The surging integration of THz technology due to its ability of barrier penetration without any harm and usage of THz devices in research and development also drives the regional terahertz technology market growth.
Moreover, the next-generation network is expanding from the 5G mm-wave frequency to the terahertz frequency. While the world is still majorly using 4G networks, China has been testing the next-generation wireless technology that will be around 100 times faster than the American version of 5G. Similarly, as of August 2020, the Government of South Korea is expecting the commercial availability of 6G services in Korea from 2028.
The wide range of imaging and spectroscopic capabilities and coating inspection is done by the application of THz technology. Pharmaceutical packaging and aerospace are emerging filed in the utility of THz-based devices and thus these are major areas of interest for the market players. Moreover, the research and development solutions are the key application area of THz technology.
The market for THz technology is majorly dominated by players such as Advantest Corporation, Batop GmbH, TeraSense Group, HÜBNER GmbH & Co. KG, TeraView, TeraVil Ltd., QMC Instruments Ltd., Gentec Electro-Optics, Menlo Systems GmbH, and Toptica photonics AG.