Terahertz Revolution: Market to Reach $1.2 Billion by 2027


The Terahertz Technology Market was valued at USD 0.6 billion in 2022 and is anticipated to reach USD 1.2 billion by 2027, registering a CAGR of 14.7% over the forecast period, according to a study titled "Terahertz Technology Market by Type (Terahertz Imaging, Terahertz Spectroscopy, Terahertz Communication Systems), Application (Laboratory Research, Medical & Healthcare, Satellite Communication), and Geography - Global Forecast to 2027" published by Marketsand The main factors influencing the growth of the terahertz technology market are strict government rules for public safety and homeland security and an increase in demand for terahertz technology in the medical industry.

Key Players

ADVANTEST CORPORATION (Japan), Luna Innovations (US), TeraView Limited. (UK), TOPTICA Photonics AG (Germany), HÜBNER GmbH & Co. KG (Germany), Menlo Systems (Germany), Terasense Group Inc. (US), Gentec Electro-Optics (Canada), QMC Instruments Ltd. (UK), and TeraVil Ltd. (Lithuania) are some of the key players in the Terahertz Technology Market.

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By application: Laboratory research in terahertz imaging and spectroscopy to propel market growth

The terahertz technology market is anticipated to increase because to laboratory research in spectroscopy and imaging at terahertz wavelengths. Because of its distinct abilities, such as its capacity to pass through non-conducting materials and provide high-resolution pictures and spectra, terahertz technology is being used more frequently in laboratory research. The number of research projects in the area of terahertz imaging and spectroscopy has significantly increased recently, particularly in the domains of biology, medicine, and material science. As a result, it is anticipated that the laboratory research application segment will expand quickly in the upcoming years, boosting the expansion of the terahertz technology market as a whole.

Increasing application areas of terahertz communication systems to accelerate demand for terahertz technology

The demand for terahertz technology is anticipated to be driven by the growing applications for terahertz communication systems. High data transfer speeds and the capacity to operate in frequency ranges not currently used by other communication technologies are two distinctive features offered by terahertz technology. As a result, terahertz communication systems are being employed more often in a variety of applications, including wireless communication, high-speed data transfer, and sensing. In the upcoming years, it is anticipated that the market for terahertz technology would expand due to the rising demand for wireless and high-speed communication across numerous industries. In addition, it is anticipated that the market will expand as a result of the increased emphasis on terahertz communication systems research and development.

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Asia Pacific likely to emerge as the largest terahertz technology market during the forecast period

During the projected period, Asia Pacific is anticipated to surpass other regions as the largest market for terahertz technology. This can be ascribed to the region's abundance of economies that are heavily dependent on technology, like China, Japan, and South Korea. The region's terahertz technology market has expanded as a result of these countries' high levels of technical innovation and commitment to research and development. Furthermore, the market for terahertz technology in the area is anticipated to increase as a result of the rising need for high-speed communication and wireless communication across a number of industries in Asia Pacific.

News Covered:

https://www.prnewswire.com/news-releases/terahertz-technology-market-worth-1-2-billion-by-2027--exclusive-report-by-marketsandmarkets-301551937.html 

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