Terahertz Technology Market Worth 489.8 Million USD by 2022
PUNE, India, May 4, 2016 /PRNewswire/ --
According to the new market research report "Terahertz Technology Market by Type (Terahertz Imaging, Terahertz Spectroscopy, and Terahertz Communication Systems), Technology (Terahertz Source and Terahertz Detector), Application & Region - Analysis & Forecast to 2022", published by MarketsandMarkets, the global market is expected to reach USD 489.8 Million by 2022, growing at a CAGR of 31.83% between 2016 and 2022.
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Browse 74 market data Tables and 65 Figures spread through 171 Pages and in-depth TOC on "Terahertz Technology Market"
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This growth can be attributed to the high adoption rate of terahertz technology-based products for laboratory research applications, and growing demand for these products from the defense & homeland security and medical sectors. This report includes an in-depth analysis of the market by type, technology, application, and region.
Terahertz imaging systems are expected to lead the global terahertz technology market
The market for terahertz imaging systems held the major share of the overall terahertz technology market (by type) in 2015. However, the market for terahertz communication systems is expected to grow at the highest CAGR between 2016 and 2022. THz band communication can facilitate the spectrum scarcity and capacity limitations of current wireless systems, and enable new applications both in classical networking domains as well as in novel nanoscale communication paradigms. This is expected to drive the market for terahertz communication systems.
APAC is expected to grow at the highest CAGR between 2016 and 2022.
The market in APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increase in initiatives, such as heavy investments in R&D to encourage the adoption of terahertz technology, taken by the countries such as China, India, and Japan in this region.
The market for laboratory research applications is expected to grow at the highest CAGR between 2016 and 2022
The Terahertz Technology Market for laboratory research applications is expected to grow at the highest CAGR during the forecast period since the terahertz technology market is not a mature market and is experiencing continuous technological advancements. Hence, the technologies used to manufacture the terahertz technology-based products frequently undergo R&D activities.
The market is dominated by the key players such as Advantest Corporation (Japan), TeraView (U.K.), Menlo Systems GmbH (Germany), Acal plc (U.K.), and Microtech Instrument Inc. (U.S.).
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In this research report, the global terahertz technology market is segmented on the basis of type, technology, application, and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their respective impact on the global terahertz technology market. This report gives a detailed view of the market across the four major regions: the North America, Europe, APAC, and RoW. In addition, it gives a detailed view of the types of terahertz technology-based systems, which include terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication systems. It also covers the applications of the terahertz technology-based systems such as terahertz imaging, spectroscopy, and terahertz communication system applications. In addition, the market has also been segmented on the basis of technology into terahertz sources and detectors.
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