Global Terahertz Technology Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Type (Terahertz Imaging, Terahertz Communication System, Terahertz Spectroscopy), By Sources (Laser Sources, Semiconductor Sources), By End-User Application (Healthcare, Food & Agriculture, Defense & Security, Others), And By Geography - Forecasts From 2022 To 2027

The global terahertz technology market projected to grow at a CAGR of 25.83% to reach US$1,670.976 million by 2027, from US$334.634 million in 2020. The market growth is attributed to the growing demand for efficient solutions to manage the security systems across many industries, rising investments in research and development of defense and security sector of various countries, and increasing demand for security screening equipment across various public places. Moreover, rising adoption of this technology in the pharmaceutical sector is further expected to drive the market growth during the forecast period. This technology is used in pharmaceutical sector to determine coating integrity, to identify chemical and physical structure and to detect impurities. Furthermore, growing demand for compact and energy efficient transceiver, increasing penetration of terahertz technology in medical science and biology field and rising applications of high-end terahertz devices in research laboratory and monitoring processes will significantly contribute to the overall market growth during the forecast period.

Based end-user, the global terahertz technology market has been classified into healthcare, food & agriculture, defense & security, and others. The defense & security applications was valued at is set to expand at a CAGR of XX% over the forecast period to reach a total value worth US$XX million by 2027. Terahertz has a wide range of uses due to its imaging capabilities. It can be used in airports and other facilities as a safer, more accurate safety precaution than X-rays, detecting hidden weapons and package components. Terahertz radiation reveals the spectrum characteristics of many materials, providing spectroscopic and other unique identifying information valuable for chemical analysis, medicines, and explosives detection. One of the major factors pushing the development of terahertz technology in the security business is the ability to do partial or full-body screening and other associated security procedures without exposing important structures to radiation. The technique is gaining traction in the airport screening industry, where it can help enhance screening throughput while also providing high-quality detection. For instance, TSA inspected between 1.8 and 2.2 million individuals each day across the United States, a significant rise from 2020. TSA screens around 8,000 passengers every day at Norfolk International Airport.

Growing demand for terahertz technology in the defense sector is driving the market growth. One of the prime reasons supporting the growth of the market is the growing demand for terahertz technology in defense related applications. In recent times, it is very difficult to identify threats like body-worn hidden explosives or hidden weapons. In order to solve this issue, the government of various country is growing emphasis on imaging concealed explosives, owing to which there is a high demand for terahertz technology in security and defense related applications. Terahertz sensors are used in a variety of military applications such as surveillance, and reconnaissance (ISR), detection of isolated personnel behind enemy lines and terminal guidance of precision weapons.  In case of non-combat environment, the technology helps in detecting the plastic or minimal metal land mines on battlefields. The detection of the landmines is done with the help of THz spectroscopic imaging which can detect almost any material that is hidden under the field with relatively high confidence. Thz imaging technology has wide range of applications in air surveillance radar systems. China North Industries Group Corporation has tested THz instruments that are capable of detecting stealth aircraft.

COVID-19 Impact on the Terahertz Technology Market

The COVID-19 pandemic hampered the global terahertz technology market to realize its full potential. The robust outbreak of the virus and its exponential spread around the globe raised serious concerns. In order to contain the virus, the governments implemented nationwide lockdowns. Industries such as security, automotive, ceramic, and wood witnessed a fall in operations due to physical shutdown and international trade barriers, which led to a decrease in their market demand for the technology. A promising demand, however, was observed across the food, pharma, science, and medicine industries. Nevertheless, the market grew lower than its projected potential. 

With the rise in the number of COVID-19 cases in the region, the governments had begun to impose restrictions and lockdowns which resulted in hindrances in operation. In a non-COVID-19 scenario, the market year-on-year growth was projected to be 16.28%, to reach a value of US$342.636 million. However, due to COVID-19, the market by 13.56%, reaching a size of US$334.634 million. Despite the hindrances caused due to the COVID-19 pandemic, the market is projected to revive in the long run, reaching a value of US$1,670.976 million by 2027, compared to US$1,651.936 million in the non-COVID-19 scenario.

The outbreak of the virus resulted in a fall in the short-run CAGR, which is calculated at 29.67% compared to the short-run, non-COVID-19 CAGR of 31.13%. However, it is anticipated that in the long run, the market will revive.

Global Terahertz Technology Market Scope:

Segmentation

• By Type
  • Terahertz Imaging
  • Terahertz Communication system
  • Terahertz Spectroscopy
• By Source
  • Laser Source
  • Semiconductor Source
• By End User
  • Healthcare
  • Food & Agriculture
  • Defense & Security
  • Others
• By Geography
  • North America
    • U.S
    • Canada
    • Mexico
  • South America
    • Brazil
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Others
  • Middle East and Africa
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Others