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Terahertz Technology Market Growth Prediction, Investment Opportunity, Product Type and Forecast 2027
According to our latest study on “Terahertz Technology Market to 2027– COVID-19 Impact and Global Analysis by Component (Terahertz Sources, and Terahertz Detectors); Type (Terahertz Imaging Systems, Terahertz Spectroscopy Systems, and Terahertz Communication Systems); and Application (Medical and Healthcare, Defense and Security, Food and Agriculture, Industrial and Other); and Geography,” the market was valued at US$ 158.94 million in 2019 and is projected to reach US$ 1,418.84 million by 2027; it is expected to grow at a CAGR of 27.8% from 2020 to 2027.
The terahertz range falls between the microwave and infrared ranges of the electromagnetic spectrum, which comprises the frequency of one million oscillations per second. Its exceptional properties make the terahertz radiation a crucial technology to be adopted in the future. This technology is usually used to detect hidden explosives and drugs as well as to recognize substances flowing from the plastic pipe. The terahertz technology is proficient enough to nondestructively measure the layer thickness and monitor the flaws in materials made of ceramics or plastics. Owing to its low energy characteristics, the terahertz radiations are nonhazardous to animals as well as humans. The technology is usually integrated with scanners based on active and passive methods. In a passive method, the scanning is constrained to the natural terahertz radiations emitted through the human body. Similarly, the active method integrates an additional artificial radiation source through terahertz radiation. Thus, the systems use the discrepancies in the wavelength from the backscatter to recreate an image.
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Top Profiling Key Players:
- Terasense Group Inc.
- Teraview limited
- Advantest Corporation
- Toptica Photonics AG
- Luna Innovations Inc.
- HÜBNER GmbH & Co. KG
- Menlo Systems GmbH
- Acal BFi Limited
- Advanced Photonix Inc.
- Microtech Instrument Inc.
Highlighted key points of this market research report:
- This report provides pin-point analysis for changing competitive dynamics.
- It provides a forward-looking perspective on different factors driving or restraining market growth.
- It provides seven-years forecast assessed on the basis of how the market is predicted to grow.
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors.
- It helps in making informed business decisions by having complete insights of market and by making in- depth analysis of market segments.
Terahertz Technology Market report provides an in-depth assessment of growth and other aspects of the market in key countries such as the United States, Canada, Mexico, Germany, France, the United Kingdom, Russia and the United States Italy, China, Japan, South Korea, India, Australia, Brazil and Saudi Arabia. The Terahertz Technology Market Analysis to 2027 is a specialized and in-depth study of the technology, media, and telecommunication with a special focus on the global market trend analysis. The report aims to provide an overview of Terahertz Technology market with detailed market segmentation by deployment, organization size and geography. This report also studies the global Terahertz Technology Market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels and distributors.
Impact of COVID-19 on Terahertz Technology market
The emergence and rapid spread of COVID-19 has paralyzed numerous countries in the world. The continuous surge in count of infected patients is threatening several industries globally. As per latest WHO figures, for May 13, 2020, there are ~4.17 million confirmed COVID-19 cases globally with ~287,000 total deaths occurred so far, and the number is growing at varying rates in different countries. The global economy is anticipated to take a worst hit in the year 2020, with the possibility of extended effects in 2021. Since majority of the countries are exercising lockdowns, the demand for terahertz technology is decreasing at a prominent rate. This is due to the fact that, the key terahertz technology product purchasing countries have been restricting their investment on these solutions as they are utilizing a fair percentage of their budget to combat COVID-19. The temporary shutdown of manufacturing facilities is also showcasing negative trend in the terahertz technology market.
The report segments the global terahertz technology market as follows:
- Terahertz Sources
- Terahertz Detectors
Global Terahertz Technology Market – By Type
Global Terahertz Technology Market – By Application
- Medical and Healthcare
- Defense and Security
- Food and Agriculture
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Table Of Contents
- Key Takeaways
- Research Methodology
- Terahertz Technology Market Landscape
- Terahertz Technology Market – Key Market Dynamics
- Terahertz Technology Market – Global Market Analysis
- Terahertz Technology Market – Revenue And Forecasts To 2027 – Deployment
- Terahertz Technology Market – Revenue And Forecasts To 2027 – Enterprise Size
- Terahertz Technology Market Revenue And Forecasts To 2027 – Geographical Analysis
- Industry Landscape
- Terahertz Technology Market, Key Company Profiles
Finally, all aspects of the Terahertz Technology Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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An expert in SEO, Prashant carries an experience of over five years in the industry. He has the ability to analyze global industry trends that helps the leaders to make smarter decisions. An electrical, electronics and communication engineer, Prashant is able to predict future trends as they are changing fast with technological development.