Nov 4, 2021   SOURCE: BusinessWire

Outlook on the Terahertz Technology Global Market to 2028 - Processing Applications of Terahertz Technology in the Food Industry Presents Opportunities - ResearchAndMarkets.com

The "Terahertz Technology Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component, Type, and Application, and Geography" report has been added to ResearchAndMarkets.com's offering.

The terahertz technology market is projected to reach US$ 1,841.7 million by 2028 from US$ 321.0 million in 2021; it is expected to grow at a CAGR of 28.3% from 2021 to 2028.

APAC is anticipated to register an impressive CAGR of 29.7% in the terahertz technology market during 2021-2028. In developing nations such China and India, the healthcare, and food and agriculture sectors are rising at an impressive pace owing to the growing disposable incomes, increasing urbanization, high population growth, supportive government policies, and flourishing public-private partnerships.

These factors are anticipated to offer ample growth opportunities for the terahertz technology market players in APAC during the forecast period. With increasing investments in the development of the agriculture industry, the terahertz technology market in other developing regions such as the Middle East, Africa, and South America is also expected to grow at a steady pace during the forecast period.

Based on component, the terahertz detectors segment held the largest share in the global terahertz technology market. Terahertz radiation falls between the microwaves and the far infrared bands of the electromagnetic spectrum. These radiations are capable of penetrating plastics, clothes, and wood; they are non-ionizing radiations, which makes them safe for humans and animals, unlike X-rays that can be harmful. Terahertz radiations are widely utilized in full body scanning machines at airports and other public places for security applications as well as in medical applications for initial cancer cell detection. Terahertz radiation falls in the frequency range of 0.1-10 THz, corresponding to wavelengths from 3 mm to 30 ?m.

The emergence and rapid spread of COVID-19 has paralyzed both developed and developing countries. A continuous surge in the count of infected patients is threatening several industries across the world. Since the majority of countries are imposing lockdown measures, whenever required, the temporary shutdown of manufacturing facilities is resulting in a negative trend in the terahertz technology market.

Key market players are restricting their investments on high-tech solutions and are rather utilizing a fair percentage of their budget for combating the impact of COVID-19 on their businesses. The semiconductor and automotive industries are among major victims of the pandemic. The food and agriculture industries requires a significant number of human labors; however, these industries couldn't work to their optimum as this disease spreads through public gatherings. The negative trend in these industries restrained the terahertz technology market growth in 2020.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global terahertz technology market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global terahertz technology market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Rising Demand of Terahertz Technology from the Defense, Homeland Security, and Medical Sectors
  • Growing use of terahertz system in semiconductor industry

Restraints

  • Lack of Awareness and Unavailability of Skilled Professionals

Opportunities

  • Processing Applications of Terahertz Technology in the Food Industry

Future Trends

  • Use of Terahertz Technology for Satellite Communication

Companies Mentioned

  • Acal BFi UK Ltd
  • Advanced Photonix Inc.
  • Advantest Corporation
  • HUBNER GmbH & Co. KG
  • Luna Innovations Inc.
  • Menlo Systems GmbH
  • Microtech Instrument Inc.
  • Terasense Group Inc.
  • Teraview limited
  • Toptica Photonics AG

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