Augmented Reality is fastest growing segment fueling the growth of terahertz technologies market

The global terahertz technologies market is estimated to be valued at US$ 644.97 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

 They allow imaging of non-ionizing THz radiation without damaging the object and find their applications in security, medical imaging and non-destructive testing. With advantages such as penetration through non-polar materials and high resolution, terahertz technologies are enabling new markets like augmented reality.

Market key trends:

Augmented reality is emerging as one of the fastest growing applications of terahertz technologies. Terahertz cameras can provide live images for augmented reality applications by detecting concealed objects through clothing, paper, plastic and other non-metallic materials. Their ability to see through obscurations without contact or exposure to ionizing radiation offers new interactive experiences in applications like gaming, manufacturing and tourism. Other major trends include increasing demand for security screening systems at airports, rise in medical applications utilizing spectroscopic imaging capabilities and growing need for non-destructive testing in industries.
Here is the segment analysis and key takeaways for the given Terahertz Technologies market:

Segment Analysis

The Global Terahertz Technologies Market Size is segmented by product, application, and geography. By product, the market is bifurcated into terahertz sources and terahertz detectors. Among these, the terahertz sources segment dominated in 2023 and is expected to continue its dominance throughout the forecast period. Terahertz sources are widely used in applications such as spectroscopy, imaging, and communication systems. In terms of application, the market is categorized into spectroscopy, imaging, communication systems, and others. The spectroscopy segment holds the largest market share due to increasing application of terahertz spectroscopy for quality control and process monitoring in industries like pharmaceuticals and semiconductors.

Key Takeaways

The global terahertz technologies market size is expected to witness high growth, exhibiting a CAGR of 23.% over the forecast period from 2023 to 2030, due to increasing demand from applications like spectroscopy, security, and quality control. Regionally, North America dominated the global market in 2023 and is expected to maintain its position during the forecast period owing to high adoption of terahertz technologies across various applications in the region. However, Asia Pacific is projected to exhibit the highest growth rate due to growing R&D activities related to THz technologies in China, Japan, and South Korea.

The terahertz technologies market size stood at US$ 644.97 Mn in 2023 and is projected to reach around US$ 3,057.36 Mn by 2030. Factors such as continuous technological advancements in THz devices and increasing government funding for THz research are fueling the market growth. Spectroscopy dominated the application segment in 2023 driven by usage of terahertz spectroscopy for industrial process monitoring and quality control.

Key players operating in the terahertz technologies market are Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÃœBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited and Batop GmbH. Major players are focusing on new product launches and partnerships to gain competitive advantage in the market.

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