Millimeter Wave And Thz Imaging 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 Million 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:
Terahertz technologies make use of the portion of electromagnetic spectrum between microwaves and infra-red radiation, known as terahertz waves. Using terahertz waves for imaging and spectroscopy enables unique material property analysis for applications in security scanning, medical diagnostics and non-destructive testing.

Market key trends:
Millimeter-wave and THz imaging technologies are finding increasing usage in security scanning at airports and public venues as they allow concealed weapons and explosives to be detected under clothing without direct physical contact. Unlike X-rays, terahertz waves are non-ionizing and pose no known health risks, making them preferable for application in security checkpoints. Ongoing technological advancements are leading to smaller, portable and lower cost millimeter-wave and THz imaging devices with better resolution and detection capabilities. This is expected to significantly drive their adoption across various end use industries over the forecast period.

Segment Analysis
The terahertz technologies market is segmented into terahertz imaging, terahertz spectroscopy and terahertz communications. Among these, the terahertz imaging segment dominated with a market share of around 54% in 2022. Terahertz imaging is widely used across industries like healthcare & life sciences, telecommunications, homeland security, non-destructive testing and research labs. It is able to detect concealed weapons, explosives and drugs under clothing with high resolution images and is particularly useful for security screening at airports. This drives the segment's high growth.

Key Takeaways
The global terahertz technologies market is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period, due to increasing demand for improved security screening systems across airports and other public places.

Regionally, North America dominated the terahertz technologies market scope in 2022 with a share of over 35%, owing to extensive R&D activities and widespread adoption of terahertz technologies across various industries like healthcare, telecommunications and defense in the region. Asia Pacific is expected to be the fastest growing market at a CAGR of around 25% during the forecast period, due to rising government funding for terahertz research along with increasing investments by key players.

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 strategic collaborations to strengthen their market position. For instance, in June 2022, TeraView partnered with Radiant Images to integrate terahertz imaging platform into their product offerings.

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