Report : North America Terahertz Technology Market Forecast to 2030 - COVID-19 Impact and Regional Analysis - by Component (Terahertz Sources and Terahertz Detectors), Type (Terahertz Imaging Systems, Terahertz Spectroscopy Systems, and Terahertz Communication System), and Application (Medical & Healthcare, Defense & Security, Food & Agriculture, Industrial, Semiconductor, and Others)
At 25.6% CAGR, the North America Terahertz Technology Market is speculated to be worth US$ 1,032.39 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the North America terahertz technology market is expected to grow from US$ 209.57 million in 2023 to US$ 1,032.39 million by 2030, registering a CAGR of 25.6% from 2023 to 2030. Rising demand of terahertz technology from the defense, homeland security, and medical sectors and growing use of terahertz system in semiconductor industry are the critical factors attributed to the North America terahertz technology market expansion.
With the growing technological advancement across various industries, the demand for the implementation of terahertz technology across military & defense, as well as the medical and healthcare sector, is also boosting. The growing focus of the manufacturers on the development of THz sources, transmission, or reflection, as well as detectors technologies, owing to increasing exploration of the “THz gap,” which lie between photonics and electronics. This technology is constantly being utilized in various applications such as chemistry, biomedicine, materials science, security screening, and communication. The exclusive properties of THz radiation are well-suited for medical and healthcare applications particularly that can stimulate low-frequency molecular vibrations, which includes van der Waals or other non-bonded interaction and hydrogen bonds. The propagation of THz radiation from biomolecule that produces spectral vibrational signature along the THz range is one of the essential features of terahertz technology. Similarly, the THz imaging also comprises of crucial advantages for tissue detection as well as to distinguish pathological and normal tissues. Thus, terahertz technology has wide applications across the medical and healthcare sectors. Similarly, the terahertz spectrum ranges are highly dependent on characteristics of generating as well as detecting methods of long wave’s side and infrared on the short wave edge range. The THz frequency range lies on the margin of the electronic world, where microwave, as well as radio radiations, are easily generated from the photonic world and electron-based devices, where the applications of optical techniques are very easy. The in-built potential benefits and advantages of the terahertz (THz) phenomenon, of encompassing many aspects which include THz imaging, sensing, as well as investigating material properties with the help of THz radiation is boosting its application in defense and security sector. The incorporation of terahertz technology in handheld scanners, which are deployed majorly in airports and other public spaces for security screening, is also increasing, especially for package scanning in airports. Furthermore, the rising terrorist activities globally, as well as mounting criminal activities, are also the primary factor for driving government investments across several countries to establish enhanced security infrastructure. Thus, it is anticipated to aid the growth of terahertz technology in the forecast period. In defense applications, the terahertz imaging technique detects concealed hidden metallic objects like arms and ammunition, which may be potential threats. The terahertz imaging technique is also used for defense and homeland security applications. This scanning system enables the detection of hazardous materials such as firearms and explosives and all potential applications in protecting vulnerable facilities from terrorist threats. Such applications are driving terahertz technologies' adoption in defense applications. This is expected to drive the North America terahertz technology market during the forecast period.
On the contrary, lack of awareness and unavailability of skilled professionals hurdles the growth of North America terahertz technology market.
Based on component, the North America terahertz technology market is bifurcated into terahertz sources and terahertz detectors. The terahertz detectors segment held 79.2% market share in 2023, amassing US$ 165.98 million. It is projected to garner US$ 851.81 million by 2030 to expand at 26.3% CAGR during 2023–2030.
Based on type, the North America terahertz technology market is categorized into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication system. The terahertz imaging systems segment held 62.4% market share in 2023, amassing US$ 130.76 million. It is projected to garner US$ 613.58 million by 2030 to expand at 24.7% CAGR during 2023–2030.
Based on application, the North America terahertz technology market is categorized into medical & healthcare, defense & security, food & agriculture, industrial, semiconductor, and others. The medical & healthcare segment held 34.1% share of North America terahertz technology market in 2023, amassing US$ 71.54 million. It is projected to garner US$ 327.02 million by 2030 to expand at 24.2% CAGR during 2023–2030.
Based on country, the North America terahertz technology market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 73.9% share of North America terahertz technology market in 2023. It was assessed at US$ 154.85 million in 2023 and is likely to hit US$ 748.73 million by 2030, exhibiting a CAGR of 25.2% during the forecast period.
Key players dominating the North America terahertz technology market are Advanced Photonix Inc.; Advantest Corporation; HÜBNER GmbH & Co. KG; Luna Innovations Inc.; Menlo Systems GmbH; Microtech Instrument Inc.; NTT Electric Co.; Terasense Group Inc.; Teraview limited.; and Toptica Photonics AG among others.
- In Nov 2021, Terasense continues researching and developing efforts to commercialize THz phase waveplates for beam shaping.
- In May 2022, TeraView launched a new product to address the growing needs in advanced IC packaging.
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