Report : Asia Pacific 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 27.7% CAGR, the Asia Pacific Terahertz Technology Market is speculated to be worth US$ 861.86 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific terahertz technology market is expected to grow from US$ 155.78 million in 2023 to US$ 861.86 million by 2030, registering a CAGR of 27.7% 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 Asia Pacific terahertz technology market expansion.
THz technology applies to various domains that provide unprecedented capabilities for many research fields. ICTs also have a strong potential to benefit from THz technology in wireless communication, high-speed data processing, and satellite communications. Satellites are widely used for a wide variety of communication applications. In the past few years, there has been growing interest in the field of satellite networks, which allows for an entirely new class of navigation, communication, and remote sensing missions. Consequently, innovative methodologies are needed to satisfy the increasing demand for high-speed wireless connection. Terahertz band communication is conceived as the key technology in meeting the need for high data rates. Wireless terabit per second links is expected to become a reality very soon due to the broad availability of bandwidth at the terahertz band. Terahertz wave has many characteristics, such as wide frequency band, high speed, small scattering, high penetrability, good directionality, high safety, and so on. It is another frequency band of communication between microwave communication and laser communication. Besides, recent advances in terahertz technology, such as electronic approach III-V semiconductor technologies and optical Quantum Cascade Lasers, allow frequency generation from 0.34 THz to 1 THz with power from 1 mW to 10 mW. Thus, the use of terahertz technology for satellite communication is one of the significant trends affecting the market growth during the forecast period. This is expected to drive the Asia Pacific terahertz technology market during the forecast period.
On the contrary, lack of awareness and unavailability of skilled professionals hurdles the growth of Asia Pacific terahertz technology market.
Based on component, the Asia Pacific terahertz technology market is bifurcated into terahertz sources and terahertz detectors. The terahertz detectors segment held 85.7% market share in 2023, amassing US$ 133.46 million. It is projected to garner US$ 761.56 million by 2030 to expand at 28.2% CAGR during 2023–2030.
Based on type, the Asia Pacific terahertz technology market is categorized into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication system. The terahertz imaging systems segment held 69.3% market share in 2023, amassing US$ 107.95 million. It is projected to garner US$ 574.34 million by 2030 to expand at 27.0% CAGR during 2023–2030.
Based on application, the Asia Pacific terahertz technology market is categorized into medical & healthcare, defense & security, food & agriculture, industrial, semiconductor, and others. The medical & healthcare segment held 39.4% share of Asia Pacific terahertz technology market in 2023, amassing US$ 61.42 million. It is projected to garner US$ 314.49 million by 2030 to expand at 26.3% CAGR during 2023–2030.
Based on country, the Asia Pacific terahertz technology market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 34.0% share of Asia Pacific terahertz technology market in 2023. It was assessed at US$ 52.96 million in 2023 and is likely to hit US$ 281.87 million by 2030, exhibiting a CAGR of 27.0% during the forecast period.
Key players dominating the Asia Pacific terahertz technology market are Advanced Photonix Inc.; Advantest Corporation; HÜBNER GmbH & Co. KG; Luna Innovations Inc.; Menlo Systems GmbH; NTT Electric Co.; Terasense Group Inc.; Teraview limited.; and Toptica Photonics AG among others.
- In Feb 2021, Luna Extends the Terahertz System's Capabilities to Conductive Materials.
- In Nov 2020, interview collaborated with a Russian company to aid in museum artwork.
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