Report : Asia-Pacific Terahertz Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Terahertz Sources and Terahertz Detectors), Type (Terahertz Imaging Systems, Terahertz Spectroscopy Systems, and Terahertz Communication Systems), and Application (Medical & healthcare, Defense & Security, Food & Agriculture, Industrial, and Others)
Communication system to Dominate APAC Terahertz Technology Market during 2020–2027
According to a new market research study on “APAC Terahertz Technology Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Type, and Application,” is expected to reach US$ 395.3 Mn by 2027 from US$ 51.6 Mn in 2019. The market is estimated to grow at a CAGR of 29.2% from 2020 to 2027. The report provides trends prevailing in the APAC Terahertz Technology market along with the drivers and restraints pertaining to the market growth. Rising Demand of Terahertz Technology from the Defense, Homeland Security, and Medical Sectors is the major factor driving the growth of the APAC Terahertz Technology Market. However, Lack of Awareness and Unavailability of Skilled Professionals hinder the growth of APAC Terahertz Technology market.
The market for Terahertz Technology is segmented into component, type, application and country. Based on component, the market is segmented into Terahertz Sources and Terahertz Detector. In 2019, the terahertz detector held the largest share in APAC terahertz technology market. Based on type the terahertz technology market is divided into Imaging Systems, Spectroscopy Systems and Communication Systems. Communication Systems is expected to be the fastest growing segment over the forecast period. On the basis of application, the market is segmented into medical and healthcare, defense & security, food & agriculture, industrial & other. The medical and healthcare segment accounts for largest market share in the 2019. Furthermore, the ongoing COVID-19 is anticipated to cause huge disruptions in the growth of various industries of APAC region. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is one of the worst affected COVID-19 countries.
Advanced Photonix Inc., Advantest Corporation, Luna Innovations Inc., Menlo Systems GmbH , Microtech Instrument Inc., Terasense Group Inc., Teraview limited, Toptica Photonics AG are among the leading companies in the APAC Terahertz Technology market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020 Toptica announced the enhancement in performance of TeraFETs, with the help of TeraScan, the next-generation terahertz detectors.
APAC Terahertz Technology Market
The report segments the APAC Terahertz Technology Market as follows:
Terahertz Technology Market – By Component
- Terahertz Sources
- Terahertz Detector
Terahertz Technology Market – By Type
- Imaging Systems
- Spectroscopy Systems
- Communication Systems
- Medical & Healthcare
- Defence & Security
- Food & Agriculture
Terahertz Technology Market – By Country
- South Korea
- Rest of APAC
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