Report : Europe 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 26.7% CAGR, the Europe Terahertz Technology Market is speculated to be worth US$ 901.05 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe terahertz technology market is expected to grow from US$ 172.10 million in 2023 to US$ 901.05 million by 2030, registering a CAGR of 26.7% 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 Europe terahertz technology market expansion.
The use of ionizing radiation (X-rays) is critical for quality control and nondestructive testing because of its detrimental effect on biological agents. It is here that Terahertz imaging technology is beneficial, and there are many examples of the valuable application of THz imaging in the food industry. Instead of using X-ray machines, food manufacturers and packagers can use terahertz food scanners to check, for example, whether a pick-and-place robotic arm has placed all candy bars inside the carton. The THz imagers have no problem seeing through cardboard or PE packaging — individual chocolate bars can be wrapped in any material, even metal-containing foil that is impervious to the THz rays. Metal foil in the THz images would create even better contrast. Also, reports of insects and other foreign objects found in food are a severe cause of concern to consumers, food producers, as well as retailers alike. Unwrapping a chocolate bar could reveal an unpleasant surprise, like an insect, pieces of metal or glass, or clots of dirt. This can kill not only the appetite of the consumer but also cause a broken tooth or poisoning. On top of that, a producer or retailer in some countries may end up being sued, potentially leading to fines and lawsuits worth millions of dollars. The market players have made some tests specifically for the food industry to demonstrate the ability to identify foreign objects (e.g., insects, pieces of plastics, metal, stones, or soil) inside of some food products. For example, TeraSense Group's THz imaging systems can easily detect a common housefly via multiple polyethylene bags, even if the total thickness of such PET coating exceeds 20 mm. Also, TeraSense imaging systems reveal carcinogenic mycotoxin fungus contaminating peanuts, corn, hazelnuts, and other grain crops and oil plants. For instance, industrial customers can detect any signs of infections such as Aspergillus flavus and Aspergillus parasiticus, which exude the hazardous carcinogen Aflatoxins B1, with the aid of our THz imagers. The increased use of terahertz technology in the food industry is thus one of the significant opportunities for the growth of terahertz technology during the forecast period. This is expected to drive the Europe terahertz technology market during the forecast period.
On the contrary, lack of awareness and unavailability of skilled professionals hurdles the growth of Europe terahertz technology market.
Based on component, the Europe terahertz technology market is bifurcated into terahertz sources and terahertz detectors. The terahertz detectors segment held 77.1% market share in 2023, amassing US$ 132.63 million. It is projected to garner US$ 724.49 million by 2030 to expand at 27.5% CAGR during 2023–2030.
Based on type, the Europe terahertz technology market is categorized into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication system. The terahertz imaging systems segment held 68.2% market share in 2023, amassing US$ 117.41 million. It is projected to garner US$ 590.83 million by 2030 to expand at 26.0% CAGR during 2023–2030.
Based on application, the Europe terahertz technology market is categorized into medical & healthcare, defense & security, food & agriculture, industrial, semiconductor, and others. The medical & healthcare segment held 39.7% share of Europe terahertz technology market in 2023, amassing US$ 68.26 million. It is projected to garner US$ 331.14 million by 2030 to expand at 25.3% CAGR during 2023–2030.
Based on country, the Europe terahertz technology market has been categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 31.7% share of Europe terahertz technology market in 2023. It was assessed at US$ 54.50 million in 2023 and is likely to hit US$ 254.54 million by 2030, exhibiting a CAGR of 24.6% during the forecast period.
Key players dominating the Europe 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 April 2022, Advantest's TAS7500 Terahertz Spectroscopic Imaging System Wins Laser Industry Award for Best Product.
- In Nov 2023, Toptica's Terahertz Technology Enables Wireless 6G Communication.
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