Report : Europe 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 System), and Application (Medical & Healthcare, Defense and Security, Food & Agriculture, Industrial and Others)
Terahertz Communication System Segment to Dominate Europe Terahertz Technology Market during 2019–2027
According to a new market research study on “Europe Terahertz Technology Market to 2027 – COVID-19 Impact and Analysis - by Component, Type, and Application,” is expected to reach US$ 422.8 Mn by 2027 from US$ 58.9 Mn in 2019. The market is estimated to grow at a CAGR of 28.1% from 2020 to 2027. The report provides trends prevailing in the Europe terahertz technology market along with the drivers and restraints pertaining to the market growth. Growing demand in defense, homeland security, and medical sectors for terahertz technology are the major factor driving the growth of the Europe terahertz technology market. However, lack of technical expertise and unavailability of skilled professionals hinder the growth of Europe terahertz technology market.
Due to COVID-19 outbreak, Spain, UK, Italy, Germany, and France are some of the worst affected member states in the European region. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. The region is a major manufacturing and industrial hub for sectors such as healthcare equipment, and defense & security among others. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021 also. The coronavirus continues affecting medical and healthcare and defense manufacturing in Europe. The manufacturing of this technology is reduced their schedule by about 60% to 95%. Pertaining to the fact that the majority of the countries have been experiencing a continuous rise in infected patients, the manufacturing facilities are encountering workforce scarcity. This is leading to lesser production, which is hindering the businesses of terahertz technology manufacturing.
The market for terahertz technology market is segmented into component, type, application, and country. Based on component, the market is segmented into terahertz sources and terahertz detectors. In 2019, the terahertz detectors segment held the largest share in Europe terahertz technology market. On the basis of type the terahertz technology market is divided into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication system. Terahertz imaging systems is expected to the fastest growing segment over the forecast period of 2019. Similarly, based on application, the market is bifurcated into medical & healthcare, defense & security, food & agriculture, industrial, and others. The medical & healthcare segment contributed a substantial share in 2019.
Terasense Group Inc., Teraview limited, Advantest Corporation, Toptica Photonics AG, Luna Innovations Inc., HÜBNER GmbH & Co. KG, Menlo Systems GmbH, AcalBFi Limited, Advanced Photonix Inc., and Microtech Instrument Inc. are among the leading companies in the Europe 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, TeraSense announced its new powerful 0.8W and 1.8W waves sources at 94GHz, which is a IMPATT-based gen
Europe Terahertz Technology market
Terahertz Technology Market – By Component
- Terahertz Sources
- Terahertz Detectors
Terahertz Technology Market – By Type
- Terahertz Imaging Systems
- Terahertz Spectroscopy Systems
- Terahertz Communication System
Terahertz Technology Market – By Application
- Medical & Healthcare
- Defense & Security
- Food & Agriculture
Terahertz Technology Market – By Country
- Rest of Europe
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