by Terahertz technologies find wide applications in non-destructive testing, sensing, security, and imaging. Terahertz radiation enables non-destructive testing and imaging of materials with high resolution by penetrating various non-conducting materials like papers, clothes, wood, masonry, plastics and ceramics. It also allows to detect defects, cracks or foreign objects embedded inside samples without damaging them.
The global Terahertz Technologies Market is estimated to be valued at US$ 644.97 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising adoption of terahertz spectroscopy for non-destructive testing is expected to be a major driver for the terahertz technologies market over the forecast period. Terahertz spectroscopy utilizes terahertz radiations to analyze materials in both qualitative and quantitative ways. It allows identification of materials based on their unique terahertz spectral signatures. Terahertz spectroscopy is gaining importance in applications such as detection of defects in solar panels, quality inspection of pharmaceuticals and contaminants in food. It provides contactless and non-invasive means to analyze quality and integrity of materials and final products across various industries without harming the sample. This has driven the use of terahertz spectroscopy significantly over the recent past.
SWOT Analysis
Strength: Terahertz technologies allow for high sensitivity detection of molecules and materials without contact. This non-destructive detection offers strength in areas like security scanning and pharmaceutical quality control.
Weakness: Terahertz equipment is expensive due to complex fabrication requirements. Commercial applications of terahertz are nascent with limited standardized products.
Opportunity: Opportunities lie in security at airports and public venues for contactless scanning of concealed objects without privacy issues. Biomedical field offers opportunities for chemistry analysis and diagnosis using terahertz spectroscopy.
Threats: Competition from other non-destructive detection technologies poses a threat. Regulations for safety and privacy need to develop along with terahertz applications to address threats.
Key Takeaways
Global Terahertz Technologies Market Size is expected to witness high growth.
Regional analysis: North America region currently dominating the terahertz technologies market owing to extensive research and increasing commercialization. The Asia Pacific region is expected to be the fastest growing market for terahertz technologies during the forecast period owing to government initiatives and increasing expenditure on research activities in countries like China and India.
Key players operating in the terahertz technologies market are ID Quantique, QuintessenceLabs, Toshiba Corporation, NEC Corporation, Qubitekk, MagiQ Technologies, QuantumCTek, Quantum Xchange, Quantum Communication Technologies AG, Post-Quantum, PQ Solutions Limited, Qasky, Quantum Machines, Quantum-Secure Communications, Cambridge Quantum Computing. These key players are focusing on developing innovative products to gain a competitive advantage in the market. For instance, ID Quantique launched the Clavis3 quantum random number generator in 2020 suited for applications like encryption keys.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
