Terahertz Components and Systems Market to reach 415 million USD by 2023 – report
The global terahertz components and systems market was valued at 56 million US dollars in 2014 and is anticipated to reach 415 million by 2023, expanding at a mean annual growth rate (CAGR) of 25.9 percent from 2015 to 2023, shows a Transparency Market Research report.
According to the report, factors such as growing application of terahertz technology across various industries for process control monitoring and quality control is stimulating the demand for terahertz components and systems globally. Moreover, increasing application of terahertz devices in research laboratory applications is also boosting the growth of this market.
In terms of application, the terahertz components and systems market can be segmented into industrial process control, research laboratory applications, medical imaging and non-destrutive testing (NDT), among others. As of 2014, NDT is the most attractive segment, followed by research laboratory applications.
- NDT and research laboratory application segment together contributed more than 60% share of the total revenue of the market in 2014.
Online, real-time and non-invasive data collection
Swift technical progress in recent years has enabled commercialization of terahertz technologies for a number of industrial uses such as NDT, industrial process monitoring and pharmaceutical quality control (QC); other possibilities include security markets or, in a few years, telecommunications and biomedical markets.
- As of 2015, the available terahertz devices are, however, big, bulky and expensive and this is limiting growth of the market. Furthermore, lack of well-trained personnel to manage terahertz devices and lack of awareness regarding benefits of terahertz technology among stakeholders are some of the factors also hampering the market growth, says the report.
The most important technical feature of terahertz measurements for industry is its ability to perform online, real-time and non-invasive measurements. The collected information can be used across different function areas: management of product definition, product quality control, product track and trace, production performance analysis and so on. Terahertz technology is currently being used, for instance, in the paper industry to determine paper thickness and quality in a non-invasive manner with terahertz spectroscopy.
For more information: http://www.transparencymarketresearch.com/terahertz-components-systems-market.html
