Global Terahertz components and systems Market - 2019-2026
Terahertz components and systems are electromagnetic systems available in time and frequency domain. It is powerful technique to manage the high frequency, to measure high speed, range, and bandwidth in variety of applications. It is widely used in the medical devices, research laboratories, industrial process monitoring for accurate and precise measurement. This technique is available in two domain including time and frequency. Time domain is the used for the process control and material characterization for the contact-free conductivity measurements of 2D materials, and superconductors, metals, and semiconductors. The frequency domain is used the detection of objects and defects on large areas, to measure the thickness of materials, and for measurement of structural and chemical characterization of small objects and defects on small areas. The global Terahertz components and systems market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand of terahertz components and systems with increasing electronics consumers and manufacturing for critical testing and for enhanced end-to-end test solutions. Terahertz components and systems has wide range of applications including for the testing, and measurement of the electronics components, materials and semiconductors used in research laboratories & medical imaging in healthcare.
There is a rise in the adoption of digital technology with the help of terahertz components and systems for evaluating advanced memory devices used for the 5G applications to gain high-speed and core testing. For instance, 30th June 2020, Advantest Company had been launched new IC memory tester for the integrated core testing in lab environments. This memory tester is used in 5G Product Development for enhances testing efficiency.
The global Terahertz components and systems market is segmented based on component, system, applications, and region.
In terms of component type the global terahertz components and systems marker is bifurcated into detectors and sources. Among these, detectors segment has the highest market share in 2019 owing to increasing demand in the aviation sector with raising the passengers all over the world. According to International Civil Aviation Organization (ICAO), the globally total number of aviation passengers has been increased to around 4.3 billion in 2018 increased by 6.4% as compare to 2017.
Similarly, sources segment is also growing at faster pace owing to increasing microwave technology, free-electron lasers, and photoconductive antenna due to surge in the advent of 5G technology.
Depending on the system, global terahertz components and systems market is divided into radar, sensing and spectroscopy. Among this, spectroscopy segment has the highest share in 2019. This is primarily due to rising activities for identification, and structure analysis of materials, semiconductors in the research laboratory for pharmaceutical and healthcare industry. For instance 6th Oct 2019, TeraView has been invented terahertz imaging and spectroscopy technology device named 3D Terahertz Pulsed Imaging (TPI) for pharmaceutical product and process understanding. This cutting-edge technology device has substantial used in non destructive testing of pharmaceutical products such as to determine thickness, crystalline structure and chemical composition.
Furthermore, the radar and sensing segments are also growing at faster pace due rising the investment for development of new products and rising need for advanced packaging techniques in various industry vertical. For instance 6th Feb 2020, TeraView Company had received around USD 6 Million from existing and new investors, including, Ingenious, Pathfinder H and Wonik Investments. This investment has been made for implementing advanced 2.5 and 3D packaging technologies for integrated circuits.
Depending on the application, the global market is bifurcated into Medical Imaging, Non destructive testing, Research Laboratory and industrial process monitoring. Among this Medical imaging segment has the highest share in 2019 owing to increasing demand of X-ray imaging and medical diagnostic equipments with growing prevalence of accidents and injuries around the globe. According to the World Bank Organization, the global medical diagnostic imaging equipment market was valued around 24.7 billion in 2015 and is growing with 6% annually.
Similarly, Non destructive testing, Research Laboratory and industrial process monitoring segments are also growing at faster pace owing to increasing industrial revolution and raising the new materials developments which requires non-destructive testing. For instance on 10th July 2020 researchers Harvard University have been developed novel multifunctional material from nanofibres which is help for the military purpose. This multifunctional nanofiber material has been passed through non-destructive testing which has shown that it can protect wearers from both ballistic threats and extreme temperatures.
By region, the global terahertz components and systems market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America is the dominated region for the global terahertz components and systems terahertz components and systems market and expected to grow at the highest CAGR during the forecasted period due to growing healthcare expenditure and rising X-ray imaging which utilizes terahertz components and system. According to the World Bank Organization in 2020, the global medical diagnostics imaging market was valued at around USD 33.42 billion which includes Ultrasound systems, MRI systems, and CT systems. Among this North America has largest share of around 33.4% followed by Europe for 30%, Asia Pacific for 25% and Rest of the World for 11%.
Asia Pacific is the also growing at faster pace for the terahertz components and systems market, owing to rising electronics consumer spending with growing population in this region. According to India Brand Equity Foundation (IBEF), India has growing electronics hardware production in 2014 USD 31.13 billion increased to USD 65.53 billion in 2019.
The global Terahertz components and systems market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Menlo Systems GmbH, Bruker Corporation, Bridge12 Technologies, EMCORE Corp, Techcomp Group Ltd., Advantest Corp, M Squared Lasers Ltd., NEC Corporation, Digital Barriers PLC, Applied Research & Photonics and TeraView are the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 29th Jan 2020, Advantest Leading semiconductor test equipment supplier has been acquired Essai Company a supplier of semiconductor. This has been expanded test and measurement solutions related to system-level test sockets and thermal control units with continuously evolving semiconductor value chain. Furthermore on 14th Feb 2019 Advantest has been completed the acquisition of Astronics Corporation a semiconductor System Level Test Business.
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