Terahertz Body Scanning Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology Type (Standalone and Integrated); Scanner Type (Fixed and Portable); Application (Public Places, Airport and Custom Checkpoints, Train Stations and Subways, and Others)
In terms of revenue, the global terahertz body scanning market was valued at US$ 48.54 millionin 2019 and is projected to reach US$ US$ 316.09 million by 2027; it is expected to grow at a CAGR of 27.0% during the forecast period. Geographically, the global terahertz body scanning market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North Americadominates the terahertz body scanning market, owing to the increasing investment in R&D activities by key terahertz body scanning market players located in the region. In contrast, Asia Pacific is expected to rise substantially in the terahertz body scanning market and will see a steady rate of growth in the future. The Asia Pacific is expected to offer significant growth opportunities for market players in the terahertz industry, owing to the increasing rate of terrorist attacks and rising health concerns. Europe, MEA, and SAMare expected to see a moderate growth rate in the terahertz body scanning market.
Terahertz body scanning market is segmented into technology type, scanner type, application, and geography. Based on technology type, the market is further segmented into standalone and integrated. Based on scanner type, the market is sub segmented into fixed and portable. Based on application, the market is further segmented into public places, airport checkpoints, train stations, and subways, and others. Geographically, the market is segmented into five major regions, i.e., North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share, followed by APAC and Europe. APAC is likely to be the fastest-growing region from 2020 to 2027.
Thruvision Group plc, Terasense Group Inc., Shanghai Eastimage Equipment Co., Ltd., Nuctech Company Limited, MC2 Technologies, Asqella Oy, unival group GmbH, INO, Leidos, and Rohde & Schwarz GmbH & Co. KG are among the key players present in the global terahertz body scanning market and are profiled during this market study.
Impact of COVID-19 Pandemic on Terahertz Body ScanningMarket
The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 and likely in 2021. Since majority of the countries are exercising lockdowns, the demand for terahertz body scanning is decreasing at a prominent rate. This is due to the fact that, the key terahertz body scanning product purchasing countries have been restricting their investment on these solutions, and are utilizing a fair percentage of their budget to combat COVID-19. The temporary shutdown of manufacturing facilities is also showcasing negative trend in the terahertz body scanning market.
Overall size of the terahertz body scanning market is derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the terahertz body scanning market. It also provides the overview and forecast for the global terahertz body scanning market based on all segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the terahertz body scanning market.
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