Terahertz Technology Market Worth $3,003.1 Million, Globally, by 2030 - Exclusive Report by The Insight Partners
US & Canada, Sept. 17, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, In the past decade, there have been numerous breakthroughs in the development of this terahertz technology for commercialization in various applications.
Major application areas for this technology include medical imaging, sensing, non-destructive testing, spectroscopy, and wireless communication. It is an important technology offering unique properties such as non-ionizing behavior, unlike X-rays. For instance, in January 2021, Samsung Electronics collaborated with the University of California, Santa Barbara (UCSB) to demonstrate a 6G terahertz (THz) wireless communication prototype. This collaboration is formed to study the feasibility of using the THz spectrum for 6G wireless communications.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Terahertz Technology market comprises of types and application which are expected to register strength during the coming years.
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Overview of Report Findings:
- Market Growth: The Terahertz Technology Market is expected to reach US$ 3,003.10 Million by 2030 from US$ 461.90 Million in 2022, at a CAGR of 26.4% during the forecast period. Terahertz and sub-terahertz bands encourage the development of 6G wireless networks by improving the existing wireless standards by offering a large bandwidth to alleviate the spectrum scarcity issues.
- Terahertz Communication for a 6G Future: in April 2024, NTT DOCOMO, INC.; NTT Corporation; NEC Corporation; and Fujitsu Limited together announced the development of a top-level wireless device to transmit data at ultra-high speeds of 100 Gbps in the sub-terahertz bands of 100 GHz and 300 GHz. All four companies have been jointly conducting R&D on sub-terahertz devices since 2021 in anticipation of the coming 6G era.
- Growing Use of Terahertz System in Semiconductor Industry: The semiconductor industry using terahertz provides a large potential market for growth; this technology and system are ideal for evaluating epitaxial wafers and interconnects in packaged chips. The terahertz waves can be used to non-destructively inspect semiconductor wafers for defects, such as cracks, voids, and impurities. This can help improve the yield of semiconductor manufacturing processes.
- Use of Terahertz Technology for Satellite Communication: Increasing focus on satellite networks for navigation, communication, and remote sensing purposes is boosting the market growth. Terahertz band communication is conceived as the key technology in meeting the need for high data rates. The broad availability of bandwidth at the terahertz band is expected to bring wireless terabit-per-second links into reality.
- Geographical Insights: In 2023, North America led the market, followed by Europe and Asia Pacific. Europe is the second-largest contributor to the global Terahertz Technology market, followed by APAC, South America, and Middle East and Africa.
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Market Segmentation:
- By Component (Terahertz Sources and Terahertz Detectors), By Type (Terahertz Imaging Systems, Terahertz Spectroscopy Systems, and Terahertz Communication System),. In 2023, the terahertz detectors segment held the largest share of the global Terahertz Technology market.
- In terms of application, the Terahertz Technology market is segmented into By Application (Medical & Healthcare, Defense & Security, Food & Agriculture, Industrial, Semiconductor, and Others). The medical and healthcare segment holds the significant market.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the Terahertz Technology market include Terasense Group, TeraView Ltd, Advantest Corporation, Toptica Photonics, Luna Innovations, Hubner GmbH, Menlo System, Advanced Photonics, Microtech Instruments, NTT Electronics.
- Trending Topics: Infrared and Terahertz Spectroscopy Market, Terahertz Imaging Detection Market, Terahertz Body Scanning and Others.
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Global Headlines on Terahertz Technology:
- In April 2024, TERASENSE considerably expands its line of tunable THz wave sources
- "In January 2024, TOPTICA Photonics Strengthens its Presence in France with Direct Sales and Service Operations
- “In Feb 2023, Luna Innovations Wins Major Order for THz Solutions for Battery Manufacturing in US
- "In 2023, Das-Nano technology has been chosen by the Volkswagen Group to measure the layer thickness of its car body coverings"
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Conclusion:
Increasing research and developmental activities in the field of terahertz technology have been highly observed in the institutions of North America. For instance, according to Jean-Michel Ménard, a renowned professor at the University of Ottawa, optical instruments are developed to improve the spectral resolution or to access difficult-to-reach spectral windows. Terahertz (THz) photonics is an emerging field of study that focuses on developing visual tools to operate at 1 THz (about 300 m in wavelength). Thus, the growing demand for medical imaging, sensing, non-destructive testing, spectroscopy, and wireless communication is expected to create opportunities for the growth of the Terahertz Technology market during the forecast period.
The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system integrator, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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