Albany, NY, Feb. 19, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new market report, The global terahertz components and systems market was valued at US$56 mn in 2014 and is anticipated to reach US$415 mn by 2023, expanding at a CAGR of 25.9% from 2015 to 2023.
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 at the global level. Moreover, increasing application of terahertz devices in research laboratory applications is one of the prime contributing factors for boosting the growth of this market. Advances in terahertz technology and growing usage of terahertz components for non destructive testing and medical imaging are expected to drive the growth of terahertz components and systems market during the forecast period.
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Low industrial application scope due to limited penetration of terahertz radiation is one of the challenges that may hinder the growth of terahertz components and systems market. As of 2015, the available terahertz devices are big, bulky and expensive and it limits its applications that are also retraining the growth of terahertz components and systems 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 hampering the market growth.
By components, terahertz components and systems market can be segmented into terahertz sources, terahertz detectors among others. As of 2014, terahertz sources held the largest share in terahertz components and systems market. Rising demand of high performance terahertz sources in different application segments is driving the growth of this segment.
In terms of systems, the market can be segmented into systems based on spectroscopy, terahertz radar and terahertz sensing. Furthermore, systems based on spectroscopy is segmented into time-domain spectroscopy, frequency-domain spectroscopy and imaging by scanning. As of 2014, systems based on spectroscopy held the largest share in terahertz components and systems market. Terahertz spectroscopy offers great flexibility and scalability when it comes to probe elements.
In terms of application, the market can be segmented into industrial process control, research laboratory applications, medical imaging and non destructive testing among others. As of 2014, non destructive testing is the most attractive segment, followed by research laboratory in terms of application in terahertz components and systems. Non destructive testing and research laboratory application segment together contributed more than 60% share of the total revenue of the market in 2014. Terahertz technology provides high resolution defect isolation in upgraded semiconductor packages along with 3D imaging in integrated circuit devices.
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The market for terahertz components and systems has been segmented into major geographic regions which include Europe, Asia Pacific, North America and Rest of the World (RoW). Growing preference for terahertz technology in different industries such as pharmaceutical, industrial and non destructive testing is driving the growth of terahertz components and systems market across different regions which include North America, Europe, Asia Pacific, and RoW. As of 2014, North America held the largest share of the market in terms of revenue. Increasing application of terahertz technology in biology and medical science is one of the factors fueling the market growth for terahertz components and systems. Moreover, material inspections along with testing for the process improvement are some of major application areas of terahertz technology in countries from Europe and Asia Pacific.
Some of the major players operating in the terahertz components and systems market are Advantest Corporation (Japan), Digital Barriers PLC (U.K.), Applied Research & Photonics Inc. (U.S.), EMCORE Corporation (U.S.), Teraview (U.K.), Bruker Corporation (U.S.), M Squared Lasers Ltd (U.K.), NEC Corporation (Japan), Menlo Systems GmbH (Germany), Techcomp Group Ltd. (Hong Kong), Bridge12 Technologies, Inc. (U.S.) and Microtech Instruments Inc. (U.S.) among others.
The global terahertz components and systems market has been segmented as follows:
Global Terahertz Components and Systems Market by Components
- Terahertz Sources
- Terahertz Detectors
Global Terahertz Components and Systems Market by Systems
- System based on Spectroscopy
- Time-domain spectroscopy
- Frequency-domain spectroscopy
- Imaging by scanning
- Terahertz Radar
- Terahertz Sensing
Global Terahertz Components and Systems Market by Applications
- Industrial Process Monitoring
- Research Laboratory Application
- Medical Imaging
- Non Destructive Testing
Global Terahertz Components and Systems Market by Region
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research