In its latest report, Transparency Market Research pegs the overall value of the global terahertz components market at US$56 mn in 2014. Exhibiting a robust CAGR of 25.9%, the market is anticipated to reach US$415 mn by the end of 2023.
Increasing Application for Process Control Monitoring to Boost Global Terahertz Components Market
The increasing application of terahertz technology across diverse industrial verticals for quality check and process control monitoring will enable terahertz components to occupy a lucrative position in the global market. Furthermore, the use of terahertz components in laboratory applications will remain high in the coming years, which subsequently will fuel the demand for terahertz components in the global market at a steady pace. Also, in the last few years, the application of terahertz components in the medical sector has substantially increased, which in turn is expected to bolster demand from the terahertz components market in the forthcoming years.
The application of terahertz technology has visibly increased in medical science and biology. This has given a significant impetus to the market over the past few years. In addition, material inspection, coupled with testing coating, for ensuring process improvement has also emerged as a major application sector for terahertz components in industrial process monitoring.
Limited Penetration across Industries Hampers Global Terahertz Components Market
As of 2015, the limited penetration of terahertz radiation has lessened the scope for its application across industries. This has been identified as a major challenge that vendors operating in the market must mitigate to expand their scope of business operations. Additionally, the terahertz devices currently available in the market are bulky and expensive and this might emerge as a major bottleneck limiting the commercial application of terahertz components.
Non-destructive Testing Emerges as Leading Application Segment
Based on application, the market for terahertz components can be segmented into research laboratory applications, industrial process control, non-destructive testing, and medical imaging. Of these, the non-destructive testing segment led the global market for terahertz components in 2014, trailed by research laboratory applications. Terahertz technology is used across the aforementioned application segments to detect abnormalities and defects from delamination and disband, heat damage, mechanical impact damage, foreign material inclusions, and water or hydraulic fluid ingression. Terahertz radiation is also used for the identification and detection of illegal materials and hidden explosives and to investigate paper packages and envelopes without opening them. Thus, with rising concerns pertaining to safety and security around the world, the application of terahertz components is poised to increase exponentially in the near future.