INCREASED DEMAND IN MEDICAL SECTOR AND NDT APPLICATIONS TO DRIVE THE MARKET GROWTH
Terahertz has major advantages over other conventional technologies, because, unlike standard metal-only detectors, it is sensitive to the presence of explosives and does not emit ionizing radiation, which is safer than X-rays. It is also used to detect airborne chemical warfare agents and toxic industrial chemicals. Millimeter wave technologies and X-rays need dedicated operators to feed analysis data into the software, whereas terahertz fingerprint technology can be automatically fed into the software, eliminating the need for operator interpretation of multifaceted images as well as the major privacy concerns with regard to both X-Ray and millimeter wave technologies.
LABORATORIES HOLD THE MAJOR MARKET SHARE, BY END USER
Laboratories hold the largest market share in terahertz technology, and are expected to see high growth over the forecast period. With growing awareness, many industries are investing in R&D to explore the potential applications of terahertz. Thus, the adoption of terahertz technology in laboratories has witnessed a drastic growth over the past two years. Biochemistry, pharmaceutical R&D, and material characterization applications have been the major contributors to the growing terahertz market, in the segment. Pharmaceutical industries are exploring these technology for mass deployment in quality control. With the technology capable of material categorization, the industry uses these systems for composition and thickness testing. Biochemical R&D operations deploy terahertz for accurate measurement and categorisation of components. Many industries are now looking at terahertz for plasma diagnostic operations. The semiconductor industry deploys this technology to quickly and accurately detect cracks and impurities in semiconductor packaging.
NORTH AMERICA TO HOLD MAJOR SHARE OVER THE FORECAST PERIOD
North America is the major segment in terahertz technologies market because of the increasing homeland security issues, investment in defense, and growing R&D. Also, stringent government regulations regarding safety, new power generation projects in the United States, and the significantly growing automotive and aerospace industries drive the market for Terahertz technologies in this region. With growing population and increasing health-related concerns among the individuals the industry is expected to see growth over the next few years. The country also spends heavily in the healthcare industry, which can be observed from the healthcare expenditure per capita (USD 8,608) of the country. According to the national cancer institute, in 2016, 1,685,210 new cancer cases were estimated to be diagnosed, and 595,690 people were expected to die from the disease. The national expenditure for cancer in the United States is expected to reach nearly USD 156 billion by 2020. Terahertz technology, which plays a crucial role in the medical diagnostics of the oncology applications, is expected to observe huge adoption rates.
Major key players include: ADVANTEST CORPORATION, TRAYCER DIAGNOSTIC SYSTEMS, TERASENSE GROUP INC, MICROTECH INSTRUMENT INC, MENLO SYSTEMS GMBH
Key Developments in the Market
- March 2017: Luna Innovations Incorporated announced that its Picometrix division entered into a Vendor Managed Inventory Agreement with a leading Chinese provider of telecommunications equipment and network solutions. This agreement will integrate Picometrix more closely into the customer’s supply chain and manufacturing processes.
- February 2017: Advantest Corporation introduced the new HF-AWGD (high-frequency arbitrary waveform generator and digitizer) module to extend the capabilities of its EVA100 measurement platform to include high-resolution and high-speed analog devices. With the new module, the EVA100 system can measure all key parameters of mixed-signal, precision and standard analog semiconductors used in high-growth applications, including on-board automotive electronics.
- January 2017: Terasense partnered with Eidos Business Lab LLC - an official distributor in Russian Federation. The company shares their extensive experience in supplying end users and various R&D institutions with a wide spectrum of components and turnkey solutions for homeland security and industrial NDT applications.
- The changing market scenario of Terahertz technologies.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- The security technology, services, and vertical that is expected to dominate the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- Identifying the latest developments, market shares, and strategies employed by the major market players.
- Three month analyst support, along with the Market Estimate sheet (in excel).
This report can be customized to meet your requirements.
1.1 Scope of the Study
1.2 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Porter's Five Forces Analysis
3.2.1 Threat of New Entrants
3.2.2 Bargaining Power of Customers
3.2.3 Bargaining Power of Suppliers
3.2.4 Threat of Substitute Products
3.2.5 Intensity of Competitive Rivalry
3.3 Product Life Cycle Analysis
4. Market Dynamics
4.2 Market Drivers
4.2.1 Increased Demand in the Medical Sector, and NDT applications
4.2.2 Holistic Approach to Security through the Usage of Terahertz Technology
4.3 Market Challenges
4.3.1 Lack of Awareness of the Technology
4.3.2 Lack of Device Infrastructure that Supports the Adoption of Terahertz Technology
5. Technology Snapshot
6. Global Terahertz Technologies Market - Segmentation by Technology
6.1 Terahertz Imaging Systems
6.1.1 Active Systems
6.1.2 Passive Systems
6.2 Terahertz Spectroscopy Systems
6.2.1 Time Domain
6.2.2 Frequency Domain
6.3 Communication Systems
7. Global Terahertz Technologies Market - Segmentation by End-user Verticals
7.2 Defense and Security
7.5 Food and Agriculture
8. Global Terahertz Technologies Market - Segmentation by Geography
8.1 North America
8.4 Latin America
8.5 Middle East & Africa
9. Competitive Intelligence - Company Profiles
9.1 Advantest Corporation
9.2 Traycer Diagnostic Systems Inc.
9.3 Terasense Group Inc.
9.4 Microtech Instrument Inc.
9.5 Menlo Systems GmbH
9.6 Gentec Electro-optics Inc.
9.7 Luna Innovations Inc.
9.8 Digital Barriers PLC
9.9 Teraview limited
9.10 Toptica Photonics AG
9.11 Hubner GmbH & KG
9.12 Bakman Technologies
10. Investment Analysis
11. Future of Terahertz Technologies Market
- Advantest Corporation
- Traycer Diagnostic Systems Inc.
- Terasense Group Inc.
- Microtech Instrument Inc.
- Menlo Systems GmbH
- Gentec Electro-optics Inc.
- Luna Innovations Inc.
- Digital Barriers PLC
- Teraview limited
- Toptica Photonics AG
- Hubner GmbH & KG
- Bakman Technologies