Europe Terahertz Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Type, and Application

The terahertz technology market in Europe is expected to grow from US$ 58.9 million in 2019 to US$ 422.8 million by 2027; it is estimated to grow at a CAGR of 28.1%from 2020 to 2027.

The use of ionizing radiations (X-rays) is critical in quality control and nondestructive testing because of its detrimental effect on biological agents. In the food industry, food manufacturers and packagers can use terahertz food scanners instead of using X-ray machines to check abnormalities; for example, it can detect the misplacement or inadequate placement of candy bars in carton by a pick-and-place robotic arm. The THz imagers face no problem seeing through cardboard or PE packaging; metal foil rather would create even better contrast in THz images. Detecting insects and other foreign objects in food are a severe cause of concern to consumers, food producers, and retailers. Unwrapping a chocolate bar could reveal an unpleasant surprise, like an insect, pieces of metal or glass, or clots of dirt. This can not only kill the appetite of the consumers but also cause severe consequences such as broken teeth or food poisoning. On top of that, in several countries, producers or retailers may end up being sued, potentially leading to fines and lawsuits worth millions of dollars. A few tests have specifically been designed for the food industry to demonstrate the ability to identify foreign objects (e.g., insects, pieces of plastics, metal, stones, or soil) inside of some food products, which is providing growth potential for the terahertz technology market. Due to COVID-19 outbreak, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. The region is a major manufacturing and industrial hub for sectors such as healthcare equipment, and defense & security among others. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021 also. The coronavirus continues affecting medical and healthcare and defense manufacturing in Europe. The manufacturing of this technology is reduced their schedule by about 60% to 95%. Pertaining to the fact that the majority of the countries have been experiencing a continuous rise in infected patients, the manufacturing facilities are encountering workforce scarcity. This is leading to lesser production, which is hindering the businesses of terahertz technology manufacturing.

The terahertz detectors segment led the terahertz technology market based on component in 2019. Terahertz radiation falls between the microwaves and far infrared portion of the electromagnetic spectrum. These radiations have the capability to penetrate through plastics, clothing, and wood, among other materials; their non-ionizing behavior makes them safer for individuals, compared to X-rays that can be harmful. Terahertz radiations are widely utilized in full body scan machines installed at airports and other public places for security purposes. These machines are also used in medical applications for initial cancer cell detection.

The overall Europe terahertz technology market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe terahertz technology market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants that typically take part in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe terahertz technology market. Terasense Group Inc., Teraview limited, Advantest Corporation, Toptica Photonics AG, Luna Innovations Inc., HÜBNER GmbH & Co. KG, Menlo Systems GmbH, AcalBFi Limited, Advanced Photonix Inc., and Microtech Instrument Inc. are among a the key players operating in the market in Europe.