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

Terahertz detectors to Dominate SAM terahertz technology market during 2019-2027

According to a new market research study on “SAM Terahertz Technology market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Component, Type, Application” is expected to reach US$35.47 million by 2027 from US$6.14 million in 2019. The market is estimated to grow at a CAGR of 24.7% from 2020 to 2027. The report provides trends prevailing in the SAM terahertz technology market along with the drivers and restraints pertaining to the market growth. Terahertz Technology from the Defense, Homeland Security, and Medical Sectors have seen a huge surge in demand and this is the major factor driving the growth of the SAM terahertz technology market. However, issues associated with shortfall of skilled professionals and inadequate awareness restricts the growth of SAM terahertz technology market.

The market for terahertz technology market is segmented into by Component, Technology, Application and Country. Based on component, the market is segmented into terahertz sources and terahertz detectors. In 2019, the terahertz detectors held the largest share of SAM terahertz technology market. Based on type, terahertz technology market is divided into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication system. Terahertz communication system is expected to the fastest growing segment over the forecast period. On the basis of application the market is segmented into medical & healthcare, defense and security, food & agriculture, industrial and other. Medical & Healthcare segment held the largest share in 2019 for the SAM terahertz technology market. Furthermore COVID-19 pandemic is affecting various industries. In SAM, Brazil has the highest number of COVID-19 confirmed cases, followed by other countries such as Ecuador, Peru, Chile, and Argentina. The governments of various countries in South America are taking several initiatives to protect people and to contain COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to have a direct impact on the region’s economic growth as the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes. The presence of various developing nations makes SAM as one of the major market for the growth of terahertz technology market over the forecast period of 2020 to 2027. However, the sharp decline in manufacturing, healthcare and medical, defense, and food and agriculture activities in this region due to COVID-19 lockdown measures is expected to directly impact the growth of terahertz technology market in the coming quarters. In addition to this, the supply chain disruptions and non-availability of raw materials will also aggravate the problems of various industries operating in this region. Hence, the decline in business operations and product development activities is expected to directly affect the growth rate of terahertz technology market in this region for the next three to four quarters.

Advantest Corporation; Luna Innovations Inc.; Microtech Instrument Inc.; Terasense Group Inc. and Teraview limited are among the leading companies in the SAM terahertz technology market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, TeraSense Group Inc. announced its new powerful 0.8W and 1.8W waves sources at 94GHz, which is a IMPATT-based generator with its output power between .08 W to 1.8 W.

The report segments the SAM Terahertz Technology market as follows:

SAM Terahertz Technology market - By Component

• Terahertz Sources
• Terahertz Detectors

SAM Terahertz Technology market - By Type

• Imaging Systems
• Terahertz Spectroscopy Systems
• Terahertz Communication System

SAM Terahertz Technology market - By Application

• Medical & Healthcare
• Defence and Security
• Food & Agriculture
• Industrial
• Other

SAM Terahertz Technology market - By Country

• Brazil
• Argentina
• Rest of SAM

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the SAM terahertz technology market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the SAM terahertz technology market thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth SAM market trends and outlook coupled with the factors driving the SAM terahertz technology market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.