CHICAGO , May 20, 2022 /PRNewswire/ — According to a research report “Terahertz Technology Market by Type (Terahertz Imaging, Terahertz Spectroscopy, Terahertz Communication Systems), Application (Laboratory Research, Medicine & Healthcare, Satellite Communication) and Geography – Global Forecast to 2027”, released by MarketsandMarkets™, the Global Terahertz Technology Market was valued at $0.6 billion in 2022 and should reach $1.2 billion by 2027, registering a CAGR of 14.7% during the forecast period. Strict government regulations on public safety and homeland security and increasing demand for terahertz technology in the medical sector are the major driving factors for the growth of the terahertz technology market.
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By Application: Laboratory Research in Terahertz Imaging and Spectroscopy to Propel Market Growth
The terahertz technology used to manufacture imaging and spectroscopy products is frequently the subject of research and development (R&D). In laboratory research, researchers can determine variables; the series of manipulations and preventive measures can be precisely specified; then it can be administered in the desired order, with high response rates and relative attention. Researchers can identify relevant variables and deliberately operationalize them. Therefore, the application of laboratory research is expected to hold the largest share of the terahertz technology market in 2027.
Increase the application areas of terahertz communication systems to accelerate the demand for terahertz technology
The terahertz communication systems segment is expected to grow with the highest CAGR during the forecast period. Satellite communication plays a vital role in data transmission in the global telecommunication system. The major advantages of satellite communications are that wireless and mobile communication applications can be established effortlessly regardless of location, cover a large geographical area of the earth with a single satellite, and enable point-to-multipoint communication. Hence, these factors are expected to create lucrative opportunities for the growth of terahertz communication system manufacturers in the near future.
Browse the in-depth table of contents at “Terahertz Technology Market
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Asia Pacific likely to emerge as the largest terahertz technology market during the forecast period
The terahertz technology market in Asia Pacific is expected to grow at the highest CAGR of around 16.6% during the forecast period, while China in the Asia Pacific the region accounted for the largest share of the terahertz technology market in 2021; a similar trend is observed during the forecast period. This growth can be attributed to the expansion of the Chinese economy, China plans to modernize its economic infrastructure and increase the number of industries. Along with this, Chinese scientists are focusing on developing new communication products based on terahertz technology in the region, thereby propelling the growth of the market.
PRE-TEST COMPANY (Japan), Luna Innovations (USA), TeraView Limited. (UK), TOPTICA Photonics AG (Germany), HÜBNER GmbH & Co. KG (Germany), Menlo Systems (Germany), Terasense Group Inc. (United States), Gentec Électro-Optique (Canada), QMC Instruments Ltd. (UK) and TeraVil Ltd. (Lithuania) are among the major players in the terahertz technology market.
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