Friday, 26 April 2024
Terahertz Communication System Segment to Dominate North America Terahertz Technology Market during the forecast period (2020 - 2027)
According to The Insight Partners market research study on “North America Terahertz Technology Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Type, and Application,” is expected to reach US$ 497.16 Mn by 2027 from US$ 74.01 Mn in 2019. The market is estimated to grow at a CAGR of 27.1% from 2020 to 2027. The report provides trends prevailing in the North America terahertz technology market along with the drivers and restraints pertaining to the market growth. Rising demand of terahertz technology from the defense, homeland security, and medical sectors are the major factor driving the growth of the North America terahertz technology market. However, lack of awareness and unavailability of skilled professionals hinder the growth of North America terahertz technology market. North America is one of the most important region for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high adoption of automation in various industries especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the worst affected country due to COVID-19 outbreak with more than 1.32 million confirmed cases and more than 79,000 deaths by 5th May 2020. The US is one of the largest markets for terahertz technology owing to the presence of prominent medical and healthcare, defense & security manufacturer in the region which further enhance the procurement of terahertz technology.
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The market for terahertz technology market is segmented into component, type, application, and country. Based on component, the market is segmented into terahertz sources and terahertz detectors. In 2019, the terahertz detectors segment held the largest share in North America terahertz technology market. On the basis of type the terahertz technology market is divided into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication system. Terahertz imaging systems segment held the largest share in 2019. Similarly, based on application, the market is bifurcated into medical & healthcare, defense & security, food & agriculture, industrial, and others. The medical & healthcare segment contributed a substantial share in 2019.
Terasense Group Inc., Teraview limited, Advantest Corporation, Toptica Photonics AG, Luna Innovations Inc., Menlo Systems GmbH, Advanced Photonix Inc., and Microtech Instrument Inc. are among the leading companies in the North America 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 2018, Luna Innovations announced its merger with Advanced Photonix Inc. to form new division named as "PicoMetrix". This new division comprises of terahertz products, suite of fiber optic test and sensing products of Luna Innovations.
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The report segments the North America Terahertz Technology market as follows:
Terahertz Technology Market – By Component
Terahertz Technology Market – By Type
Terahertz Technology Market – By Application
Terahertz Technology Market – By Country
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