Global Terahertz Components and Systems Market Report, published by Variant Market Research, forecast that the global market is expected to reach $433.6 million by 2024 from $64.8 million in 2016, growing at a CAGR of 26.8% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 30.2% and 27.3%, respectively, during the forecast period.
"Terahertz Components and Systems Market (By Component: Terahertz Sources, Terahertz Detectors; By System: Spectroscopy, Terahertz Radar and Terahertz Sensing; By Application: Industrial Process Monitoring, Research Laboratory Application, Medical Imaging, Non Destructive Testing; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Growing application of terahertz technology across various sectors coupled with increased use of this technology in laboratories fuels the demand for terahertz components and systems market. Moreover, expanding utilization of terahertz in medical imaging and non-destructive testing also boosts the growth of the market.
By components type, terahertz sources accounted for the highest market share in 2016 followed by terahertz sources. By systems, systems based on spectroscopy accounted for highest share in 2016 followed by terahertz sensing. By applications, non destructive testing holds the highest share followed by research laboratory applications in 2016.
Asia Pacific is the fastest growing region in the global Terahertz Components and Systems market, and is expected to continue this trend due to advancements in technology and usage of terahertz technology for medical imaging. North America accounts the largest share of the market followed by Europe in 2016.
The key players of terahertz component and systems market include EMCORE Corporation, Digital Barriers Plc., Microtech Instruments Inc., NEC Corporation, Bridge12 Technologies, Inc., Digital Barriers PLC, Applied Research & Photonics Inc., M Squared Lasers Ltd, Bruker Corporation and Menlo Systems GmbH.