Terahertz Technology Market is expected to reach US$ 1,841.7 Million by 2028

by Sameer Joshi or 02-Nov-2021
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Report : Terahertz Technology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Terahertz Sources, Terahertz Detectors), Type (Terahertz Imaging Systems, Terahertz Spectroscopy Systems, and Terahertz Communication System), and Application ( Medical and Healthcare, Defense and Security, Food and Agriculture, Industrial, Semiconductor, and Others), and Geography

According to our latest market study on “Terahertz Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Type, and Application,” the market is projected to reach US$ 1,841.7 million by 2028 from US$ 321.0 million in 2021 ; it is expected to grow at a CAGR of 28.3% from 2021 to 2028. 

Application of Terahertz Technology in Food Processing Industry Drives Market Growth
The use of ionizing radiation (X-rays) is critical for quality control and nondestructive testing because of its detrimental effect on biological agents. Thus, the terahertz imaging technology is proving beneficial in the food industry. Instead of using X-ray machines, food manufacturers and packagers can use terahertz food scanners in various areas, such as checking whether a pick-and-place robotic arm has placed all candy bars inside the carton. The terahertz imagers can see through cardboard or PE packaging—chocolate bars could be wrapped in any material, even in metal foil that is impervious to the terahertz rays. Thus, such materials create even better contrast in the terahertz images. Also, insects and other foreign objects found 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, metal or glass pieces, or dirt clots. This can not only kill the appetite of the consumer but also harm them physically via a broken tooth or poisoning. Moreover, in some countries, producers or retailers may end up being sued, potentially leading to fines and lawsuits worth millions of dollars. Several tests have specifically been designed for the food industry to detect the presence of foreign objects (e.g., insects, pieces of plastics, metal, stones, or soil) in the food products. For example, TeraSense Group's terahertz imaging systems can easily detect a common housefly in multiple polyethylene bags, even if the total thickness of such PET coating exceeds 20 mm. Also, TeraSense imaging systems reveal carcinogenic mycotoxin fungus contaminating peanuts, corn, hazelnuts, and other grain crops and oil plants. Further, terahertz imagers also allow industrial customers to detect any signs of infections such as Aspergillus flavus and A. parasiticus, which exude carcinogenic Aflatoxin B1. Thus, the use of terahertz technology in the food industry is a significant opportunity for the growth of the terahertz technology market players during the forecast period.

The emergence and rapid spread of COVID-19 has paralyzed both developed and developing countries. A continuous surge in the count of infected patients is threatening several industries across the world. Since the majority of countries are imposing lockdown measures, whenever required, the temporary shutdown of manufacturing facilities is resulting in a negative trend in the terahertz technology market. Key market players are restricting their investments on high-tech solutions and are rather utilizing a fair percentage of their budget for combating the impact of COVID-19 on their businesses. The semiconductor and automotive industries are among major victims of the pandemic. The food and agriculture industries requires a significant number of human labors; however, these industries couldn’t work to their optimum as this disease spreads through public gatherings. The negative trend in these industries restrained the terahertz technology market growth in 2020.

Key Findings of Study:

The global terahertz technology market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Based on component, the terahertz technology market is bifurcated into terahertz sources and terahertz detectors. The terahertz detectors segment held a larger market share in 2020. Based on type, the market is segmented into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication system. Based on application, the market is segmented into medical and healthcare, defense and security, food and agriculture, industrial, semiconductor, and others.

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