With the growing involvement of international players in the market for terahertz components and systems,
the degree of competition has increased significantly, finds TMR. The
leading companies, namely, Advantest Corp, TeraView, Bruker Corp, NEC
Corp, Menlo Systems GmbH, and Techcomp Group Ltd., are heavily investing
in research and development activities to expand their product
portfolios in order to sustain in this competitive environment.
Going forward, the companies are likely
to compete on the basis of innovation and advancements. Product pricing
will also play a key role in providing the manufacturers an edge over
each other. Analysts at Transparency Market Research predict a high
degree of competition as well as profitability in this market over the
coming years.
Increasing Popularity of Terahertz Imaging Solutions Fuels Demand for Terahertz Components and Systems
“Terahertz technology has found a
widespread application in the fields of biology, molecular spectroscopy,
medical science, and space sciences”, states an analyst. As terahertz
radiation does not possess any ionization threat for biological tissues,
thanks to its low photon energy, terahertz imaging solutions are
gaining immense popularity in medical applications, increasing the
demand for terahertz components and systems significantly.
Going forwards, the advancement in
terahertz technology and the augmenting application of terahertz
components in medical imaging and non-destructive testing are
anticipated to boost the market’s growth over the next few years.
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On the other hand, the limited
penetration level of terahertz radiation may hamper the application of
terahertz components and systems in various other industries in the near
future. Their demand may also be influenced negatively by the lack of
awareness pertaining to the benefits offered by terahertz technology and
the dearth of skilled professionals for the management of terahertz
devices.
North America to Save Leadership but Lose Significant Amount of Shares
According to TMR’s estimations, the
global opportunity in terahertz components and systems in 2014 was worth
US$56 mn. Expanding at a CAGR of 25.90% between 2015 and 2023, analysts
expect it to increase to US$415 mn by the end of the forecast period.
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