North America Terahertz Technology Market to Surpass Valuation of US$ 4,620.28 Million By 2031 – Astute Analytica
The North America terahertz technology market is witnessing strong growth, with revenue projected to surge at a CAGR of 38.4% between 2023 and 2031. The market generated revenue of US$ 272.65 Mn in 2022 and is expected to reach US$ 4,620.28 Mn by 2031.
New Delhi, Jan. 30, 2023 (GLOBE NEWSWIRE) -- According to Astute Analytica, there is a strong potential for growth in the adoption of Terahertz technology in North America across multiple industries. The telecommunications industry is expected to be a major driver of Terahertz technology market in the coming years, with the rollout of 5G wireless networks projected to create a need for terahertz-based solutions that can provide the high bandwidth and low latency required to support these networks. Additionally, it is estimated that the US will account for around 40% of the total global 5G connections by 2030, further fueling the demand for Terahertz technology in the country.
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The automotive industry is also expected to be a major user of Terahertz technology in the US, with the need for advanced driver assistance systems (ADAS) driving the demand. These systems will require terahertz-based sensors for detecting obstacles on the road and providing information to the ADAS system to take appropriate evasive action. According to estimates, the market for ADAS in the US is expected to reach $22 billion by 2027, which will further drive the demand for Terahertz technology market.
Moreover, manufacturing and aerospace industry in US are also expected to adopt Terahertz technology, specifically in non-destructive testing and quality control processes. The US manufacturing industry is valued at around $2.3 trillion, and the aerospace industry is valued at around $224 billion, representing a significant potential market for Terahertz technology in the US.
Major Trends Shaping the Global Terahertz Technology Market
Increasing demand for high-speed wireless communication: Terahertz technology is being researched and developed for its potential use in high-speed wireless communication, such as 5G networks.
Development of new imaging and sensing applications: Terahertz technology is being used to develop new imaging and sensing applications, such as non-destructive testing, security screening, and medical imaging.
Advancements in semiconductor technology: Advancements in semiconductor technology have led to the development of new Terahertz sources, such as quantum cascade lasers and tunnel diodes, which are driving the growth of the Terahertz market.
Growing demand from the defense and security sector: The defense and security sector is a major adopter in the North America Terahertz technology market, as it is used for threat detection and identification in a range of applications, including border security and military communications.
The rising adoption of Terahertz technology in the healthcare sector for cancer detection and screening.
The increasing demand for miniaturization and portability in the Terahertz market.
Terahertz Imaging Segment to Grow at a CAGR of 38% in the North America Terahertz Technology Market
In recent years, the utilization of terahertz imaging technology has seen significant growth within North America, due to its ability to penetrate a variety of materials and detect concealed objects. The following analysis will explore the driving factors behind this trend and the potential future implications of this technology.
One of the primary drivers of demand for terahertz imaging technology within North America is its application within the security and defense industry. The technology's ability to detect concealed weapons and contraband at transportation hubs such as airports and ports is of paramount importance to national security. Additionally, the technology is increasingly being utilized in the detection of drugs and other illicit substances, which is a crucial component in the fight against organized crime.
The healthcare industry is another sector that has begun to utilize terahertz imaging technology to a significant extent. The technology's ability to penetrate through skin and other tissues makes it an ideal tool for non-invasive imaging of the human body. This has the potential to greatly aid in the early detection of conditions such as cancer, heart disease, and other illnesses in the terahertz technology market.
Furthermore, the technology is also being utilized within the industrial and research sectors to improve quality control and material analysis. The ability to examine the internal structure of materials and detect defects or impurities can greatly enhance the efficiency and quality of manufacturing processes. Additionally, this technology can also aid in the development of new materials.
A Comprehensive Analysis of the United States' Dominance in the North America Terahertz Technology Market
The United States is currently the largest consumer of terahertz technology across the globe. According to a market research report by Astute Analytica, the North America terahertz technology market is expected to reach US$ 4,620.28 million by 2031, growing at a CAGR of 38.4% during the forecast period. The United States is expected to dominate the market share, with a significant share in the North American region.
This can be attributed to a number of factors, including the country's strong emphasis on research and development in the field of science and technology. The US government invested over $146 billion in R&D in 2022. Additionally, the private sector in the US invested $404 billion in R&D, which is the highest among other countries.
Furthermore, the US has a large and technologically advanced military, which has helped to drive demand for terahertz technology market in the country. The military's increasing use of the technology for the detection of IEDs, communication and imaging, has been a driving factor for the market growth.
The use of terahertz technology in the US is also driven by its numerous applications, including in the fields of medicine, security, telecommunications, and imaging. The technology is used for a wide range of purposes, such as non-destructive testing, quality control, and imaging of materials. Furthermore, the US is home to many leading technology companies and research institutions, such as Raytheon Technologies, Lockheed Martin, and Honeywell International, which has helped to fuel the development and advancement of terahertz technology in the country.
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Top Revenue Pockets in North America Terahertz Technology Market
The North American market for terahertz technology is expected to witness significant growth in the coming years, driven by the increasing adoption of the technology across various industries and the presence of key players in the region. Here are some of the revenue pockets in North America's terahertz technology market:
Medical and Biomedical Applications: The use of terahertz technology in medical and biomedical applications such as cancer detection, imaging, and spectroscopy is expected to witness significant growth in the coming years.
Security and Surveillance: The increasing use of terahertz technology in security and surveillance applications such as the detection of concealed weapons and explosives is expected to drive the market growth in this segment.
Telecommunications: The increasing use of terahertz technology in telecommunications applications such as data transmission and wireless communication is expected to be a major revenue pocket in the North American market.
Industrial Applications: The use of terahertz technology in industrial applications such as quality control, non-destructive testing, and imaging of materials is expected to witness significant growth in the coming years.
Research and Development: The presence of key players and major research institutions in the region is expected to drive the growth of the research and development segment of the North American terahertz technology market.
Military and defense: The increasing use of terahertz technology in military and defense applications such as communication, imaging, and detection of IEDs is expected to be a major revenue pocket in the North American market.
Some of the Top Market Players Are:
Gentec Electro-optics Inc.
HÜBNER GmbH & Co. KG
Menlo Systems GmbH
Microtech Instrument Inc.
Terasense Group Inc.
TOPTICA Photonics AG
QMC Instruments Ltd.
Acal BFi UK Ltd
Advanced Photonix Inc.
Other Prominent Players
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