Summary

The Global Terahertz technologies market was valued at USD 345.2 million in 2020 and it is expected to reach USD 1155.4 million by 2026, registering a CAGR of 22.4%, during the forecasted period of 2021-2026. Terahertz technology is an emerging and growing field with potentials for developing applications varying from passenger scanning at an airport to large digital data transfers and has been reflecting significant advancements on the scientific front. Terahertz (THz) radiation exhibits three unique properties, which stimulate the development of the whole terahertz industry.

- The increasing concerns regarding the security systems across the various industry verticals have created a dire need for efficient solutions driving the studied market growth. The comparative niche market potential of the terahertz technology has been primarily implemented in applications like security imaging and non-destructive testing. The non-ionizing and non-invasive radiations of the terahertz waves have rendered them to be immensely useful in the healthcare industry.
- With the outbreak of the COVID-19, the terahertz technology market is expected to witness growth with its major application in healthcare, biomedical, and security application. With a limited supply of COVID-19 testing kits in countries, such as India and other parts of the world, people with mild symptoms are less likely to be tested. In order to tackle this issue, in May 2020, a team of researchers from the Defence Research Development Organisation (DRDO) and North Eastern Hill University is working on developing artificial intelligence-based terahertz radiation (t-ray) scanning unit in order to address the limitation of the infrared thermal scanner in the accurate and early detection of coronavirus patients.
- One of the significant factors driving the adoption of the terahertz technology in the security industry is the ability to perform full or partial body scanning and other related security screening without any radiation on vital elements. The technology is witnessing significant adoption in airport screening which is helping to increase the throughput of the screening with high proven detection performance. According to Canadian Air Transport Security Authority (CATSA), the number of passengers screened per hour at Canadian Airport increased to 217 per hour in 2020 from 159 per hour in 2016.
- In 2020, a researcher at MIT and the University of Waterloo developed a high-power, portable version of a device called a quantum cascade laser, which can generate terahertz radiation outside of a laboratory setting that can be potentially used in applications such as pinpointing skin cancer and detecting hidden explosives. This research was funded by the NASA and the Natural Sciences and Engineering Research Council of Canada. The technology could also be applied in many industries where the detection of foreign objects within a product is necessary to assure its safety and quality.
- Terahertz imaging is still a relatively new technology. Thus, it finds it tough to replace the existing technologies presently dominating the market. It has taken a while to validate the usefulness and uniqueness of the terahertz technology as a service to the end users. Thus, the effort in replacing technology, such as x-rays and MRI, in the industry is a very complicated and exhaustive task, which could end up costing the end users massive amounts of money. These costs above have a considerable effect in restricting the adoption of the terahertz technology as the end users are not entirely convinced of its benefits.

Key Market Trends

Defense and Security is Expected to be one of the Fastest Growing Industry

- Terahertz technology for security and defense-related applications has recently experienced an increase in interest with an emphasis on imaging of concealed explosives. The ability to detect and identify objects hidden behind barriers is one of THz technology's core features. In today’s security environments, the ability to identify threats like hidden weapons, body-worn explosives is a strong operational need.
- Further, in response to the urgent demand for efficient, safe, and speedy imaging in remote security screening applications, a new sub-terahertz security body scanner has been developed by researchers in March 2020. This new 100-GHz security scanner presented the test results, which demonstrate that it can perform through-garment detection at standoff ranges of 3–6 m with a respective lateral resolution of 3–6 cm. The depth of the field of the system has been determined experimentally to be approximately 30 cm. Such initiative at remote places such as in the airport is highly recommended.
- THz imaging in concert with air surveillance radar systems is another technological pairing that is beginning to be explored. In recent years, The South China Morning Post released an article claiming China’s largest arms manufacturer, China North Industries Group Corporation, successfully tested THz instruments capable of detecting stealth aircraft. China’s past pursuits of foreign and dual-use technologies suggest that the country will continue to grow its THz technology in competition with other international powers such as the US.
- Terahertz can also assist in personnel recovery (PR) missions for downed aircrew or groups of people in unfortunate situations that require any assistance or rescue. In a degraded visual environment such as dust storms in the Middle East, THz’s operating frequencies and smaller wavelength size are making it an ideal choice for finding and tracking human-sized targets of interest for recovery. In addition, THz could help the rotary-wing aircrew perform field landings by detecting terrain and other obstacles and vertical development in obscurant weather that could pose safety hazards.
- Further, COVID-19 has revolutionized security practices along with other parts of everyday life, as screening people via personal ‘patdowns’ is no longer safe. ESA-developed passive terahertz technology, which enables the detection of items hidden under clothing from a distance, is helping to fill the gap. The US Customs and Border Protection agency is among the latest of more than 200 users of technology, deploying it to secure its US border. The technology has been commercialized by UK company Thruvision, with customers including airports around the world and the LA Metro as well as the US Customs and Border Protection agency.

North America is Expected to have the Largest Market Share

- The United States is one of the significant markets for terahertz technologies, primarily due to the rising homeland security issues, investments in defense, and increasing R&D. Also, the stringent government regulations regarding the safety and production of aerospace technologies in the United States, as well as the significantly growing automotive and aerospace industries, are driving the market for terahertz technologies in the region.
- According to the US Department of Commerce, the US aerospace industry contributed about USD 118.5 billion to the American economy in the form of export sales. It is expected that for the next 20 years, the number of large commercial planes may witness a growth rate of 3.5% per year, to reach a total of 34,000 units, which is valued at approx. USD 4.5 trillion. Such demand from the aircraft industry is a significant driver for the growth of the inspection systems based on the terahertz technology.
- US Air Force researchers are looking intotechnologies for future line-of-sight air-to-air communications and networking at frequencies higher than 100 GHz to help aircraft exchange mission-critical battle-management information. For the same, Air Force experts are expected to test Terahertz communication technologies through modeling and simulation.
- Like United States, Canada is also expected to witness significant growth in demand for the THz technology due to an increase in the demand for security screening equipment across various public places. For instance, Canadian airlines screen passengers before they board flights bound for the country. Air Canada's union, which is the Canadian Union of Public Employees (CUPE), announced additional pre-flight screening by making flight attendants responsible for the screening. Furthermore, the union announced that airports or airlines should have specially AG recently announced the expansion of its manufacturing facility in Canada. The company trained personnel assigned.
- A new Canadian Research Chair at the ETS is developing advanced modulation devices for Terahertz waves. The research is focused on developing methods and technologies that may eventually make it possible to encrypt data transmitted by future ultra-wideband (UWB) telecommunication networks.

Competitive Landscape

The terahertz technology market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. The companies operating in the market are also acquiring start-ups working on terahertz technologies to strengthen their product capabilities. Thus market concentration is medium.

- March 2021 - Bakman Technologies launched new controller which is based on the electronics from its PB7220 series of frequency-domain THz spectrometers. This controller was improved for use in avionics-ready, portable, spectroscopic THz sensors. While designed for this specific task, the controller can be used for any photo-mixing or optical heterodyne application between DC and 10 THz.
- March 2021 - TERASENSE introduced a new terahertz generator family, with a fixed frequency of 95 GHz and a output power of more than 1.8W. Such advances were primarily achieved due to an innovative design of an enhanced power amplification circuit, called the IMPATT+ Amplifier technology.
- January 2021 - TeraView secured development funding from the Sustainable Innovation Fund of approximately EUR 191 million with Innovate UK, a United Kingdom’s innovation agency. This funding is specifically targeted at TeraView’s cutting-edge technology for next generation 6G network applications. TeraView will use its expertise and intellectual property to develop the building blocks of future 6G networks, which will use terahertz (THz) frequencies.
- July 2020 - Advantest Corporation started to sell its new TS9001 TDR System that is based on company's exclusive Terahertz technology to provide non-destructive, high-resolution circuit fault analysis in advanced semiconductor packages, like flip-chip BGAs, wafer-level packages, and 2.5D/3D ICs.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Impact of COVID-19 on the Market
4.5 Market Drivers
4.5.1 Increased Demand in the Medical Sector, and Non Destructive Testing Applications
4.5.2 Holistic Approach to Security through the Usage of Terahertz Technology
4.6 Market Restraints
4.6.1 Lack of Awareness of the Technology in the Market
4.6.2 Lacking the Device Infrastructure to Support the Adoption of Terahertz Technology

5 MARKET SEGMENTATION
5.1 Technology
5.1.1 Terahertz Imaging Systems
5.1.1.1 Active System
5.1.1.2 Passive System
5.1.2 Terahertz Spectroscopy Systems
5.1.2.1 Time Domain
5.1.2.2 Frequency Domain
5.1.3 Communication Systems
5.2 End User
5.2.1 Healthcare
5.2.2 Defense and Security
5.2.3 Telecommunications
5.2.4 Industrial
5.2.5 Food and Agriculture
5.2.6 Laboratories
5.2.7 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia Pacific
5.3.4 Rest of the World
5.3.4.1 Latin America
5.3.4.2 Middle East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Luna Innovations
6.1.2 Teravil
6.1.3 TeraView Limited
6.1.4 TOPTICA Photonics AG
6.1.5 HÜBNER GmbH & Co. KG
6.1.6 Advantest Corporation
6.1.7 Batop GmbH
6.1.8 Terasense Group Inc.
6.1.9 Microtech Instrument Inc.
6.1.10 Menlo Systems GmbH
6.1.11 Gentec Electro-optics Inc.
6.1.12 Bakman Technologies

7 INVESTMENT ANALYSIS

8 FUTURE OF THE MARKET