Global Terahertz Components and Systems Market report published by Accurize Market Research forecast that the global market is expected to reach $433.6 million by 2024; growing at a CAGR of 26.9% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Growing application of terahertz technology to drive the global market

Growing application of terahertz technology across various sectors coupled with the increased use of this technology in laboratories fuels the demand for terahertz components and systems market. Moreover, expanding the utilization of terahertz in medical imaging and non-destructive testing also boosts the growth of the market.

Market Segmentation

The global terahertz components and systems market is segmented based on the components, systems, applications, and geography. By component type, it is further segmented into terahertz sources, terahertz detectors, and others. Systems are segmented into the system based on spectroscopy (time-domain spectroscopy, frequency-domain spectroscopy, and imaging by scanning), terahertz radar and terahertz sensing. Furthermore, applications are segmented into industrial process monitoring, research laboratory application, medical imaging, non-destructive testing, and others.

North America, Europe, Asia-Pacific and the Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and the Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa, and the Middle East.

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"Terahertz sources accounted for the largest market share in the components type segment", says Accurize

By components type, terahertz sources accounted for the highest market share in 2017. By systems, systems based on spectroscopy accounted for the highest share in 2017 followed by terahertz sensing. By applications, non-destructive testing holds the highest share followed by research laboratory applications in 2017.

"North America dominated the global market with the highest market share over the forecast period", says Accurize

North America accounted for the largest share of the market followed by Europe in the year 2017. Asia Pacific is the fastest-growing region in the global market, driven by, improving the healthcare sector, the high rate of patients suffering from osteoporosis and a rise in the level of health awareness.

Top players in the market

Major companies operating in the 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.