Terahertz Technology Market is expected to reach US$ 3,003.1 Million by 2030

Growing Use of Terahertz System in Semiconductor Industry to Provide Opportunities for Terahertz Technology Market during 2023–2030.

According to our latest market study on “Terahertz Technology Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Component, Type, and Application,” the terahertz technology market was valued at US$ 461.9 million in 2022 and is expected to reach US$ 3,003.1 million by 2030; it is expected to grow at a CAGR of 26.4% from 2023 to 2030. 

The global semiconductors industry is growing at an exponential rate due to factors such as the rapid growth of the industrial sector and surging demand for self-driving vehicles and consumer electronics. Semiconductor packaging inspection; nondestructive fault detection in packaging systems; defect detection in microelectronics; and checking wiring quality of semiconductor packages, including wafer-level packages, flip-chip BGA, and 2.5D/3D ICs, are a few of the application areas where the terahertz technology is utilized. It also finds applications in wireless communications as it helps in testing the semiconductor chips used in communications and mobile computing, as well as transmitters and receivers. This technology is ideal for evaluating epitaxial wafers and interconnects in the packaged chips. The terahertz systems also have various applications in semiconductor manufacturing such as to design composite materials, solar cells, dielectric film, and polymer films. 

Terahertz Technology Market Analysis — by Region, 2022 and 2030 (%) 

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 2022. Based on type, the terahertz technology market is segmented into terahertz imaging systems, terahertz spectroscopy systems, and terahertz communication systems. Based on application, the terahertz technology market is segmented into medical and healthcare, defense and security, food and agriculture, industrial, semiconductor, and others.

Impact of COVID-19 Pandemic on Europe Terahertz Technology Market Analysis

In Europe, governments of Italy, Spain, France, the UK, and Germany had implemented drastic measures and travel restrictions to limit the spread of SARS-CoV-2 among its citizens. European countries represent a major market for terahertz technology adoption and growth owing to the presence of major manufacturing industries as well as military & defense manufacturing companies in various countries. The lockdown affected aircraft manufacturing and development in these countries, thus impacting the growth of the terahertz technology market in this region. In addition, the disruptions in raw materials and component supply from China further aggravated the problems faced by terahertz technology manufacturers in this region. All these factors had a direct impact on the terahertz technology market in European countries. The COVID-19 pandemic has also opened new opportunities in the terahertz technology field. The pandemic has made evident critical issues relating to virus sensing and the need for deployable tools for adequate, rapid, and effective viral recognition on a large scale. Although many conventional molecular and immuno-based techniques are widely used for these purposes, they still have some drawbacks concerning sensitivity, safety, laboriousness, long-term collection, and data analysis. Therefore, new rapidly emerging approaches have been introduced such as terahertz (THz)-based technologies in various applications, including high-sensitivity viral detection.
 
Acal BFi UK Ltd; Advanced Photonix, Inc.; Advantest Corporation; HÜBNER GmbH & Co. KG; Luna Innovations; Menlo Systems GmbH; Microtech Instrument, Inc.; Terasense Group, Inc.; TeraView limited; and Toptica Photonics AG are among the major companies operating in the terahertz technology market size. 

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