North America Terahertz Technology Market to Gain a Revenue of US$ 4,620.28 Million By 2030
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According to Astute Analytica, Terahertz technology adoption in North America has a significant potential for expansion across various sectors, from fundamental sciences like biochemical spectroscopy and astronomy to applied ones like environmental science, medicine, agriculture, and security. The US Department of Commerce's data shows that the aircraft industry's export sales to the US economy were US$ 118.5 billion. The number of large commercial aircraft is expected to increase by 3.5% year for the next 20 years, reaching 34,000 aircraft valued at almost US$ 4.5 trillion. Thus, the increase in demand for aircraft significantly grows the terahertz-based inspection system.
Terahertz Imaging Technology is Gaining Popularity Among End-Users
In 2022, the imaging segment dominated the North America terahertz technology market and is likely to grow 38.2% during 2023-2031. Terahertz imaging is becoming common in sectors like medicine and healthcare because of its capacity to penetrate dense objects like cloth, paper, wood, and ceramics as well as clouds and fog. Terahertz waves are also non-invasive and non-ionizing, which makes them a highly sought-after imaging technology in the medical industry and propels the market's expansion.
Rising Preference for Optical Sources by End-Users
In 2022, the optical sources segment held an accountable share of the North America terahertz technology market and is likely to rise at a CAGR of 3% during the analysis years. This is because optical sources, which are still in the development stage, perform better and are more economical than RF sources. Optical sources are excellent for a variety of applications because of their high bandwidth, quick speed, and small sizes. However, as they continue to be created and used in the industry, RF sources are anticipated to expand steadily.
U.S. to Grow at a CAGR of 39% in the North America Terahertz Technology Market
Among other regions, the U.S. dominated the market and is likely to register a CAGR of 39.0%. This is because the U.S. is one of the most technologically advanced countries. In 2022, the US government spent about $146 billion on R&D. Additionally, the US had the greatest private sector R&D spending of any other nation at $404 billion. The growing number of cancer patients is also likely to raise demand for terahertz technology because it helps with cancer detection.
Also, the U.S. government has been investing heavily in the advancement of terahertz technology, which is propelling the market for terahertz technology in North America. For instance, the U.S. Department of Defense has been funding the creation of terahertz imaging equipment for use in defense and security applications.
In addition, there are other universities and research centers in the US that are working hard to advance terahertz technology. Thus, the US now possesses some of the world's most cutting-edge terahertz technology research and development facilities. As a result, the market in the US is likely to grow at a rapid rate.
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Top 5 Players to Contribute 65% of Revenue Share
Advantest Corporation, Acal Bfi UK Ltd, Toptica, Luna Innovations, and Hubner Gmbh & Co. Kg, the top 5 players in the North American Terahertz technology market, collectively owned a 65% revenue share.
Some of the Key Strategies Adopted by Key Players Include
In March 2023, NASA chose eight small research satellites from seven states to launch into orbit and advance the organization's scientific, technological, or education aims.
In Dec 2022, at its inaugural meeting, the ETSI Industry Specification Group on Terahertz (ISG Thz) settled on the order of work for this potential 6G technology. The 31 member firms in the ETSI ISG THz are working to identify the goal scenarios and specific frequency ranges of interest for THz communications.
In August 2022, NASA and Longwave Photonics worked together via Flagship's "Small Business Innovation Research Program" to successfully design a heterodyne spectrometer. The device uses a powerful, reliable terahertz laser to focus on a number of specific frequencies in order to identify and pinpoint the location of water sources on the Moon.
In Aug 2022, Test equipment manufacturer Viavi Solutions started an academic initiative to support 6G research at institutions in the US and the UK, including the University of Surrey.
Some of the prominent competitors profiled in the North America Terahertz technology market are:
Advantest Corporation
Batop GmbH
Bakman Technologies
HÜBNER GmbH & Co. KG
Gentec Electro-optics Inc.
Menlo Systems GmbH
Luna Innovations
Terasense Group Inc.
Microtech Instrument Inc.
Teravil
TeraView Limited
QMC Instruments Ltd.
TOPTICA Photonics AG
Acal BFi UK Ltd
Das-Nano SL
Insight Product
Advanced Photonix Inc.
Traycer
Gentec Electro-Optics
ACAL
Thruvision
Other Prominent Players
Segmentation Outline
The North America Terahertz technology market segmentation focuses on Terahertz Type, Application, Source, and Country.
By Terahertz Type
Imaging
Active Terahertz Imaging Systems
Passive Terahertz Imaging Systems
Spectroscopy
Terahertz Time-Domain Spectroscopy
Terahertz Frequency Domain Spectroscopy
Terahertz (THz) Emitters Spectroscopy
Communication Systems
Antennas
Emitters
Modulators
By Application
Contactless Screening
Wireless Communication
Loss Prevention
Others
By Source
RF Sources
Si - CMOS
SiGe-HBT
InP-HBT
InP DHBT
InP-RTD
InP HEMT
Gunn
IMPATT
TUNNETT
GaAs-RTD
GaN-HEMT
InSb-HEMT
Others
Optical Sources
Photoconductive Antenna (PCA)
THz Nonlinear Crystals
Quantum-cascade Lasers (QCLS)
Others
North America
The U.S.
Canada
Mexico
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