Terahertz Radiation Systems Market to See 72.7% Annual Growth Through 2024

Industry Boosted by New Commercial Applications

August 07, 2019

WELLESLEY, Mass., August 07, 2019–The development of new commercial applications and government involvement are two factors driving growth in the global terahertz radiation systems market, according to a report by BCC Research, “Terahertz Radiation Systems: Technologies and Global Markets.”

The market expects to see a significantly high compound annual growth rate (CAGR) of 72.7% through 2024, when it could be worth $908.6 million.

Major players in the market include: Applied Research & Photonics Inc., Bruker Optics Inc. (BRKR), Innovative Photonic Solutions and Lockheed Martin Space Systems (LMT).

Research Highlights

  • The global market for THz imaging applications is currently worth $40.2 million per year. As new THz applications are commercialized, the market should grow to $281.5 million in 2024 and $759.7 million by 2029.
  • The global market for THz accelerating devices should reach $357 million in 2024. The market should grow to $1.5 billion by 2029, at a CAGR of 32.8% from 2024 to 2029.
  • The global market for terahertz (THz) radiation devices and systems should continue to grow from 2024-2029 at a CAGR of 31.1%

Read the full report here: https://www.bccresearch.com/market-research/instrumentation-and-sensors/terahertz-radiation-systems-markets-report.html

“The development of new commercial THz applications should push the market to $908.6 million in 2024,” writes BCC Research analyst Andrew McWilliams. “The diversification of the THz market is expected to accelerate after 2024, and the total market should exceed $3.5 billion by 2029. THz imaging devices are the largest device segment in 2018-2019. Other types of THz devices should gain in importance in subsequent years, however. By 2024, THz-driven accelerators are expected to be the largest product segment, with THz imaging devices falling into second place., THz computer components will be the third-largest segment in 2029, followed by sensors, communications devices and spectroscopy instruments.”

The Role of Government in the Terahertz Radiation Systems Market

Various governmental and multinational organizations are funding research in basic and applied THz technology. Some of this research is being done in government labs, while in many other cases governments are funding research in academic labs or corporate R&D facilities. Transportation security concerns and military applications are driving most of this government-financed R&D.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Terahertz Radiation Systems: Technologies and Global Markets( IAS029F )
Publish Date: Jul 2019    

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