The North America terahertz technology market is witnessing strong growth, with revenue expected to grow at a CAGR of 38.4% between 2023 and 2031. The market generated revenue of USD 272.65 million in 2022 and is expected to reach USD 4,620.28 million by 2031.
New Delhi, Jan. 30, 2023 (GLOBE NEWSWIRE) — According to Astute Analytica, there is strong growth potential in the adoption of Terahertz technology in North America across multiple industries. The telecommunications industry is expected to be a major driver of the terahertz technology market in the coming years, with the rollout of 5G wireless networks expected to create a need for terahertz-based solutions that can provide the high bandwidth and low latency required to support these networks . Additionally, the US is estimated to account for around 40% of total global 5G connections by 2030, further fueling demand for terahertz technology in the country.
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The automotive industry is also expected to be a major user of terahertz technology in the US, with the need for advanced driver assistance systems (ADAS) driving demand. These systems will require terahertz sensors to detect obstacles in the road and provide information to the ADAS system to take appropriate avoidance actions. According to forecasts, the US ADAS market is expected to reach USD 22 billion by 2027, which will further drive the market demand for terahertz technology.
In addition, the US manufacturing and aerospace industries are also expected to adopt terahertz technology, particularly in non-destructive testing and quality control processes. The U.S. manufacturing industry is valued at approximately $2.3 trillion and the aerospace industry is valued at approximately $224 billion, representing a significant potential market for terahertz technology in the United States.
Major Trends Shaping the Global Terahertz Technology Market
Growing demand for high-speed wireless communication: Terahertz technology is being researched and developed for its potential use in high-speed wireless communication, such as 5G networks.
Development of new imaging and sensing applications: Terahertz technology is being used to develop new imaging and sensing applications, such as non-destructive testing, security screening and medical imaging.
Advances in semiconductor technology: Advances in semiconductor technology have led to the development of new terahertz sources, such as quantum cascade lasers and tunnel diodes, which are driving the growth of the terahertz market.
Growing Demand from Defense and Security Sector: The defense and security sector is a major adopter of the Terahertz technology market in North America as it is used for threat detection and identification in a range of applications including border security and military communications.
The growing adoption of terahertz technology in the healthcare sector for cancer detection and screening.
The growing demand for miniaturization and portability in the Terahertz market.
Terahertz imaging segment to grow at CAGR of 38% in North America terahertz technology market
In recent years, the use of terahertz imaging technology has seen significant growth in North America due to its ability to penetrate various materials and detect hidden objects. The following analysis will explore the driving factors behind this trend and the potential future implications of this technology.
One of the main drivers of demand for terahertz imaging technology in North America is its application in the security and defense industry. The technology’s ability to detect hidden weapons and contraband in transportation hubs such as airports and seaports is of paramount importance to national security. In addition, the technology is increasingly used in the detection of drugs and other illegal substances, a key component in the fight against organized crime.
The healthcare industry is another sector that has begun to make significant use of terahertz imaging technology. The technology’s ability to penetrate skin and other tissues makes it an ideal tool for non-invasive imaging of the human body. This has the potential to significantly aid early detection of conditions such as cancer, heart disease and other diseases in the terahertz technology market.
In addition, the technology is also used in the industrial and research sectors to improve quality control and material analysis. The ability to examine the internal structure of materials and detect defects or impurities can significantly improve the efficiency and quality of manufacturing processes. In addition, this technology can also help in the development of new materials.
A comprehensive analysis of the United States’ dominance in the North American terahertz technology market
The United States is currently the largest user of terahertz technology in the world. According to a market research report by Astute Analytica, the North American terahertz technology market is expected to reach US$ 4,620.28 million by 2031, growing at a CAGR of 38.4% during the forecast period. The United States is expected to dominate the market share, with a significant share in the North America region.
This can be attributed to a number of factors, including the country’s strong emphasis on research and development in science and technology. The US government has invested over $146 billion in research and development in 2022. In addition, the US private sector has invested $404 billion in research and development, the highest level among other countries.
In addition, the US has a large and technologically advanced military, which has helped drive demand for the country’s terahertz technology market. The increasing use of IED detection, communication and imaging technology by the military is driving the growth of the market.
The use of terahertz technology in the US is also driven by its many applications, including in medicine, security, telecommunications and imaging. The technology is used for a wide range of purposes, such as non-destructive testing, quality control and imaging of materials. In addition, the US is home to many leading technology companies and research institutions, such as Raytheon Technologies, Lockheed Martin and Honeywell International, which have helped develop and advance terahertz technology in the country.
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Top Pocket Revenue North America Terahertz Technology Market
The North American terahertz technology market is expected to witness significant growth in the coming years, driven by increasing adoption of the technology across various industries and the presence of key players in the region. Here are some of the revenue pockets of the North America Terahertz Technology market:
Medical and Biomedical Applications: The use of terahertz technology in medical and biomedical applications such as cancer detection, imaging and spectroscopy is expected to witness significant growth in the coming years.
Security and surveillance: Increasing use of terahertz technology in security and surveillance applications such as detection of concealed weapons and explosives is expected to drive market growth in this segment.
Telecommunications: The growing use of terahertz technology in telecommunication applications such as data transmission and wireless communication is expected to be a major source of revenue in the North American market.
Industrial Applications: The use of terahertz technology in industrial applications such as quality control, non-destructive testing and material imaging is expected to witness significant growth in the coming years.
Research and Development: The presence of key players and major research institutions in the region is expected to drive the growth of the research and development segment of the North American terahertz technology market.
Military and Defense: The growing use of terahertz technology in military and defense applications such as communication, imaging, and IED detection is expected to be a major source of revenue in the North American market.
Some of the top players in the market are:
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