Terahertz Imaging Inspection Market, Growth, Size, Share, and Industry Analysis, By Type (Passive Terahertz Imaging, Active Terahertz Imaging), By Application (Transportation & Public Security, Industrial, Pharmaceutical & Biomedical, and Others), Regional Insights, and Forecast To 2031

Terahertz Imaging Inspection Market Report Overview

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The global terahertz imaging inspection market size is expected to be USD 487.8 million in 2022 and is expected to touch USD 2406.07 million by 2031, exhibiting a CAGR of 19.4% during the forecasted period.

Terahertz imaging inspection ranges fall between microwaves and infrared bandwidths in the electromagnetic spectrum and comprises a frequency of one million oscillations per second. Terahertz technology is deployed to determine hidden explosives, and drugs and to recognize the flow of unexpected substances from plastic pipes. The imaging technology is capable of monitoring layer thickness and detecting material defects in ceramics non-destructively. Terahertz radiation is usually harmless to animals and humans, and the terahertz technology is integrated with scanners based on active or passive methods.

In the passive method, the scanning ability consists of natural radiations, emitted through the body; however, the active way uses artificial radiations from additional sources with terahertz radiations. Terahertz imaging technology is used in terahertz spectroscopy, used predominantly in biomedical research owing to exclusive features with medical imaging of living cells. The significant features of this technology play a crucial role in bacterial identification, cancer cell characterization, and biological tissue discrimination.

COVID-19 Impact: Shutdown of Industrial Facilities Impeded Market Growth

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels post the pandemic. The market is expected to see a rapid increase in the supply, production, and need for terahertz imaging inspections during the forecast period. The global COVID-19 pandemic was unprecedented & staggering, with terahertz imaging inspections experiencing lower-than-anticipated demand across all regions compared to pre-pandemic times.

The emergence and rapid spread of the virus paralyzed both developed and developing countries' economies. The temporary shutdown of manufacturing and industrial facilities resulted in a negative trend for the terahertz technology market. Key market players restricted their investments in tech solutions and used their budget for combating the consequences of the pandemic on their businesses. The semiconductor and automotive industries were the major victims of the pandemic along with the food and agriculture industries as these industries couldn’t work to their optimum level.

LATEST TRENDS

"Technological Advancements and Innovations to Lead Market Demand"

With growing technological innovations, the demand for the deployment of terahertz imaging technology has increased rapidly across the defense and healthcare sectors. Due to a rise in the study of the "Terahertz gap," sitting between photonics and electronics, industrial players are increasingly focusing on the development of sources and detection technologies. This technology is used in applications such as biomedicine, material science, chemistry, and security screening. The exclusive properties of terahertz radiations are well-suited for healthcare applications as these radiations can stimulate low-frequency molecular vibrations.

Terahertz Imaging Inspection Market Segmentation

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• By Type

The market is subcategorized into types and consists of passive terahertz imaging and active terahertz imaging.

• By Application

The market is subcategorized based on other applications into transportation & public security, industrial, pharmaceutical & biomedical, and others.

DRIVING FACTORS

"Innovative Problem-Solving Abilities to Propel Market Growth"

The determination of the quantity and quality of nuts in a nutshell is one of the major problems that the terahertz imaging inspection systems can solve effectively. Terahertz imaging cameras allow the identification of carcinogenic fungi that contaminate peanuts, corn, and other grain crops and oil plants. Particularly, with the aid of terahertz imaging, one can detect signs of nut infections such as aspergillus under the nutshell which could exude an extremely harmful carcinogen, Aflatoxins B1. Thus, innovative technology will drive the terahertz imaging inspection market growth.

"Wide-Ranging Applications to Drive Market Growth"

The terahertz technology is actively involved in projects that develop equipment for terahertz-based grain-crops seeds such as wheat, rice, barley, corn, and oil plants such as sunflower, soya bean, and peanuts. The potential tasks that terahertz imaging devices handle effectively include the detection of seed availability and seed structure inside a plant’s pericarp. The acidic estimation and identification of sunflower seeds infected with sclerotium fungus along with the separation of hulled and unhulled oats are also effectively performed by the devices.

RESTRAINING FACTORS

Heavy Equipment Size to Hinder Market Development

The restraining factors affecting the terahertz imaging market include the huge and heavy equipment size of terahertz imaging inspection devices. Special operating conditions such as controlled humidity and temperature along with the use of liquefied gasses are required for the implementation of these systems, which is a major factor impeding the global market growth and share of investors and leading industrial players. Thus, these factors should be kept in mind by manufacturers before investing in the technology.

Terahertz Imaging Inspection Market Regional Insights

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"North America to Lead Market Share Owing to Industrial Expanse"

The North American region will lead the terahertz imaging inspection market share owing to the vast expanse of major industrial players in the region. The U.S. will lead the major growth and share as it houses most manufacturers and producers that will undertake the production of the technology with rising mergers, collaborations, acquisitions, and product launches. Thus, the terahertz imaging market will witness an unprecedented boom in its demand during the forecast period.

KEY INDUSTRIAL PLAYERS

"New Emerging Trends and Mergers to Lead Market Growth"

The report analyzes various leading market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical outcomes, and newly emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the terahertz imaging inspection industry. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change.

LIST OF TOP TERAHERTZ IMAGING INSPECTION COMPANIES

• Brainware Terahertz Information Technology (China)
• Advantest Corporation (Japan)
• Luna Innovations Incorporated (U.S.)
• Toptica Photonics AG (U.S.)
• Terasense Group Inc. (U.S.)
• TeraView (U.K.)
• Daheng New Epoch Technology (China)
• Menlo Systems GmbH (Germany)
• Insight Product Co. (U.S.)
• Asqella (Finland)
• Traycer (U.S.)
• Microtech Instrument Inc (U.S.)

INDUSTRY DEVELOPMENT

September 2022: Luna Innovations Incorporated, a leading industrial player in advanced fiber-based technology has announced a $14.2 million contract with its long-standing, famous partner Intuitive Surgical, Inc. This new deal provides for the supply of photonic subsystems manufactured by Luna, incorporated into Intuitive’s next-generation robotic surgical systems. Luna’s tunable laser and line of optical polarization controllers will play vital roles in enabling future production of hardware modules and sustained global growth of Intuitive Surgical’s advanced robotic systems.

REPORT COVERAGE

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After thoroughly evaluating the market and industry factors, the report provides an extensive, comprehensive SWOT and PEST analysis. The information estimates all the factors mentioned, taken into consideration after thorough research and analysis. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the terahertz imaging inspection industry. The report lists the worldwide leading industrial players and the regions that will experience growth during the forecast period.