The terahertz technology market in SAM is expected to grow from US$ 6.14 million in 2019 to US$ 35.47 million by 2027; it is estimated to grow at a CAGR of 24.7% from 2020 to 2027.
Due to recent developments, the food industry is also going to avail processing application of terahertz technology. The use of ionizing radiation (X-rays) is critical for quality control and nondestructive testing because of its detrimental effect on biological agents. Rather than using X-ray machines, packagers and food manufacturers can use terahertz food scanners to verify the process. For example, whether a pick-and-place robotic arm has placed all candy bars inside the carton can be scanned by these scanners. The THz imagers have no problem seeing through cardboard or PE packaging — individual chocolate bars can be wrapped in any material. Even metal-containing foil is impervious to the THz rays. Metal foil in the THz images would create an even better contrast. Also, reports of insects and other foreign objects found in food are a severe cause of concern to consumers, food producers, and retailers. Unwrapping a chocolate bar could reveal an unpleasant surprise, like an insect, pieces of metal or glass, or dirt clots. Industrial clients can detect any signs of infections such as Aspergillus parasiticus and Aspergillus flavus, which discharge the hazardous carcinogen Aflatoxins B1, with the assistance of our THz imagers. Hence rising use of terahertz technology in the food industry is driving the demand for terahertz technology. The recent surge in terahertz technology from the defense, homeland security, and medical sectors is among the other factors expected to positively influence the demand for terahertz technology.
In terms of components, the terahertz detectors segment led the SAM terahertz technology market in 2019. Terahertz radiation falls between the microwaves and the far infrared portion of the electromagnetic spectrum. These radiations have the capability to penetrate things such as, plastics, clothing, and wood, and are non-ionizing, thus, making it safe for individuals and not potentially harmful when compared to X-rays that can be harmful. It’s been widely utilized in full body scan machines in the airports and other public places for security applications and in medical applications for initial cancer cell detection. Terahertz radiation falls in the frequency ranging from 0.1 THz to 10 THz, corresponding to wavelengths from 3mm down to 30μm. These frequencies are tough to identify with traditional means of electronics, which are capable to access only the lower end of terahertz region. As a result, several other methods for terahertz detection have been designed and developed. Some of them include the usage of photonics. All these above mentioned factors ultimately drives SAM terahertz technology market. Further, the COVID-19 pandemic is affecting various industries. In SAM, Brazil has the highest number of COVID-19 confirmed cases, followed by other countries such as Ecuador, Peru, Chile, and Argentina. The governments of various countries in South America are taking several initiatives to protect people and to contain COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to have a direct impact on the region’s economic growth as the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes. The presence of various developing nations makes SAM as one of the major market for the growth of terahertz technology market during the forecast period. However, the sharp decline in manufacturing, healthcare and medical, defense, and food and agriculture activities in this region due to COVID-19 lockdown measures is expected to negatively impact the growth of terahertz technology market in the coming quarters. In addition to this, the supply chain disruptions and non-availability of raw materials will also aggravate the problems of various industries operating in this region.
The overall SAM terahertz technology market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the SAM terahertz technology market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SAM terahertz technology. Advantest Corporation; Luna Innovations Inc.; Microtech Instrument Inc.; Terasense Group Inc. and Teraview limited are among a few players operating in SAM terahertz technology market.