Tuesday, July 14, 2015

Stunning Market Growth in THz Global Market: New Commercial Applications, Diversification Key to Huge CAGRs Through 2024

According to the new report from BCC Research, the global market for terahertz radiation devices and systems reached $53.4 million and $54.7 million in 2013 and 2014, respectively. This market is forecasted to grow at a CAGR of 40.4% to reach $298.5 million in 2019 and is also forecasted to reach $1.2 billion in 2024 at a CAGR of 32.3%.
Wellesley, Mass. (PRWEB) July 14, 2015
The burgeoning global market for terahertz radiation systems is expected to quintuple its 2014 value during the next five years, reflecting a stunning compound annual growth rate (CAGR) of 40.4%. BCC Research reveals in its new report that diversification of the market after 2019 should sustain huge growth rates in most segments, yielding a total market value of $1.2 billion in 2024, up from $54.7 million in 2014.
According to the report, the global market for terahertz radiation devices and systems, which reached $54.7 million in 2014, is expected to total $298.5 million in 2019. From 2019 to 2024, the overall market is anticipated to grow at a 32.3% CAGR to reach $1.2 billion by 2024.
Imaging as a segment is projected to grow from $38.6 million in 2014 to $169.5 million in 2019 at a CAGR of 34.4% for the period. It is also forecast to reach $520.5 million in 2024 at a CAGR of 25.2%. Spectroscopy as a segment is expected to grow to $23.0 million by 2019 from $16.1million in 2014, increasing at a CAGR of 7.4% for the period 2014-2019. This market is expected to reach $32.9 million in 2024 at a CAGR of 7.4%.
Currently, astronomy research is the largest single application of THz systems. However, by 2019, THz transport security and computing applications are expected to surpass astronomy in importance. By 2024, astronomy applications should drop to fifth place, behind computing, transport security, biomedical imaging and military communications.
“THz imaging devices are the largest device segment throughout the period under review,” says BCC research analyst Andrew McWilliams. “By 2023, the market for computer-related THz devices, primarily high-performance computer interconnects, should be nearly as large as the market for imaging devices, 32% of the total market vs. and 34%, respectively. Meanwhile other THz sensors such as THz biochips and moisture detectors should account for nearly 18% of the market, and communications-related devices 12%.”
Terahertz Radiation Systems: Technologies and Global Markets (IAS029D) discusses emerging commercial potential through 2019. The report also analyzes the global market trends, with data for 2013 and 2014, and projections of segment CAGRs for the period 2019-2024.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information(at)bccresearch(dot)com.
For the original version on PRWeb visit: http://www.prweb.com/releases/2015/07/prweb12846549.htm
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