Asia-Pacific Components and Systems market valued US$ 40.59 million in 2020 and is estimated to reach US$ YY million by 2028, growing at a CAGR of 40.9% during the forecast period.
The Asia-Pacific is growing at the fastest pace for the Terahertz components and systems market, owing to rising consumer spending and a growing population in this region. According to the India Brand Equity Foundation (IBEF), India had growing electronics hardware production in 2014 US$ 31.13 billion increased to US$ 65.53 billion in 2019. The growing electronic sector in the Asia-Pacific has also added value to the growing demand for Terahertz components and systems in the region
Furthermore, the Asia-Pacific countries, especially India and China, provide an immense opportunity for companies to invest and innovate, which will drive the market's growth in this region. The prime reason for incorporating Terahertz frequency in electronic gadgets is that they are cost-effective and offer a higher yield, thus making them a proper candidate for signal generation. Furthermore, they also do not suffer from stringent operation requirements (e.g., the low temperature) and high costs.
Over the projection period, the Asia-Pacific market is expected to grow at a significant CAGR%. Manufacturing, building and power generation activities have increased in the region, contributing to this expansion. Although the region now has a skilled labor shortage, this is projected to improve in the coming years as more people become aware of and embrace non-destructive testing procedures in the region.
Furthermore, due to increased government infrastructure spending, the APAC region presents the potential for the non-destructive testing market. For instance, China's Belt and Road Initiative, which aims to enhance productivity and efficiency benefits by expanding trade linkages between Asia and Europe, is the region's largest infrastructure project. Such initiatives create a market for NDT in the detection of corrosion, cracking and other damage.
In addition, China and India, as per the World Nuclear Association 2021 data, Chin, India and Japan have build 51, 23 and 33 operable reactors, respectively. Furthermore, Between December 2010 and December 2020, most new nuclear power plants were built in China (36), where nuclear power generation surged by 400% in 10 years. As a result, the demand for maintenance of those power plants will rise, creating a market for non-destructive testing. The growing NDT testing in the region is expected to increase the adoption of Terahertz technology owing to its exceptional properties.
Asia-Pacific’s medical imaging diagnostic market is growing significantly due to the growing prevalence of chronic diseases and rising government awareness about the application of the technology. The country's strong healthcare infrastructure dominates the medical imaging market in Japan. The rising elderly population and chronic ailments in Japan have resulted in a boom in demand for medical imaging services.
For instance, India's First Terahertz Company TeraLumen Solutions Pvt. Ltd. is the first Terahertz technology-based company in the country, founded in 2019. The company is developing compact Terahertz systems making Terahertz accessible at an affordable cost. The company aims to accurately diagnose breast cancer margin during Breast Conservation Surgery using non-invasive and non-ionizing technology.
For instance, as per July 10, 2020 science news, Scientists from the University of Warwick Department of Physics and involving Rayko Ivanov Stantchev and scientists from the Department of Electronic Engineering at The Chinese University of Hong Kong have taken a step closer to constructing a rapid and low-cost camera that uses Terahertz radiation. The camera technology could lead to its usage in non-invasive security and medical screening.
Furthermore, China Unicom has started researching Terahertz communication, one of the key technologies for 6G.In collaboration with 20 other enterprises and research groups, the operator has formed the Millimeter Wave Terahertz Joint Innovation Center. The research collaboration would create several demonstration projects and opportunities for the Terahertz technology in the forecast period.
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
