According to our latest market study on "Terahertz Body Scanning Market to 2027 - COVID-19 Impact and Global Analysis by Technology Type (Standaloneand Integrated); Scanner Type (Fixed and Portable); Application (Public Places,Airport and Custom Checkpoints, Train Stations and Subways, and Others); and Geography," the market was valued at US$ 48.54 million in 2019 and is projectedto reach US$ 316.09 million by 2027; it is expected to grow at a CAGR of 27.0% from 2020 to 2027.
Geographically, the terahertz body scanning market issegmented into five major regions North America, Europe, APAC, MEA, and SAM.Due to the increasing number of government regulations favoring terahertz bodyscanning in North America, the region held the largest share of the globalterahertz body scanning market. Europe is a crucial market for the future growthof the terahertz body scanners market, owing to the presence of well-developednations such as Germany, the UK, and France, which drives the adoption ofadvanced body scanning-based security solutions. Also, the presence of a largenumber of terahertz body scanning manufacturers in this region furthercontributes to the growth of the market. However, APAC is likely to be thefastest-growing region with an impressive 28.1% CAGR during 2020-2027 in termsof growth. APAC consists of various developing economies such as China, India,and several southeastern countries, as well as developed economies such asJapan and South Korea. The growth outlook for terahertz body scanners in allmajor geographic regions is estimated to be quite favorable from 2020 to 2027.
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However, due to the ongoing outbreak of COVID-19, all majorcountries in Europe, APAC, and North America have imposed strict restrictionson business activities and movement of goods and people. All of these factorsare expected to affect both the supply and demand of terahertz body scannersand thus affect the revenue growth of the global terahertz body scanningmarket, particularly in 2020 and 2021. Market growth is expected to stabilizein 2022, and the demand for terahertz body scanners is expected to see a positivegrowth until 2027.
Terahertz body scanners have a few advantages such as noionizing radiation, extremely high image acquisition rates of up to 5,000frames per second, easy integration into industrial processes, and low cost.Also, a new sub-terahertz security body scanner has been developed to respondto the urgent demand for efficient, safe, and speedy imaging in remote securityscreening applications. The integration of innovative THz sensing technique and advanced signal-generating technology based on IMPATT dioderesulted in a cost-effective cutting-edge system capable of real-timevisualization of the threats hidden under people's clothes. Moreover, theexisting full-body scanners are used at most of the US airports' bouncemillimeter waves off passengers to spot objects hidden under their clothes.However, there are a few market players offering innovative body scanners thatare safe and widely adopted. For example, Thruvisions device uses a passiveterahertz technology that reads a person's emitted energy, similar to thethermal imaging used in night vision goggles. Thruvision has promoted itsscanning devices as being capable of screening up to 2,000 people in an hourand detecting a concealed weapon up to 25 feet away.
Impact of COVID-19 onTerahertz Body Scanning market
The COVID-19 outbreak is affecting the industries worldwideand the global economy is anticipated to take a worst hit in 2020 and likely in2021. Since majority of the countries are exercising lockdowns, the demand forterahertz body scanning is getting impacted in major countries. This is due tothe fact that, the key terahertz body scanning product purchasing countrieshave been restricting their investment on these solutions, and are utilizing afair percentage of their budget to combat COVID-19. The continuity of theCOVID-19 spread is anticipated to affect the revenue growth of terahertz bodyscanning market players. The semiconductor and automotive industry are some ofthe victims of COVID-19, and since the start of 2020, these industries havebeen reflecting declining trend. With the imposition of lockdown acrosscountries in North America, Europe, and Asia, all the key industries have beenwitnessing a slowdown.
Growing safetyconcerns due to increased incidences of terrorismis supporting the growth ofterahertz body scanning market
Increasing terrorist activities and rising security threatstomajor economies have forced the government and other governing bodies toundertake air traffic controls such as the Federal Aviation Administration(FAA) to increase security scanning systems across all entry and exit points ofthe country. The deployment of full-body scanners at airports has facilitatedthe reduction of fraudulent activities such as diamond smuggling, narcotics,weapons, and other expensive materials. Increased security screening systemsthat include a full-body scanner as one of the major components have successfullydeteriorated the impact of terrorist activities on board. Additionally, withthe rising level of violence and terrorism worldwide, various companies, suchas TeraSense, are receiving inquiries on security screening systems, similar tothose used at airports. The TeraSense team has taken the challenge of terrorismseriously and is ready to offer active, terahertz-based stand-off securityscreening (body scanner) system. Such initiatives by the terahertz bodyscanningmarket players are likely to contribute toward the growth of terahertzbody scanning market.
The Prominent/Emerging Players in the Terahertz Body Scanning Market Research include:
1. Thruvision Group plc
2. Terasense Group Inc
3. Shanghai Eastimage Equipment Co., Ltd.
4. Nuctech Company Limited
5. MC2 Technologies
6. Asqella Oy
7. unival group GmbH
10. Rohde & Schwarz GmbH & Co. KG
The Terahertz Body Scanning Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.
Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.
Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title “Financial Performance” (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.
Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.
Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.
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The Terahertz Body Scanning Market research study is designed keeping in focus all the major countries. Although, all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries which are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.