Report : Terahertz Body Scanning Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology Type (Standalone, Integrated); Scanner Type (Fixed, Portable); Application (Public Places, Airport Checkpoints, Train Stations and Subways, Others) and Geography
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.
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.
The report segments the global Terahertz Body Scanningmarketas follows: