According to our latest market study on “Terahertz Body Scanning Market was valued at US$ 48.54 million in 2019 and is projected to 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 is segmented into five major regions North America, Europe, APAC, MEA, and SAM. Due to the increasing number of government regulations favoring terahertz body scanning in North America, the region held the largest share of the global terahertz body scanning market.
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Europe is a crucial market for the future growth of the terahertz body scanners market, owing to the presence of well-developed nations such as Germany, the UK, and France, which drives the adoption of advanced body scanning-based security solutions. Also, the presence of a large number of terahertz body scanning manufacturers in this region further contributes to the growth of the market. However, APAC is likely to be the fastest-growing region with an impressive 28.1% CAGR during 2020-2027 in terms of growth. APAC consists of various developing economies such as China, India, and several southeastern countries, as well as developed economies such as Japan and South Korea. The growth outlook for terahertz body scanners in all major geographic regions is estimated to be quite favorable from 2020 to 2027.
Impact of COVID-19 on terahertz Body Scanning market
The COVID-19 outbreak is affecting industries worldwide and the global economy is anticipated to take the worst hit in 2020 and likely in2021. Since the majority of the countries are exercising lockdowns, the demand for terahertz body scanning is getting impacted in major countries.
This is due to the fact that the key terahertz body scanning product purchasing countries have been restricting their investment in these solutions, and are utilizing a fair percentage of their budget to combat COVID-19. The continuity of the corvid-19 spread is anticipated to affect the revenue growth of terahertz body scanning market players.
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However, due to the ongoing outbreak of COVID-19, all major countries in Europe, APAC, and North America have imposed strict restrictions on business activities and the movement of goods and people. All of these factors are expected to affect both the supply and demand of terahertz body scanners and thus affect the revenue growth of the global terahertz body scanning market, particularly in 2020 and 2021. Market growth is expected to stabilize in 2022, and the demand for terahertz body scanners is expected to see positive growth until 2027.
Terahertz body scanners have a few advantages such as nonionizing 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 respond to the urgent demand for efficient, safe, and speedy imaging in remote security screening applications. The integration of innovative THz sensing techniques and advanced signal-generating technology based on IMPATT diodes resulted in a cost-effective cutting-edge system capable of real-time visualization of the threats hidden under people’s clothes. Moreover, the existing full-body scanners are used at most of the US airports’ bounce millimeter waves off passengers to spot objects hidden under their clothes.
However, there are a few market players offering innovative body scanners that are safe and widely adopted. For example, the Thruvisions device uses a passive terahertz technology that reads a person’s emitted energy, similar to the thermal imaging used in night vision goggles. Thruvision has promoted its scanning devices as being capable of screening up to 2,000 people in an hour and detecting a concealed weapon up to 25 feet away.
The semiconductor and automotive industry are some of the victims of COVID-19, and since the start of 2020, these industries have been reflecting a declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, all the key industries have been witnessing a slowdown.
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