DUBLIN--(BUSINESS WIRE)--The "Terahertz Body Scanning Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology Type; Scanner Type; Application" report has been added to ResearchAndMarkets.com's offering.
In terms of revenue, the global terahertz body scanning market was valued at US$ 48.54 million in 2019 and is projected to reach US$ US$ 316.09 million by 2027; it is expected to grow at a CAGR of 27.0% during the forecast period.
Geographically, the global terahertz body scanning market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America dominates the terahertz body scanning market, owing to the increasing investment in R& D activities by key terahertz body scanning market players located in the region. In contrast, Asia Pacific is expected to rise substantially in the terahertz body scanning market and will see a steady rate of growth in the future. The Asia Pacific is expected to offer significant growth opportunities for market players in the terahertz industry, owing to the increasing rate of terrorist attacks and rising health concerns. Europe, MEA, and SAMare expected to see a moderate growth rate in the terahertz body scanning market.
Terahertz body scanning market is segmented into technology type, scanner type, application, and geography. Based on technology type, the market is further segmented into standalone and integrated. Based on scanner type, the market is sub segmented into fixed and portable. Based on application, the market is further segmented into public places, airport checkpoints, train stations, and subways, and others. Geographically, the market is segmented into five major regions, i.e., North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share, followed by APAC and Europe. APAC is likely to be the fastest-growing region from 2020 to 2027.
Thruvision Group plc, Terasense Group Inc., Shanghai Eastimage Equipment Co., Ltd., Nuctech Company Limited, MC2 Technologies, Asqella Oy, unival group GmbH, INO, Leidos, and Rohde & Schwarz GmbH & Co. KG are among the key players present in the global terahertz body scanning market and are profiled during this market study.
The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 and likely in 2021. Since majority of the countries are exercising lockdowns, the demand for terahertz body scanning is decreasing at a prominent rate. This is due to the fact that, the key terahertz body scanning product purchasing countries have been restricting their investment on these solutions, and are utilizing a fair percentage of their budget to combat COVID-19. The temporary shutdown of manufacturing facilities is also showcasing negative trend in the terahertz body scanning market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global terahertz body scanning market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global terahertz body scanning market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Rising Demand for Terahertz Body Scanning in Public Places, Airport Checkpoints, Train Stations, and Subways
- Growing Safety Concerns due to Increased Incidences of Terrorism
- Emerging Demand for Covert and Overt Surveillance
Restraints
- Inadequate Information, Privacy Concerns, and Health Concerns
Opportunities
- Extended Capability of Terahertz Body Security Scanners via AI and Machine Learning
Future Trends
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Terahertz Body Scanners Equipped with Advanced Software
Companies Mentioned
- Thruvision Group plc
- Terasense Group Inc.
- Shanghai Eastimage Equipment Co., Ltd.
- Nuctech Company Limited
- MC2 Technologies
- Asqella Oy
- unival group GmbH
- INO
- Leidos
-
Rohde & Schwarz GmbH & Co. KG
For more information about this report visit https://www.researchandmarkets.com/r/v1mjr3
