Global Market for Millimeter Wave Technology is Anticipated to grow at a Significant Pace i.e., USD 7.8 Billion during the Forecast Period 2022-2028

Published Date: Jun, 2022

The global millimeter wave technology market is anticipated to reach 21.5% CAGR during the forecast period. The radio frequency signal spectrum between 30GHz and 300GHz, with a wavelength of 1-10 mms, is referred to as millimetre wave. Millimeter waves can allow for more densely packed communications networks, allowing for more efficient spectrum usage while also improving the security of communication transmissions.

The increasing R&D activities in the MMW technology, rising broadband and mobile speed, surge in demand for bandwidth-intensive adoption especially for the consumer electronics segment, rising infrastructure arrangements to offer services, videos, voice & data, and mounting demand for the high-speed network to open smart systems in the commercial and residential sector will intensify the market demand for millimeter wave technology industry. Nevertheless, millimeter wave technology has several benefits over fiber optics, including increased bandwidth, speed, and security.

Increased demand for imaging equipment, networks, monitors, and, most importantly, security is driving the development of multimeter wave technology in the healthcare and aerospace industries. Furthermore, increased demand for millimeter wave solutions in the industrial market resulted from increased adoption of building automation to assure high precision occupancy detection and tracking of individuals indoor and outdoor from a range of 14 m to 50 m. As a result, the millimeter wave technology market is driven by advancements in the fields of material research, imaging systems, and process control in the industrial sector.

In March 2021, Keysight Technologies, Inc., one of the global tech company that provides advanced design and validation solutions to help accelerate innovation to connect and secure the world, has announced that it has partnered with Aview to establish a millimeter wave radar laboratory in Suzhou, China, to aid in the development of self-driving technologies.

Millimeter wave technology products have seen significant acceptance in the telecom sector, owing to rising trends in 5G infrastructure. COVID-19 will cause issues in the deployment of 5G, which could affect revenue and CAPEX forecasts.

Browse 75 market data Tables and 45 Figures spread through 200 Pages and in-depth TOC on " Millimeter Wave Technology Market by Component (Antennas & Transceiver Components, Frequency Sources & Related Components, Communication & Networking Components, Imaging Components, RF & Radio Components, Sensors & Controls, Interface Components, Power & Battery Components, and Others), by Product (Radar and Satellite Communication Systems, Telecommunication Equipment, Scanning Systems, and Others), by Frequency Band (95–300 GHz, 57–95 GHz, and 24–57 GHz), by License Type (Fully Licensed Frequency Millimeter Wave, Light Licensed Frequency Millimeter Wave, and Unlicensed Frequency Millimeter Wave), by End-Use (Mobile & Telecom, Military & Aerospace, Consumer & Commercial, Healthcare, Industrial, Imaging, Automotive & Transportation, and Others), and Region - Global Forecast to 2028"

By end use, military and aerospace segment is expected to have a fast growth during the forecast period.

Millimeter wave technology is used in military and aerospace segments such as point-to-point communications, inter-satellite links, radar, and satellite communications and is primarily used by the military in combat scenarios. This factor will lead to faster growth in the MMW technology market.

Global Millimeter Wave Technology Market Segmentation Analysis

Segment

Categorization

Leading Category

Component

Antennas & Transceiver Components, Frequency Sources & Related Components, Communication & Networking Components, Imaging Components, RF & Radio Components, Sensors & Controls, Interface Components, Power & Battery Components, and Others

Frequency Sources & Related Components (Largest)

 

Product

Radar and Satellite Communication Systems, Telecommunication Equipment, Scanning Systems, and Others

Telecommunication Equipment

(Largest)

Frequency Band

95–300 GHz, 57–95 GHz, and 24–57 GHz

57–95 GHz

(High CAGR)

License Type

Fully Licensed Frequency Millimeter Wave, Light Licensed Frequency Millimeter Wave, and Unlicensed Frequency Millimeter Wave

Fully Licensed Frequency Millimeter Wave

(Largest)

 

End-Use

Mobile & Telecom, Military & Aerospace, Consumer & Commercial, Healthcare, Industrial, Imaging, Automotive & Transportation, and Others

Mobile & Telecom (Largest)

Military & Aerospace

(Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific

 (Fastest)

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“Asia-Pacific is anticipated to have a high CAGR in the Millimeter Wave Technology Market during the forecast period.”

APAC is anticipated to have a high CAGR during the forecast period owing to the increasing support from the government, rising funding for R&D activities will accelerate the growth in the region. Moreover, APAC is considered to be an extensive industrial base with China and South Korea being the key contributors to the millimeter wave technology market.

Some of the major players in the global Millimeter Wave Technology industry include NEC Corporation, Axxcss Wireless Solutions, Inc., Eravant, Siklu Communication, Keysight Technologies, L3Harris Technologies, Inc., Aviat Networks, Millimeter Wave Products Inc., ELVA-1, and Smiths Group plc.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2016–2028

Historical Period

2016–2021

Base Year

2021

Forecast Period

2022–2028

Segments Covered in the Study

Component, Product, Frequency Band, License Type, End-Use, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

NEC Corporation, Axxcss Wireless Solutions, Inc., Eravant, Siklu Communication, Keysight Technologies, L3Harris Technologies, Inc., Aviat Networks, Millimeter Wave Products Inc., ELVA-1, and Smiths Group plc.

Global Millimeter Wave Technology Market Coverage

Component Insight and Forecast 2016-2028

  • Antennas & Transceiver Components
  • Frequency Sources & Related Components
  • Communication & Networking Components
  • Imaging Components
  • RF & Radio Components
  • Sensors & Controls
  • Interface Components
  • Power & Battery Components
  • Others

Product Insight and Forecast 2016-2028

  • Radar and Satellite Communication Systems
  • Telecommunication Equipment
  • Scanning Systems
  • Others

Frequency Band Insight and Forecast 2016-2028

  • 95–300 GHz
  • 57–95 GHz
  • 24–57 GHz

License Type Insight and Forecast 2016-2028

  • Fully Licensed Frequency Millimeter Wave
  • Light Licensed Frequency Millimeter Wave
  • Unlicensed Frequency Millimeter Wave

End Use Insight and Forecast 2016-2028

  • Mobile & Telecom
  • Military & Aerospace
  • Consumer & Commercial
  • Healthcare
  • Industrial
  • Imaging
  • Automotive & Transportation
  • Others

Geographical Segmentation

Millimeter Wave Technology Market by Region

North America

  • By Component
  • By Product
  • By Frequency band
  • By License Type
  • By End Use
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Product
  • By Frequency band
  • By License Type
  • By End Use
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Product
  • By Frequency band
  • By License Type
  • By End Use
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Product
  • By Frequency band
  • By License Type
  • By End Use
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries