New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Millimeter Wave Technology Market Research Report: by Product, by Component, by License Type, by Frequency Band- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 4.8 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 19.8% during the assessment timeframe.
Millimeter Wave Technology Market Key Players
Eminent industry players profiled in the global millimeter wave technology market report include-
- Millivision Technologies (US)
- Vubiq Networks, Inc. (US)
- Smiths Group PLC (UK)
- Fastback Networks (US)
- NEC Corporation. (Japan)
- Mistral Solutions Pvt. Ltd (India)
- E-Band Communications, LLC (US)
- Farran Technology Ltd (Ireland)
- L3 Technologies, Inc. (US)
- Millimeter Wave Products, Inc. (US)
- BridgeWave Communications, Inc. (US)
- SAGE Millimeter, Inc. (US)
- Keysight Technologies, Inc. (US)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 4.8 Billion |
| Growth Rate | CAGR of 19.8 % from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The proliferation of millimeter wave technology in consumer electronics |
| Key Market Drivers | Increasing demand for millimeter wave technology in radar and security applications |
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Millimeter Wave Technology Market Drivers
Growing Need in Unmanned Vehicles to Boost Market Growth
A growth in consumer preference for smart driver's assistant automobiles, which help with automatic parking, GPS navigation, braking, collision avoidance system, blind spot recognition, and other features, has led to an increase in demand for millimeter wave technology in unmanned vehicles. Thus, only the incorporation of millimeter wave technology will allow for the entitlement of such benefits.
Opportunities
Increasing Use in Military & Defense Sector to offer Robust Opportunities
In the military and defense industries, advanced applications like radar, electronic warfare, and satellite communications are used. In order to transmit commands, military intelligence, and directives from one location to another in combat scenarios, these applications will require millimeter wave technology. The use of millimeter wave technology in military and defense applications is due to its high frequency range. Owing to this, a variety of radar and satellite communication segments are easily covered by millimeter wave technology.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost and environmental concerns about 5g as well as limited range may act as market restraints over the forecast period.
Millimeter Wave Technology Market Segmentation
The global millimeter wave technology market is bifurcated based on frequency band, license type, component, and product.
By product, telecommunication equipment will lead the market over the forecast period.
By component, the market is segmented into Antennas and Waveguide Components, Radio and RF Components, Sensors and Controls, Frequency Meters, Networking and Communication Components, Imaging Components, and Transceivers.
By license type, the market is segmented into Light Licensed Frequency, Unlicensed Frequency, and Fully Licensed Frequency.
By frequency band, the market is segmented into Band between 30 GHz & 57 GHz, Band between 57 GHz & 96 GHz, and Band between 96 GHz & 300.
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COVID-19 Analysis
The millimeter wave technology market saw a small deceleration as a result of the COVID-19 epidemic. The production of the parts needed for the technology was halted as a result of the harsh lockdowns issued all across the world. The installations & expansion plans of the market participants were unintentionally harmed by this. The pandemic had a significant influence on company revenues, which in turn had an impact on many companies' capital expenditures & capital expenditure estimates. Also, the global pandemic's arrival caused a delay in the execution of some 5G projects. Due to the lockout, spectrum issuance & auctioning were suspended, which caused a delay in the rollout of 5G. The pandemic had a significant impact on other application areas, including electronics and the automobile and transportation industries, and as a result, these sectors' demand decreased. Because of its adaptable digital core, the telecom industry had been relatively robust during the crisis. By the end of 2021, the target market had begun to recover, and by the beginning of 2021, it had significantly gained speed.
Regional Analysis
North America to Head Millimeter Wave Technology Market
Due to a greater acceptance of technology within the region, the North American region had the largest market in 2021. The U.S. & Canada are well-known for being early adopters of new and developing technology. As a result, the elements are opening doors for the MMW technology in a variety of applications. Due to the presence of cutting-edge technologies and significant market players in North America, the region is predicted to have a commanding position in the millimeter wave technology market. Major companies in the region are providing cutting-edge solutions, which are anticipated to drive the market's growth. Leading telecom companies like AT&T, Ericsson, T-Mobile, and Qualcomm are spending a lot of money on 5G technology. Over the projected period, the millimeter wave technology market is anticipated to develop as a result of the region's rising need for 5G technology. Due to advancing technology and a solid IT infrastructure, the millimeter wave technology market saw tremendous growth in North America. The region's telecommunications industry developments are what are driving the market expansion. The huge population of customers in the area, who recognize the significance of broadband connections for a comfortable lifestyle, is anticipated to drive millimeter wave (MMW) market growth.
APAC to Have Admirable Growth in Millimeter Wave Technology Market
Throughout the projected period, the market is expected to expand significantly in the regions of Asia Pacific and the Rest of the World (RoW). With about 44.0% CAGR during the anticipated period, the Asia Pacific area is expected to grow at the fastest rate. The renovations and developments being made to its telecom infrastructures are responsible for the region's rapid technological growth. Additionally, it is anticipated that the installation of novel telecom equipment based on millimeter wave technology will significantly accelerate market growth throughout the region.
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Industry Updates
October 2022- A developer in radio frequency and microwave fields, Marki Microwave, recently announced the addition of a variety of edge mixers with built-in local oscillator (LO) drivers to its millimeter wave/mmWave portfolio. The mmWave technology from Marki Microwave offer outstanding performance over a wide bandwidth and with minimal drive needs. The integrated drive mixers simplify the integration of the LO route overall for user-friendliness and improved performance while reducing size, weight, power, & cost (SWaP-C).
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
