Portland, March 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global millimeter wave technology industry contributed $220.5 million in 2018, and is expected to garner $3.25 billion by 2026, registering a CAGR of 40.4% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, market size & projections, and competitive landscape.
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Surge in testing of 5G technology in the U.S., South Korea, Japan, and China, rise in demand for smart devices, and increase in usage of this technology-based scanner systems at airports facilitate the growth of the global millimeter wave technology market. However, adverse effects on the environment hinders the growth. On the other hand, rise in usage in the military & defense sector and increase in demand for autonomous vehicles would offer multiple opportunities for the leading players.
Based on product, the telecommunication segment held nearly three-fourths of the share the global millimeter wave technology market in 2018, and is estimated to maintain its dominance during the forecast period. Surge in wireless devices demand and rise in data rates by users in the telecom industry would create opportunities. This segment is also expected to register the fastest CAGR of 42.9% from 2019 to 2026.
On the basis of license type, the fully licensed frequency millimeter wave segment held more than four-fifths of the total revenue of global millimeter wave technology market in 2018, and will maintain its dominant status during the forecast period, 2019–2026. Rise in adoption across the globe drives the market growth. The light licensed frequency millimeter wave segment is expected to grow at the fastest CAGR of 47.7% during the forecast period.
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Based on region, Asia-Pacific region garnered the highest market share in 2018, accounting for nearly two-fifths of the total market. Surge in demand for bandwidth-intensive applications and requirement for millimeter wave solutions in the telecom sector resulted in high usage in the region. This segment is expected to portray the highest CAGR of 45.4% throughout the forecast period. North America would maintain the second-highest revenue share during the forecast period.
Key players analyzed in the research include NEC Corporation, Keysight Technologies, L3 Technologies, Inc., BridgeWave Communications (REMEC Broadband Wireless Networks), Millimeter Wave Products Inc., Farran Technology, CableFree: Wireless Excellence, SAGE Millimeter, Inc., E-Band Communications, LLC, and Siklu Communication.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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