Dublin, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The "Millimeter Wave Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029" report has been added to ResearchAndMarkets.com's offering.
Global millimeter wave technology market is estimated to grow at a CAGR of 35.2% during forecast period (2021-2029).
Global millimeter wave technology market is primarily driven by rising mobile data traffic, demand for bandwidth intensive applications and increasing adoption of millimeter wave in small cell backhaul networks. Millimeter wave technology can reduce data traffic pressure on Base Station (BS) of network, ultimately increasing the speed of communication and improving the quality of network.
Exponential increase in Data Traffic Key Booster of Market Revenues
Data traffic refers to the amount of data which is transferred between the internet and the hosting account on the web server. With the user moving towards more data intensive content such as video streaming, augmented reality, voice over data, 4k video, increasing number of internet user on smart phone etc. data traffic is expected to rise in future. Growing data traffic creates bandwidth complexities and network congestion.
One of the main advantage of millimetre wave technology is the ability to transmit large amount of data as the frequency is directly proportional to bit rates. Thus, the millimetre waves are suitable for transmission of digital data, cellular communications. This creates need for efficient wireless mobile backhaul.
The researches and telecom operators seek to incorporate millimetre wave technology in order to curb the bandwidth crunch and provide data intensive content with ease leading to the adoption of Millimetre wave technology market.
5G the New Buzz Assuring Significant Growth across the Globe
The millimetre waves are considered to be the key enabling technology for the successful deployment of 5th generation wireless communication network. With the growing investment in the 5G infrastructure a huge demand for the equipment based on millimetre wave technology is anticipated.
According to Organization for Economic Co-operation and Development (OECD), the communication network and service environment would become more complex by 2023 and the 5G technology market would witness immense growth due to the ongoing advancements in 5G network infrastructure.
USA, UK, France, Germany, South Korea, Japan, China are the forefront in research and trial investments for 5G technology. Such investments in 5G would fuel development in wireless infrastructure and network and promote the growth of global mobile and telecom market during the forecast period.
Mobile and Telecom Application Account for More than Half of the Market Revenues
Global millimeter wave technology market has been segmented on the basis of products, frequency band, license type and by application. The application segment is further sub segmented into Mobile & Telecommunication, Consumer & Commercial, Healthcare, industrial, Automotive and Transportation, Military, Defense, and Aerospace and Imaging.
Mobile & Telecommunication leads the application segment in terms of revenue in global millimeter wave technology market with around 55.14% market share in 2019. The millimeter waves are considered to be the key enabling technology for successful deployment of 5th generation wireless communication network and growing telecommunication industry is expected to propel the global millimeter wave technology market over the forecast period. increasing investment and adoption of 5G technology network is expected to create a huge demand for millimeter wave technology equipment.
The mobile and telecom application is expected to grow at CAGR of 35.9% during the forecast. The telecommunication industry is going under a radical change with the growing data consumption and limited bandwidth. With the increasing consumption of data radio-frequency spectrum have become congested as all the mobile providers wok in the same frequency band that leads to slower service and more dropped connections.
North America - The Present Market, APAC - The Future Market
Asia Pacific millimetre wave technology market is expected to grow at highest CAGR of 36% during the forecast period of 2021-2029.
Asia Pacific millimetre wave technology market is primarily driven by increasing data consumption that has created the demand for efficient wireless backhaul solutions coupled with high infrastructural investment to set up 5th generation wireless network. As per the CISCO VNI in 2016 Asia Pacific will account for 47% of global data traffic by 2021 followed by Middle East & Africa and North America and mobile data traffic in Asia Pacific is likely to reach 22 Exabyte's by 2021 from 2.97 Exabyte's in 2016. However, North America dominates the market in terms of revenues for 2020.
Innovation is the Key to Enhance Market Presence
Product launch is the primary strategy adopted by companies in global millimetre wave technology market. New and advanced products help to improve company's market visibility while competing effectively with key competitors in the market. Partnership and collaboration is the secondary strategy adopted by companies in global millimetre wave technology market.
Market Determinants
Market Drivers
- Rising Mobile Data Traffic and Demand for Bandwidth-intensive Applications
- Rising Demand in Radar and Security Applications
- Increasing Adoption of Mmw in Small Cell Backhaul Networks
- High Potential for the Use of Millimetre Wave Technology in Consumer Electronics
Market Restraints
- Adverse Impact On The Environment
- Propagation Limitations Associated With Millimetre Waves
Market Opportunities
- Application in Autonomous and Semi-Autonomous Vehicles
- Availability of Unallocated Spectrum
Market Challenges
- Limited Range of Millimetre Waves
- Non-Uniform Licensing Approaches across The Globe
Company Profiles
- Bridgewave Communications
- Cablefree: Wireless Excellence
- E-Band Communications LLC
- Farran Technology
- Keysight Technologies
- L3 Technologies Inc.
- Millimeter Wave Products inc.
- Nec Corporation
- Sage Millimeter Inc.
- Siklu Communication
- Fujitsu
- Denso Corporation
- Mitsubishi Electric
- Mmw Biomedical
- Hubei YJT Technology
For more information about this report visit https://www.researchandmarkets.com/r/yj0ga4
