United States, Rockville MD, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The millimeter wave technology market is forecasted to reach a valuation of US$ 12.7 Bn by 2032 from US$ 2.2 Bn in 2022, rising rapidly at a CAGR of 19.3% throughout the forecast period.
Increased broadband and mobile speeds, increased use of millimetre wave in small-cell backhaul networks, and significant demand for millimetre wave technology in security and radar applications are all driving millimeter wave technology market forward.
The adoption of millimeter wave technology is growing due to increased consumption of high-bandwidth content and application usage. Fiber-to-the-home (FTTH) adoption, cable broadband adoption, high-speed DSL adoption, and overall broadband penetration are all factors that influence the demand for millimeter wave technology.
“The rising demand of mm wave technology in several telecommunication industries is expected to propel the global market forward at a rapid phase.”
In addition, there is a growing demand for millimetre wave technology in the military, aerospace, and defence sectors due to the ease and speed with which information such as orders and commands can be exchanged while maintaining high connectivity and security through the use of various applications. These reasons are projected to drive the adoption of millimetre wave technology market to new heights.
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This millimetre wave technology market is gaining traction in a variety of industrial and commercial industries, including smart wearables, smart phones, and smart watches, which require wireless connectivity.
Digital network advancements connect a large number of devices and sensors, allowing for advancements in healthcare, education, transportation, automotive, telecommunications, and other areas.
Key Takeaways
- The frequency sources and related components is expected to grow at a CAGR of 19.4% and have the highest share in the multimeter wave technology market.
- With a CAGR of 18.8%, millimetre wave technology sector is expected to be dominated by telecommunication equipment.
- Due to the increased adoption of multimeter wave technology for devices in the unlicensed frequency range, millimetre wave technology for unlicensed frequencies accounted for the biggest proportion in 2021.
- During the projection period, the market for the 57–95 GHz frequency range is expected to account for the biggest share and increase at the fastest CAGR.
- The millimetre wave technology industry was dominated by mobile and telecom applications.
- Furthermore, increased demand for multimeter wave technology in the industrial industry as a result of increased building automation adoption ensures high precision occupancy detection and tracking of individuals from both indoor and outdoor at a range of 14 m to 50 m.
- North America’s millimetre wave technology market is expected to have the greatest share. The rising demand for millimetre wave technology in telecommunications and mobile applications is driving market expansion. This area is known for having the largest number of millimetre wave technology suppliers, which helps to drive the market's growth.
- Autonomous millimetre wave technology is increasingly being used in hospitals for medical imaging. The demand for millimetre wave technology is projected to rise as it is used in the telecommunications industry to carry data over vast distances.
- Furthermore, as the requirement for larger bandwidth grows, the demand for millimetre wave technology grows as it allows high data transfer at a high rate..
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Consumer demand for connected gadgets such as smartphones, tablets, and other devices is propelling the adoption of millimetre wave technology. The demand for millimetre wave technology is growing as it has a number of advantages over fibre optics, including increased bandwidth, speed, and security.
Increased demand for imaging equipment, networks, monitors, and, most importantly, security is driving the adoption of multimeter wave technology in the healthcare and aerospace industries.
Millimeter waves provide a number of advantages over other radio frequencies, but they also have certain drawbacks which are restraining the multimeter wave technology market growth. Millimeter waves are incapable of bouncing off actual objects. Tree branches and walls might interfere with and absorb the signal, causing it to be halted.
Millimeter waves are much more costly than other regularly utilised frequencies. This makes multimeter wave technology nearly unattainable to smaller businesses without the necessary funds. These are the factors which are forecasted to hinder the growth of multimeter wave technology market.
Competitive Landscape
The key players in millimetre wave technology market are Axxcss Wireless Solutions (US), NEC Corporation (Japan), Siklu Communication (Israel), L3HARRIS (US), Smiths Group (UK), Eravant (US), Aviat Networks (US), Farran Technologies (Ireland), and Millimeter Wave Products (US).
To increase their market position, these organisations have used both organic and inorganic growth tactics such as product launches and installations, contracts, mergers, collaborations, partnerships, and expansions.
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Recent Developments
Eravant released custom waveguide solutions in March 2020, including customised waveguide sections and flanges.
Keysight and VIOMI, the pioneer of IoT@Home, announced a partnership in March 2020 to expedite 5G enabled IoT smart home deployment. The radio frequency (RF) performance of VIOMI's IoT devices for home applications was validated using Keysight's 5G solutions.
NEC and Altiostar, the global leader in 5G-ready, open, virtualized RAN (vRAN) technologies, announced a partnership in January 2020 to accelerate the adoption of 4G/5G open vRAN solutions.
NEC released a millimeter-wave distributed antenna radio unit in January 2020, allowing for more efficient utilisation of the 5G millimeter-wave spectrum (28 GHz band) and hence better channel quality for indoor 5G applications.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Millimeter Wave Technology Market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of Component (Antennas & Transceiver Components, Imaging Components, RF & Radio Components), by Product (Scanning Systems, Telecommunication Equipment), by Frequency Band, by License Type, by End Use, Regional Forecast 2022-2032
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