Dublin, May 09, 2023 (GLOBE NEWSWIRE) -- The "Millimeter Wave Technology Market by Product (Scanning Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile & Telecommunication, Automotive), Component, Frequency Band and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The millimeter wave technology market is projected to reach from USD 2.8 billion in 2023 to USD 7.9 billion by 2028, at a CAGR of 22.8%.
Some key factors accrediting to the growth of millimeter wave technology market include increase in broadband and mobile speeds, rising use of millimeter wave in small-cell backhaul networks, and surging demand for millimeter wave technology in security and radar applications.
The recession's impact on the millimeter wave technology market has been analyzed in this study. The short-term outlook for semiconductors and materials revenues is expected to be worse in the third quarter of 2023.
Rising inflation, increasing interest rates, unemployment, and energy crises will lead to slow economic activity. As a result, end-user industries experience deterioration of their businesses, cash flow, and ability to obtain financing, delaying or canceling product purchase plans.
Communication and networking components market to hold a significant share of the millimeter wave technology market during the forecast period
Communication and networking components include switches and routers, which are crucial in telecommunication applications. The quest for a viable and low-cost solution for high data rate applications such as home and personal area networking, automotive radar, and high bandwidth communications has helped boost the millimeter wave technology market.
During the last five years, market players have been increasingly focusing on the semiconductor segment due to the advantages of millimeter wave technology. Communication and networking are key components in any millimeter wave device, especially for the telecom sector, a major application sector for millimeter wave technology.
Unlicensed type to hold the second largest share of millimeter wave technology market during the forecast period
License-free 60 GHz radios have unique characteristics that significantly differ from the traditional 2.4 GHz to 5 GHz license-free radios and licensed millimeter wave radios. The FCC allocated 7 GHz of unchanneled spectrum for license-free operations between 57 and 64 GHz.
The allocation has made multi-gigabit radio frequency links possible. In the US, the FCC has set aside the V band (60 GHz) as an unlicensed spectrum. This band provides 14 GHz of contiguous spectrum available for anybody to use. In June 2019, Siklu launched its third-generation gigabit wireless solution in the MultiHaul product line that would integrate Facebook's Terragraph within its products.
Aerospace & defense to hold the second largest share of millimeter wave technology market during the forecast period
As millimeter waves are superior to microwave and infrared-based sensors in almost every application, they are extensively used in defense and aerospace applications as well as solutions that test, filter, and process high-frequency signals for wireless telecommunication networks.
Millimeter waves are also used to provide antenna systems for use in military and commercial aerospace applications and a wide range of innovative RF and microwave solutions for the wireless telecommunication devices used in the aerospace and defense sector.
In May 2021, Pasternack, an Infinite Electronics brand leading provider of RF, microwave, and millimeter wave products, launched a new series of low-noise amplifiers perfect for use in aerospace and defense applications, mainly for electronic warfare, space systems, and R&D.
Europe to hold a significant share of the millimeter wave technology market during the forecast period
Europe is an important market for millimeter wave technology owing to its increased use in various sectors. Europe has been the frontrunner in 5G trials and projects that are currently being implemented in various regions of the world.
Various industries are providing 5G services across Europe, including enhanced mobile broadband, massive machine-type communications, and ultra-reliable and low-latency communications. Such commercial 5G launches require substantial investments for the new infrastructure, a large amount of spectrum, new capabilities, and a close collaboration between telecom players, network enablers, and government authorities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 292 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.8 Billion |
| Forecasted Market Value (USD) by 2028 | $7.9 Billion |
| Compound Annual Growth Rate | 22.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increase in Broadband and Mobile Speeds
- Rising Use of Millimeter Wave Technology in Small-Cell Backhaul Networks
- High Demand for Millimeter Wave Technology in Security and Radar Applications
- Growing Need for Faster Data Transmission
Restraints
- Low Penetration Power and Adverse Impact on Environment
Opportunities
- Surging Use of 5G and Millimeter Wave Technologies
- Emergence of New Applications in Aerospace & Defense Industry
- Emergence of Autonomous Vehicles
- Rising Number of Internet of Things (Iot)-Based Devices
- Rising Use of V-Band Millimeter Waves for Last-Mile Connectivity
Challenges
- Challenges Associated with Physical Properties of Millimeter Waves
Companies Mentioned
- Anokiwave
- Aviat Networks
- Axxcss Wireless Solutions
- Cablefree
- Cambium Networks
- Elva-1
- Eravant (Formerly Sage Millimeter)
- Farran Technology
- Fastback Networks
- Ignitenet
- Keysight Technologies, Inc.
- Kratos Defense & Security Solutions
- Kyocera
- L3Harris
- Lightpointe Communications, Inc. (Lightpointe Wireless)
- Millimeter Wave Products Inc.
- Nec Corporation
- Nuctech
- Quinstar Technology
- Radwin
- Siklu Communication
- Smiths Group plc
- Spacek Labs
- Trex Enterprises Corporation (Trex)
- Verana Networks
- Vubiq Networks, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/bc3k4p
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