New York, US, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global MmWave Sensors and Modules Market information by Frequency Band, Application and Region – forecast to 2025” the market was valued at USD 73 Million in 2018; it is expected to reach USD 532.9 Million by 2025 at a CAGR of 33.2%.
Competitive Landscape
The service providers in the telecom industry are intensively focused on improving technology to fulfill the demand for expanding bandwidth applications and high-speed internet requirements resulting from bandwidth-intensive applications. To meet customer demand, these market players are pursuing a variety of strategies, including mergers and acquisitions, product development, collaborations, partnerships, and expansions.
Dominant Key Players on MmWave Sensors and Modules Market Covered Are:
- Texas Instruments
- Mistral Solutions Pvt Ltd
- Qualcomm Inc.
- Keysight Technologies
- Radio Gigabit Inc
- Virginia Diodes
- MediaTek Inc.
- NOVELIC LLC
- Pulsar Process Management Ltd
- Infineon Technologies AG
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MmWave Sensors and Modules Market Drivers:
Alluring Features that Boost Market Growth
High demand for high-speed data in mobile phones and mobile broadband, high-definition gaming, high-definition multimedia, and over-the-top (OTT) services, growing usages of modules in low visibility and extreme weather conditions like rain, smoke, fog, and thunderstorm with minimal noise, rapidly growing in automotive long-range radar (LRR), adoption of technology in the field of automotive radar applications, advanced avionics navigation systems, and instrument landing systems (ILS), development of fifth-generation technology due to the need for higher bandwidth, increasing number of internet-driven applications and solutions are some of the main as well as vital factors which will likely to expand the growth of the millimeter-wave (mmWave) sensors and modules market in the projected timeframe of 2018-2025. On the other side, rising levels of government investment, as well as an increase in the number of R&D activities, will contribute to the creation of significant opportunities, resulting in the expansion of the millimeter-wave (mmWave) sensors and modules market throughout the forecasted timeframe.
MM wave sensors and modules are also widely used in military and defense applications, as well as telecommunications, automotive, security, and healthcare. Demand from each of these industrial and commercial sectors is expected to move the global mmWave sensor and module industry forward at a rapid pace. The use of wireless and mobile networking equipment has increased dramatically in recent years. As the number of internet-based apps and solutions increases, so does the demand for massive amounts of data to be sent between devices in the mobile connection ecosystem. This will almost certainly lead to the creation of high-speed data transfer devices that heavily rely on millimeter-wave modules and sensors.
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Segmentation of Market Covered in the Research:
The global mmWave sensor and module market has been segmented based on frequency band and application.
By frequency band, the global mmWave sensor and module market has been segmented into the band between 30 GHz and 57 GHz, band between 57 GHz and 96 GHz, and band between 96 GHz and 300 GHz.
By application, the global mmWave sensor and module market has been segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, government & defense, and transportation.
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Regional Analysis
North America to Continue its Winning Streak
North America led the mmWave sensors and modules market in 2018, and this dominance is projected to continue throughout the forecast period. This expansion is mostly due to increased spending in the defense sector as a result of the expanding mmWave technology market. To improve secure communications, the military is increasingly using mmWave sensors and radar modules.
APAC to Witness Growth in the Global Market
The mmWave sensors and modules market share in the Asia Pacific is expected to increase significantly during the forecast period. The rapid rise of technology in the Asia Pacific can be ascribed to the development and improvement of its telecom infrastructures. Moreover, the installation of new telecom equipment based on MM wave technology is expected to significantly drive the market across the region.
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Industry News
In January 2019, Vubiq created a hardware/software millimeter-wave hyper imaging system. When compared to existing solutions, this system can code and decode chipless radio frequency identification (RFID) tags with a greater order of magnitude.
In March 2019, the Smiths Detection business division installed two ECAC standard 3.1 scanners to its CTX 9800 DSi baggage explosives detection system. It will increase flexibility and productivity while ensuring the highest level of security.
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