The global millimeter wave technology market is predicted to touch USD 2,112.2 million at a 36.1% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. Millimeter wave or band is a band of a spectrum ranging between 30-300 GHz. It has a wide range of applications including emerging & next-generation applications, video surveillance and transportation, healthcare, high definition television broadcast, mobile and telecom sector, commercial and consumer sector, retail, financial/banking, military, automotive and transportation, defense and aerospace, and disaster recovery. Other applications include airport body scanners, backhaul for wireless base stations, and short-range radar.
Various factors are driving the growth of the Millimeter Wave Technology Market. These factors, in accordance with the Market Research Future (MRFR) report, include an increase in mobile data traffic along with bandwidth-intensive applications, need for innovative applications of security products and radar, use in consumer electronics, and burgeoning demand for high speed data connectivity. Additional factors pushing market growth include growing penetration of internet services, technological advancements, cloud computing, and increasing use in small cell backhaul networks.
On the contrary, limited range and environmental concerns are factors that may deter the millimeter wave technology market growth over the forecast period.
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Leading players profiled in the millimeter wave technology market include Siklu Communication, Ltd. (Israel), Elva-1 (Sweden), L3 Technologies, Inc. (US), Smiths Group Plc. (UK), Vubiq Networks, Inc. (US), Millivision Technologies (US), Millitech, Inc. (US), SAGE Millimeter, Inc. (US), NEC Corp. (Japan), Keysight Technologies, Inc. (US), E-Band Communications, LLC (US), BridgeWave Communications, Inc. (US), Millimeter Wave Products, Inc. (US), Farran Technology Ltd. (Ireland), and E-Band Communications, LLC (US),
June 2019: Apple has invented a waveguide system which uses millimeter waves for transferring power and data at accelerated speeds.
The Market Research Future report offers a wide segmental analysis of the millimeter wave technology market based on product, license type, frequency band, and end-user.
Based on product, the millimeter wave technology market is segmented into telecommunication equipment, satellite communication system, radar communication systems, and others. Of these, the telecommunication equipment segment will have the largest share in the market over the forecast period.
Based on license type, the millimeter wave technology market is segmented into fully licensed frequency, unlicensed frequency, light licensed frequency, and others.
Based on frequency band, the millimeter wave technology market is segmented into band between 86-300 GHz, band between 57-86 GHz, band between 30-57 GHz, and others.
Based on end user, the millimeter wave technology market is segmented into government and defense, automotive and transportation, healthcare, consumer and commercial, IT and telecommunication, automotive and aerospace, and others.
Based on the region, the millimeter wave technology market covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The US is the key contributor here as this is the first country to provide commercial utilization of millimeter waves as E-band frequencies, that is resulting in the adoption and growth of millimeter wave technology worldwide. Intense research, especially in military applications coupled with subsequent inclusion of millimeter wave technology in secure military communications, radar, and sonar is boosting the market growth. Canada is another key market in this region that is actively using full-body scanners that are MMY-enabled in various entry points owing to its safety and accuracy as compared to X-ray scanners. Moreover, this country has heavily invested in this technology to help customers shopping for fashion accessories that are predicted to boost the market growth in this region.
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The millimeter wave technology market in Europe is predicted to have a notable growth over the forecast period. This is owing to millimeter wave technology being largely used for fixed-point internet and high-speed wireless mobile.
The millimeter wave technology market in the APAC region is predicted to grow at the fastest pace over the forecast period.
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