The market for Millimeter Wave Technology is expected to reach US$ 4,456.0 Mn in 2028.
The global millimeter wave technology market was valued at US$ 289.2 Mn in 2018 and is expected to reach US$ 4,456.0 Mn by 2027, expanding at a CAGR of 35.7% during the forecast from 2019 to 2027.
Frenetic growth in wireless technology has espoused various technological advancements in the spectrum field. Today around 95% of businesses believe in digital transformation to increase productivity. In addition, wireless connections are the best solution players prefer to achieve their objectives for digital transformation. Moreover, increasing data traffic along with the advent of big data, the Internet of Things (IoT), distributed ledger technology, and other futuristic technologies have ushered in the need for an Extremely High Frequency (EHF) spectrum.
The millimeter wave spectrum is the EHF spectrum ranging from 30 to 300 GHz. The benefits of millimeter waves include high resolution, larger bandwidth, low interference, the smaller diameter of components, cost-efficacy, and increased security, the prime factors to drive the market growth stupendously. As a result, it is frequently used beyond military & space applications such as communications, automotive, and medical imaging.
In 2018, telecommunication equipment dominated the global millimeter wave technology market with the highest revenue share. A shifting trend from a 4G LTE network to a 5G technology to access high-speed networking is one of the prime factors contributing to its significant market share. In addition, several telecom operators announced in 2019 to expand their reach into 5G services. For instance, in November 2019, AT&T Inc. announced to extend its 5G services in 12 cities in the United States. Furthermore, in February 2017, Viavi Solutions revealed that 25 more companies are testing 5G technology.
Mobile & Telecom application is poised to witness profound growth over the forecast period. The significant growth of the segment is mainly attributed to the rising demand for 5G and high frequency-based electronic components in the communication sector. In May 2018, Anokiwave Inc. announced to opening of a new design center in Billerica, U.S., to focus increasingly on the company's growth in integrated ICs solution for mobile satellite communication, 5G communication, aerospace & defense that uses millimeter wave technology-based components. In addition, the increasing use of connected devices in smart homes, hospitals, and buildings has commercialized the 5G technology.
North America accounted for the majority of revenue share in 2018, owing to the early acceptance of millimeter wave technology in small cell backhaul networks and an exponential rise in mobile data traffic with intensive bandwidth applications. In addition, the booming 5G trend in the region adds benefits to the market growth. As per the GSMA Intelligence report 2019, North America is the global leader in 5G technology, attributed to massive investment by mobile operators. Total investment by mobile operators is expected to be more than US$ 380 Bn between 2018 & 2025.
Europe is another significant revenue contributor to the global millimeter wave technology market. Automotive and healthcare advancements are the prime factors behind its prominent growth. Advanced surveillance, ADAS, vision sensing, advanced sensor application in passenger cars, artificial co-passengers, medical imaging equipment, high frequency based medicines, and many others are some of the advanced applications in the automotive & healthcare industry based on mm-wave technology.
Prominent players in the global millimeter wave technology market believe significantly in a merger, collaboration, and partnership deal with similar or adjacent solution providers. This reduces their time & effort along with leveraging them the capabilities to use each other technologies to develop an innovative approach or solution for the required product.
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment was calculated for the forecast period from 2019 to 2027.
The millimeter wave technology market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-around view of the global millimeter wave technology market based on product type, frequency band, license type, component, application, and geography. Key segments covered in the report are as follows:
The market for Millimeter Wave Technology is expected to reach US$ 4,456.0 Mn in 2028.
The Millimeter Wave Technology market is expected to see significant CAGR growth over the coming years, at 35.7%.
The report is forcasted from 2019-2027.
The base year of this report is 2021.
Broadband Wireless Networks LLC, L3 Technologies Inc., Keysight Technologies, Siklu Communication Ltd, Proxim Wireless, NEC Corporation, Aviat Networks Inc., Millimeter Wave Products Inc., Sage Millimete Inc., E-Band Communications, LLC, Vubiq Networks, Inc are some of the major players in the global market.