Millimeter Wave Technology Market By Product Type (Scanner Systems, Telecommunication Equipment), By Frequency Band (Below 57 GHz, Between 57 GHz And 86 GHz, Between 86 GHz And 300 GHz), By License Type (Unlicensed Frequency Millimeter Wave, Light Licensed Frequency Millimeter Wave), By Component (RF & Radio Components, Sensors & Controls), By Application (Mobile & Telecom, Military & Defense, Consumer & Commercial, Healthcare) - Growth, Share, Opportunities & Competitive Analysis, 2019 -2027

Robust Growth in Wireless Technology boosts the Global Millimeter Wave Technology Market.

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.

Market Synopsis

Product Type Analysis

Telecommunication Equipment accounted for the highest Market Revenue Share in 2018.

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.

Application Analysis

Mobile & Telecom Application Segment anticipated witnessing proliferating growth during the Forecast Period.

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.

Regional Analysis

North America dominated the Global Millimeter Wave Technology Market in 2018.

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.

Key Players & Competitive Landscape:

Increasing Partnerships and Collaboration Deals will spur the Competition in the Global Millimeter Wave Technology Market.

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.

List of Companies Covered:

• Broadband Wireless Networks LLC
• L3 Technologies, Inc.
• Keysight Technologies
• Siklu Communication Ltd
• Proxim Wireless
• NEC Corporation
• Aviat Networks, Inc.
• Millimeter Wave Products Inc.
• Sage Millimeter, Inc.
• E-Band Communications, LLC
• Cubic Networks, Inc
• Farran Technology
• Millivision Technologies
• Smiths Group PLC.
• Elva-1

Key Industry Development:

• On April 05, 2019, NEC Corporation signed a collaboration agreement with Ceragon Networks Ltd. to expand its global footprint in the wireless backhaul business. Under the agreement, both companies leverage their capabilities to develop innovative solutions for 5G wireless backhaul using millimeter-wave and microwave spectrum.
• On April 04, 2019, Mistral Solutions announced a new sensor fusion kit, an integrated platform that radar module and camera vision featuring Jacinto TDA3x processors and Texas Instruments mmwave sensors for Advanced Driver Assistance Systems (ADAS) in automotive applications. The new sensor fusion kit can provide superior imaging quality and high accuracy essential for autonomous driving.
• On February 08, 2019, Movandi Corporation announced to collaborate with Keysight Technologies to revolutionize millimeter wave networks and test capabilities. The company's move will support over-the-air (OTA) test systems of Keysight Technologies and validate the BeamX technology of Morandi Corporation.

Historical & Forecast Period

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.

Report Scope by Segments

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:

Frequently Asked Questions