The global millimeter wave technology market is segmented by product into scanner systems, radar & satellite communication systems and telecommunication equipment; by component into antennas & transceiver components, frequency sources & related components, communication & networking components, imaging components, RF & radio components, sensors and controls, interface components, power & battery components and others; by frequency band into bands between 8 Ghz-57 Ghz , bands between 57 Ghz-86 Ghz and bands between 86 Ghz and 300 Ghz; by license into light licensed frequency, unlicensed frequency and fully licensed frequency; by application into mobile & telecom, consumer & commercial, healthcare, industrial, automotive & transportation, military, defense, aerospace and others.
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Millimeter wave provides wireless communications with merging of Wi-Fi and cellular services. Millimeter wave technology is extensively used in sectors such as consumer & commercial, mobile & telecommunication and healthcare. It is expected that the market for millimeter wave technology will grow rapidly during the forecasted period at a good CAGR. Millimeter wave technology is in high demand in telecom industry which expected to bolster the market growth of millimeter wave technology globally over the forecasted period.
North America holds the latest market share in millimeter wave technology market due rising need for high-speed data transfer and overuse of the existing spectrum in the telecom industry. Asia Pacific is anticipated to be the fastest growing market of millimeter wave technology in terms of revenue over the forecasted period due to growing demand for high-speed network for accessing smart applications on commercial and residential levels. Europe is expected to show a positive growth over the forecasted period due rising penetration of internet services, cloud computing and e-governance services.
Asia Pacific is anticipated to be the fastest growing market of millimeter wave technology in terms of revenue over the forecasted period due to rising infrastructural deployment for faster access to data, voice, videos and other services. Increasing demand for high-speed network for accessing smart applications on residential and commercial levels are also expected to drive the market of millimeter wave technology in this region over the forecasted period. Setting up new telecom equipment based on the millimeter wave technology also expected to drive the growth of this technology in this region.
Europe is expected to show a positive growth over the forecasted period due to rising technological advancements and research & development activities in the millimeter wave technology. The increasing penetration of internet services, cloud computing and e-governance services also expected to drive the demand for millimeter wave technology market in this region over the forecasted period. Latin America is expected to showcase a lucrative growth over the forecasted period due to rise in the market for the military, aerospace and defense applications with the growing use of this technology in unmanned aerial vehicles (UAVs) and unmanned surface vessels (USVs).
Our-in depth analysis of the global millimeter wave technology market includes the following segments:
NEC Corporation, Millivision Technologies, E-Band Communications, LLC, BridgeWave Communications, Inc., Millivision Technologies, Farran Technology, Siklu Communication Ltd., ELVA-1, Vubiq Networks, Inc., CableFree: Wireless Excellence, And Others.
Growth Drivers and Challenges
Increasing mobile data traffic, growing demand for the high speed data connectivity and rising demand for band intensive applications are the factors expected to drive the growth of millimeter wave technology market over the forecasted period. Technological advances increases the demand for millimeter wave technology in various industrial verticals such as aerospace, defense, healthcare, telecommunication and automobiles. Data-intensive services such as high-speed online gaming, video conferencing, video streaming and media exchange over the internet are expected to spur the demand for high-band fostering the demand for adoption of millimeter wave technology over the forecasted period.
Advancement of 5G is also expected to drive the market growth of millimeter wave technology globally over the forecasted period. There are many projects ongoing to integrate the millimeter wave technology into the cellular networks to use the millimeter wave band wide spectrum. Around 7 GHz of continuous band is available globally, at 60 GHz unlicensed band, which are also expected to drive the market of millimeter wave technology globally over the forecasted period. Non-uniform licensing approach expected to hamper the growth of millimeter wave technology market globally.
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