Millimeter Wave Technology Market (2021-2030) Explore Key strategic and Developments by Key Players, Growth, Size, Application, Type

In a recent published report, Kenneth Research has updated the market report for Millimeter Wave Technology Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Millimeter Wave Technology Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

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.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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.

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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).

Key players

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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