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Millimeter Wave Technology Market

Millimeter Wave Technology Market

Millimeter Wave Technology Market Analysis by Component (Antennas & Transceiver Components, Imaging Components, RF & Radio Components), by Product (Scanning Systems, Telecommunication Equipment), by Frequency Band, by License Type, by End Use, Regional Forecast 2022-2032

Millimeter Wave Technology Market
FACT7276MR
  • Apr-2022
  • List of Tables : 72
  • List of Figures : 120
  • 170 Pages
  • Technology

Global Millimeter Wave Technology Market Outlook

The millimeter wave technology market is predicted to grow at a moderate CAGR of 5.8%, reaching nearly US$ 535 Mn by 2032 from US$ 295 Mn in 2021.

Attributes

Details

Millimeter Wave Technology Market Size (2021)

US$ 1.8 Bn

Millimeter Wave Technology  Market Value (2022)

US$ 2.2 Bn

Millimeter Wave Technology  Market Value (2032)

US$ 12.7 Bn

Millimeter Wave Technology  Market Growth Rate (2022-2032)

19.3%

Market Share of Top 5 Countries

55%

Millimeter Wave Technology Market Key Players

  • AXXCSS Wireless Solutions
  • NEC Corporation
  • Siklu Communication
  • L3Harris
  • Smiths Group PLC
  • Eravant
  • Aviat Networks
  • Farran Technology
  • Millimeter Wave Products Inc.
  • Elva-1

“Technological breakthroughs in digital network connections has linked a number of devices for improving healthcare, education, and several other sectors of economy. Integration of autonomous millimeter wave technology in such devices is also gaining momentum with the expansion of the global market.”

Use of electromagnetic technology or millimeter waves in smartphones, automobiles, and other electronic gadgets assures greater speed of wireless broadband connections. These millimeter wave devices operate over extremely high frequency (EHF) since it displays signal spectrum ranging from 30 GHz to 300 GHz within a narrow band of wavelength between 1 to 10 mm.

Such millimeter wave technology increasing acceptance by both industrial and commercial sectors for delivering wireless communication through smart devices and wearables. The global market for millimeter wave integrated circuits is poised to experience higher growth opportunities in the coming years reaching a net worth of US$ 4.7 Bn by end of year 2026.

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What is the Covid-19 Impact on Global Millimeter Wave Technology Market?

The global millimeter wave technology market was affected profoundly through the outbreak of Covid-19 pandemic. The increase in use of telecommunication devices proved to be beneficial for the millimeter wave internet market than otherwise. Amid the worldwide epidemic, major telecom providers affirmed the continuation of 5G rollout programs.

However, the extended terms of restriction put off the rollout due to disruption in capital expenditure estimates. Delay in the release of 5G specifications by major market players slowed down the growth rate of millimeter wave companies up to a certain limit.

Reduction of global millimeter wave technology market CAGR from the staggering 21.5% that was observed during the pre-pandemic years to 19.3% forecasted for the coming decade reflects the negative impact of Covid-19. As per the market analysis report, it is predicted to recover at a steady rate and strengthen gradually over the forecast years.

What are the Trending Dynamics driving the Global Millimeter Wave Technology Market?

“The rising demand of mm wave technology in several telecommunication industries is expected to propel the global market forward at a rapid phase.”

What are the Driving Factors for the Global Millimeter Wave Technology Market in the Forecast Years?

In communication sector use of mm wave sensors has enabled the transmission of signals or data over long distances. Increasing demand for broadband services and smartphone data transfer speed is a crucial enabler of IP traffic over the digital space. It results in increased consumption of higher bandwidth content over electronic products is expected to propelling the sales of millimeter wave devices across various economies.

Data intensive applications including video streaming, online conferences and exchange of media over internet channels or even online gaming platforms are likely to enhance the need for high-bandwidth services. This shift in digital requirements is anticipated to increase the desire for adopting mm wave technology in the future days.

The growing trend of e-governance services and smart city concept is driving further the demand for millimeter wave internet across various nations. Requirement of high speed internet for providing such services to the citizens has created a huge market for milliwave 5g communication technology in the present time.

What are the Major Challenges Experienced by the Millimeter Wave Technology Market Players?

Though the millimeter wave internet is capable of providing a appreciable higher rate of data transfer than the previous generation wave bands. But the major limitation of this technology is its small area of networking. Unlike the previous versions the millimeter wave signals are incapable of bouncing off of physical objects and get absorbed failing the transmission. Such disadvantages have been speculated to be a major obstacle in the path of implementing millimeter wave technology.

Higher cost of operation owing to requirement of more number of network points is a major challenge faced by millimeter wave companies. Acquisition of smaller operators to strengthen the infrastructure and penetrate the new markets is expected to bring in some new opportunities for the future millimeter wave technology market.

There has been several instances of concern over its impact on environment and climatic that has hampered the propagation of this new technology. Efforts in part of public institutions and private players is supposed to create a favourable environment for the higher adoption of millimeter wave devices in the coming years.

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Comparative View of Adjacent Millimeter Wave Technology Market

Attributes

Millimeter Wave Technology Market

5G Infrastructure Market

Radar Systems Market

CAGR

(2022-2032)

19.3%

29.1%

7.1%

Market Value

(2027)

US$ 4.7 Bn

US$ 7.9 Bn

US$ 38.4 Bn

Growth Factor

Higher requirement of speed data transfer technologies.

Growth in volume and in quality of digital media have raised the demand for high speed internet.

Ongoing arms race among the global super power powers has resulted in higher investment.

Opportunity

Digitization of some major sectors of economy and adoption of online services.

Availability of 5G enabled hardware devices at competitive prices to create the major attraction.

Change in strategy of defense sector to procure technology and equipment from private manufacturers.

Key Trends

Introduction of 5G technology and devices in the Asia Pacific market.

Emergence of a number of private telecommunication companies have popularized the 5G services.

Advancement in wave technology for more accuracy and precision integrated with digital media.

Utilization of millimeter Wave Technology in military and aerospace is mainly attributed for radar and satellite communication typically used during combat situations. Transformation of the trans-border warfare over the digital space has initiated higher investment for the research and development of millimeter wave radar automotive that can be deployed at strategic locations. Evolution of radar sensors is predicted to augment the further growth of millimeter wave technology market by expanding its utility in various other sectors as well.

Growth in use of millimeter wave camera in various other areas of application has also rendered the business of millimeter wave technology more attractive for many market players. Hospitals and medical institutions are increasingly adopting autonomous passive millimeter wave camera for medical imaging. Increasing spending on improving the healthcare infrastructure by various countries is expected to contribute a significant portion of market demand for introducing millimeter wave bands for 5g soon.

What is the Growth Outlook for the Millimeter Wave Technology Market for Different Segments?

“Government funding for R&D in the field of wave spectrum technology and increased consumer base for adopting upgraded communication technologies is boosting the market penetration of millimeter wave technology in Asia Pacific countries.”

What are the Different Segments of Millimeter Wave Technology Market on the Basis of Different Products?

Smartphone and telecommunication equipment constitute the largest share of global millimeter wave technology market. Growing number of smartphone users has increased the competition among smart device manufacturers around the world. At such a time quick adoption of new technology for providing attractive products to the potential consumers is driving the sale of millimeter wave integrated circuits. The telecommunication equipment segment is poised to grow at a rate of 18.8% through the time period forecasted by this market report.

Radar and satellite communication systems is also growing at a higher pace supported by consumer and commercial applications. Due to increasing focus on providing 5G mmwave technology in rural areas this segment is projected to witness higher growth during the forecast years.

Which is the Top Performing Segment of the Global Millimeter Wave Technology Market by Component?

A number of components are integrated for deploying milliwave 5G technology. However, the frequency sources and related components make up the highly performing segment in the present millimeter wave technology market. Oscillators that generate signals between the ranges of 30 GHz to 300 GHz are the Major contributors for such a higher performance of this segment growing at an estimated CAGR of 19.4%.

Other top performing components includes imaging components that help in functioning of millimeter wave camera. Communication & networking components is also analyzed to be a major attraction for the manufacturers owing to its wider applications in different systems.

Which are the Prominent End Use Industries for the Global Millimeter Wave Technology Market?

Healthcare sector is an emerging end use sector for the millimeter wave technology market after mobile and telecom industry. Use of customer data gathered from millimeter wave sensors by various market players has expanded the applicability of the technology in some other prominent industries such as consumer & commercial industries or automotive and transportation industry as well.

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What is the performance of Millimeter Wave Technology Market in Different Geographical Regions?

Region

CAGR (2022 to 2032)

United States (US)

19%

United Kingdom (UK)

18.2%

China

18.7%

Japan

17.6%

South Korea

16.8%

USA and Canada being the early adapters of the millimeter wave technology have positioned North America as the dominant region in terms of revenue generated by the global market. The regional market in USA alone is estimated to worth US$ 800 Mn in 2022. By the end of this forecasted period it is predicted to reach a valuation of US$ 4.5 Bn by witnessing a year-on-year growth of about 19% which is highest among all other top performing countries.

Asia Pacific countries have also come a long way in developing the digital and industrial ecosystem in the past decade. The growth rate of China in millimeter wave technology market follows US at 18.7% owing to its robust industrial sector and export of digital devices. China, together with the other two top performing countries of Japan and South Koreo contribute nearly 18% of the global millimeter wave technology market.

How Strong is the Competitive Landscape for the Millimeter Wave Technology Market?

After the release of recent federal guidelines in context of automated vehicles the market growth potential for millimeter wave companies has witnessed a positive shift. Safety being the top priority in the automotive industry high speed 5g millimeter wave bands are anticipated to experience a higher demand for applications during the forecasted time period.

What are the Recent Developments in the Field of Millimeter Wave Technology Market?

  • Keysight Technologies, Inc enhanced the Oscilloscopes in March 2020 that provide approximately 110 GHz frequency range across standard analysis bandwidth. The newly introduced UXR0051AP infiniium UXR-Series Oscilloscopes are expected to accelerate the development of next generation mm wave communications and technology for the company.
  • TeraGo Corporation that provides cloud, colocation and connectivity services in Canada announced in January 2020 to start 5G millimeter wave technical trials in 2 areas. It will use both ISED developmental licenses and its own spectrum for trial of 28 and 38GHz frequency bands.

Key Segments

  • By Component :

    • Antennas & Transceiver Components
    • Frequency Sources and Relative Components
    • Communication & Networking Components
    • Imaging Components
    • RF & Radio Components
    • Sensors and Controls
    • Interface Components
    • Power & Battery Components
    • Other Components
  • By Product :

    • Scanning Systems
    • Radar and Satellite Communication Systems
    • Telecommunication Equipment
    • Others
  • By Frequency Band :

    • 24 to 57 GHz
    • 57 to 95 GHz
    • 95 to 300 GHz
  • By License Type :

    • Light Licensed FMW
    • Unlicensed FMW
    • Fully Licensed FMW
  • By End Use :

    • Mobile & Telecom
    • Consumer & Commercial
    • Healthcare
    • Industrial
    • Automotive and Transportation
    • Imaging
  • By Region :

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa (MEA)

- FAQs -

The global millimeter wave technology market is estimated to record a CAGR of 19.3% during the forecast period.
The global millimeter wave technology market is predicted to be valued at US$ 12.7 Bn by 2032.
The global millimeter wave technology market was valued at US$ 1.8 Bn in 2021.
North America accounts for the largest revenue share in the global millimeter wave technology market accounting for up to 35% of the total revenue.
North America is predicted to witness the highest growth in the millimeter wave technology market.

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