Market Analysis
The global millimeter wave technology market will touch USD 4364.9 million at a favorable 35.64% CAGR by 2024, states the latest Market Research Future (MRFR) report.
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Challenges
Environmental Concerns Associated with 5G to act as Market Challenge
The environmental concerns associated to 5G, limited range, adverse impact on the environment, and low penetration power may act as market challenge over the forecast period.
COVID-19 Analysis
COVID-19 possessed a huge impact on the economy and the consumer alike. Electronics manufacturing hubs were temporarily shut owing to the COVID-19 outbreak. This has impacted the semiconductor market’s supply chain by creating shortages of finished goods, components, and materials. The lack of business continuity ensured negative effects on revenue and shareholder returns that created financial disruptions in the millimeter wave technology market growth.
Key Players
Eminent industry players profiled in the global Millimeter Wave Technology Market Companies include Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation. (Japan), Mistral Solutions Pvt. Ltd (India), E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US), BridgeWave Communications, Inc. (US), SAGE Millimeter, Inc. (US), Keysight Technologies, Inc. (US).
Market Segmentation
The global millimeter wave technology market is bifurcated based on product, component, license type, frequency band, and end user.
By product, the telecommunication equipment segment will lead the market over the forecast period.
By component, the global millimeter wave technology market is segmented into Radio and RF Components, Antennas and Waveguide Components, Sensors and Controls, Frequency Meters, Networking and Communication Components, Imaging Components, Transceivers.
By license type, the fully licensed frequency will dominate the market over the forecast period.
By frequency band, the 57 GHz and 96 GHz will spearhead the market over the forecast period.
By end user, the IT and Telecommunication segment will have the lions share in the market over the forecast period.
Regional Analysis
North America to Command Millimeter Wave Technology Market
North America will command the millimeter wave technology market over the forecast period. Increase in mobile data traffic coupled with bandwidth-intensive applications, the adoption of such technology in small-cell backhaul network, development of innovative millimeter wave-based radar and security products, higher adoption in telecom application and mobile, larger acceptance of technology, and Canada and the US being the early and prominent adopters of emerging and upcoming technologies are adding to the global millimeter wave technology market growth in the region.
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