Market Overview
The Millimeter Wave Technology Market is expected to reach USD 4364.9 million by 2024 at a CAGR of 35.64% during the forecast period. Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Over the last decade, there have been rapid developments in the millimeter wave technology. Millimeter wave is an extremely high-frequency band spectrum that lies between 30 gigahertz (GHz) and 300 GHz with a short wavelength that ranges from 10 millimeters to 1 millimeter. Owing to its several benefits, such as high frequency, higher resolution, and low interference it is widely used for applications such as the transmission of large volumes of computer data, cellular communications, and radar transmissions.
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Key Players
The key players of global millimeter wave technology market are 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), and Keysight Technologies, Inc. (US).
Millimeter Wave Technology Market - Segmentation
The global Millimeter Wave Technology Market has been segmented based on product, component, license type, frequency band, end user, and region.
On the basis of component, the market has been classified as antennas and waveguide components, radio and rf components, sensors and controls, frequency meters, networking and communication components, imaging components, and transceivers. The radio and RF segment was the largest sub-segment valued at USD 144.2 in 2018; it is expected to register the highest CAGR during the forecast period. Antennas operate by capturing radio waves and converting them into electrical signals and vice versa. Millimeter wave antennas are used for various applications such as short-range communication, mm-wave mobile communication, 5G cellular networks, and sensor and imaging systems. Radio Frequency (RF) components include amplifiers, controllers, diodes, transistor, filters, and transceivers. The sensor can detect physical parameters, such as heat, light, and pressure, and convert them into electrical signals.
Based on license type, the market has been segmented into light licensed frequency, unlicensed frequency, and fully licensed frequency. The unlicensed frequency segment accounted for the largest market share in 2018; it is expected to register highest CAGR during the forecast period. The light licensed frequency segment was the second-largest market in 2018. Light licensing is a process that allows less time consuming and seamless spectrum management. This process combines two opposite approaches, general authorization and individual licensing. Unlicensed frequency cannot provide exclusive access to spectrum use. Unlike a licensed spectrum which limits the usage of frequencies, unlicensed frequencies can be used by anyone. Licensed frequency spectrum devices are developed with the help of radio spectrum regulated by the government authorities, which is reserved for the companies that have been granted the licenses.
Based on frequency band, the market has been segmented into band between 30 GHz and 57 GHz, band between 57 GHz and 96 GHz, band between 96 GHz and 300 GHz. The 57 GHz and 96 GHz segment accounted for the larger market share in 2018, registering the highest CAGR during the forecast period. The 30 GHz and 57 GHz segment was the second-largest market in 2018. The bands 37GHz, 39GHz, and 47GHz offer the largest amount of spectrum available for flexible wireless services in the millimeter wave bands. This type of millimeter wave band comprises 57–66GHz, 71–76GHz, 81–86GHz, and 92–95GHz. The 57–66GHz wave band is also referred to as the 60GHz band. The beyond 96 GHz millimeter wave band is developed for a high precision Imaging technology and radar applications.
Based on end user, the market has been segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, government & defense. The IT & telecommunication segment accounted for the larger market share in 2018, is expected to register the highest CAGR during the forecast period. The automotive & aerospace segment was the second-largest market in 2018. Advancements in wireless communication technologies have enabled the widespread use of millimeter wave to address the challenges of lower frequency and high-speed communications. The millimeter wave technology has a significant role in autonomous driving and aerospace applications and is expected to revolutionize the automotive industry. The millimeter wave technology enables medical practitioners to perform advanced medical procedures with a reliable wireless network connected to another side of the globe.
Millimeter Wave Technology Market - Regional Analysis
The global millimeter wave technology market, by region, has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to dominate the millimeter wave technology market during the forecast period due an increase in mobile data traffic with bandwidth-intensive applications, adoption of this technology in small-cell backhaul network, and development of innovative millimeter wave-based radar and security products.
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