The global millimeter wave technology market account for a value of USD 819 million in 2019 and is projected to register growth at a CAGR of 22.6% during forecast period.
COVID-19 has impacted the millimeter wave technology market. The manufacturing units have to halt its production and supply chain got disrupted due to lockdown and travel restriction. The export and import activities are suspended due to fear of further spread of corona virus. The growth of consumer electronics segment is declining and this decreases demand for millimeter wave technology. The pandemic has disrupted the growth of millimeter wave technology during forecast period.
For more details, visit: Global Millimeter Wave Technology Market By Frequency Band (24-57 GHz, 57-86 GHz, Others), By Product (Scanner System, Telecommunication Equipment, Others), By Component, By Application, By Region, Forecast & Opportunities to 2026
The adoption of millimeter wave technology is increasing around the world. The industrial and commercial sectors are adopting millimeter wave technology rapidly. The millimeter wave technology is widely used in smartphones, smart wearable and smart watches. This increases demand for millimeter wave technology and drives growth in this market during forecast period.
On the basis of frequency band, the millimeter wave technology market is segmented into 24-57 GHz, 57-86 GHz and 86-300 GHz. The 57-86 GHz segmented accounted for largest market share and it is estimated to grow at highest CAGR during forecast period. The demand for this frequency band is increasing around the world due to its high applications such as security, traffic monitoring and autonomous mining etc. The telecom applications widely use V-ban and E-band which lie in 57-86 GHz frequency band. This drives growth in 57-86 GHz segment during forecast period.
On the basis of product, the millimeter wave technology market is segmented into scanner system, telecommunication equipment, radar & satellite communication systems and others. The telecommunication equipment accounted for the largest market share in 2019 and it is estimated to dominate the market during forecast period. The use of millimeter wave components is highly used for 5G backhaul and in indoor and outdoor telecommunication equipment. The demand for telecommunication equipment is increasing and this drives growth in telecommunication equipment segment during forecast period.
On the basis of application, the millimeter wave technology market is segmented into imaging, mobile & telecom, consumer & commercial, healthcare, industrial and automotive & transportation. The mobile & telecom application is estimated to dominate the market during forecast period. The demand and adoption of 5G technologies is increasing rapidly around the world. The 5G mobile phones adopt millimeter wave technology at large scale. The telecom infrastructure is also widely adopting millimeter wave technology. The essential retail, healthcare and manufacturing sectors are using 5G technologies. The demand for 5G technologies is increasing and this increases market for millimeter wave technologies. This drives growth in mobile & technologies application during forecast period.
North America region is estimated to dominate the market during forecast period. The adoption of millimeter wave technology is higher in this region. This technology is majorly use in mobile & telecom application in North America region. The implementation of 5G technology is increasing and this increases adoption of millimeter wave technology. The number of data centers is also increasing in this region. This increase market growth opportunity for millimeter wave market and drives growth in North America region during forecast period.
The key market players in millimeter wave technology are Keysight Technologies, NEC Corporation, Eravant, Siklu Communication, Aviat Networks, Farran Technologies, Harris, Miths Group, Millimeter Wave Products, Millivision Technologies, Vubiq Networks, Proxim Wireless, Cablefree, Fastback Networks, Quinstar Technology, Nuctech and Trex Enterprises Corporation.
- What are the expected industry trends over the next three to five years?
- Which of the millimeter wave technology frequency band is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?