According to the recent report by IMARC Group, titled “Millimeter Wave Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global millimeter wave technology market size reached US$ 1.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2027, exhibiting a growth rate (CAGR) of 21.55% during 2022-2027.
Millimeter Wave Technology Industry Definition and Application:
Millimeter wave technology, also known as extremely high frequency (EHF), refers to a band of radio frequencies that is suitable for 5G networks. It offers security for communication transmission and enables higher data rates. It can transmit massive amounts of data at high speed with reduced latency, which assists in enhancing performance, reliability, bandwidth, and scalable capacities. As a result, millimeter wave technology is widely employed in various applications, such as military, aerospace, and telecommunication industries across the globe.
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Millimeter Wave Technology Market Trends and Drivers:
At present, the rising demand for connected devices among the masses, such as smartphones, tablets, and smart wearables worldwide, represents one of the primary factors strengthening the market growth. Besides this, various benefits offered by millimeter wave technology, such as high bandwidth, secured transmission, and high speed, are offering a positive market outlook. Apart from this, the increasing demand for millimeter wave technology in the healthcare industry for medical imaging is bolstering the growth of the market. Moreover, the rising demand for millimeter wave technology in the radar and security applications is offering lucrative growth opportunities to industry investors. Furthermore, the escalating utilization of millimeter wave technology in the telecommunication industry for transmitting data over long distances is propelling the growth of the market.
Millimeter Wave Technology Market Segmentation:
The report has segmented the market on the basis on region, component, product, frequency band, license type and application.
Breakup by Component:
- Antennas and Transceivers
- Control Devices
- Frequency Converters
- Passive Components
Breakup by Product:
- Telecommunication Equipment
- Imaging and Scanning Systems
- Radar and Satellite Communication Systems
Breakup by Frequency Band:
- 30 GHz – 57 GHz
- 57 GHz – 96 GHz
- 96 GHz -300 GHz
Breakup by License Type:
- Light Licensed Frequency Millimeter Wave
- Unlicensed Frequency Millimeter Wave
- Fully Licensed Frequency Millimeter Wave
Breakup by Application:
- Military and Defense
- Automotive and Transport
- Electronics and Semiconductor
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the Major Millimeter Wave Technology Market Key players?
The report provides a detailed analysis of the market leaders, including.
- Aviat Networks Inc.
- AXXCSS Wireless Solutions Inc.
- Farran Technology Ltd.
- Fastback Networks Inc.
- Keysight Technologies Inc.
- L3 Technologies Inc.
- Millimeter Wave Products Inc.,
- Mistral Solutions Pvt. Ltd. (AXISCADES Engineering Technologies Ltd.)
- NEC Corporation
- Siklu Communication Ltd.
- Smiths Group Plc
- Vubiq Networks Inc.
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