The global millimeter wave technology market size is projected to reach USD 4,364.9 million by 2027, according to the latest report by Market Research Future (MRFR). It is projected to exhibit 34.22% CAGR from 2019 to 2024. MRFR’s report on the millimeter wave technology market comprises growth drivers, challenges, and trends on the industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market. Millimeter wave (MMW) technology is a high-frequency band spectrum range of 30-300 GHz. It has applications in radar transmissions, cellular communications, and computer data.
Market Scope
The global millimeter wave technology market is driven by increasing demand for improved broadband and data speeds. Adoption of broadband services at homes and offices to ensure productivity and success of 5G plans can bode well for the market. This is evident with testing of self-driving cars in South Korea and the U.S. run on the technology. It can allow narrow beamwidth antennas to generate power at a high-speed capacity.
But the inability of MMW technology to penetrate physical objects such as doors can hamper market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively affected the millimeter wave technology market owing to rumors of 5G technology being accountable for spread of the coronavirus. MMW technology allows 5G technology to operate on a broad spectrum and connect many systems simultaneously. But the radiation emitted by the technology as a possible carcinogen to humans can pose a challenge to the market.
Read more@ https://www.marketresearchfuture.com/reports/millimeter-wave-technology-market-3908
Segmentation
Telecommunication Segment to Dominate Market Demand
The telecommunication segment is expected to be the highest-selling product in the millimeter wave technology market. This is due to contribution of MMW technology in propelling the 5G technology. Its ability to transfer gigabits of data per second is likely to lead to its adoption by telecom providers and formation of plans to offer its customers.
Fully Licensed Frequency to Gain Traction till 2027
Fully licensed frequency is expected to account for a large market share owing to adoption of MMW technology. It can showcase the highest growth rate due to increasing adoption of users in the telecom and mobile sectors.
IT & Telecommunication Sector to be Biggest End-user
The IT & telecommunication sector is expected to be the biggest end-user owing to adoption of the technology by telecommunication and information services providers. High demand for video data in CCTV devices and applications in aerospace, defense, and military applications can bode well for the market growth.
Regional Analysis
North America to Lead in Global MMW Market
North America is expected to lead the global market owing to early adoption of the technology by the U.S. and Canada. Opportunities of MMW in telecommunication, healthcare, military & defense, automotive & transport, and security sectors can bolster regional market growth. However, the COVID-19 pandemic has delayed installation plans and caused damage to market prospects.
Competitive Analysis
Smiths Group PLC (UK), Mistral Solutions Pvt. Ltd (India), Vubiq Networks, Inc. (US), Fastback Networks (US), L3 Technologies, Inc. (US), SAGE Millimeter, Inc. (US), BridgeWave Communications, Inc. (US), E-Band Communications, LLC (US), Millivision Technologies (US), Millimeter Wave Products, Inc. (US), NEC Corporation (Japan), Farran Technology Ltd (Ireland), and Keysight Technologies, Inc. (US) are key players in the global millimeter wave technology market. Collaborations and launch of new platforms for connecting various systems can shape the market in coming years.
Industry News
Orbic Multiline has partnered with Dixon Technologies for manufacture of smartphones supporting MMW technology in 2021.