Market Analysis
Market Research Future (MRFR) projects the global millimeter wave technology market size to reach USD 4364.9 million at a 35.64% CAGR from 2020 to 2027 (forecast period)
Multiple Factors to Boost Market Growth
Some of the factors predicted to boost the millimeter wave technology market during the forecast period include the proliferation of millimeter wave technology in consumer electronics and rising demand for millimeter wave technology in radar and security applications. Additionally, the evolution of 5G in mobile broadband services and IoT applications is likely to provide opportunities for the worldwide millimeter wave technology market during the forecast period.
COVID-19 Impact on the Global Market
In the telecom business, millimeter wave technology products have seen increased usage, owing to rising trends in 5G infrastructure. COVID-19 will cause a delay in 5G deployment, which may have an impact on revenue and CapEx projections. In March 2020, 3GPP, the global organization responsible for developing 5G technology, announced a three-month delay in the completion of 5G specifications: Releases 16 and 17. Release 16's third stage was finished in July 2020. Furthermore, further work on Release 17 was pushed back by three months, so the freezing of Stage 3 was expected to begin in September 2021.
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Market Segmentation
The global millimeter wave technology industry has been segmented into product, component, license type, frequency band, and end-user.
By product, the global millimeter wave technology market has been segmented into radar communication systems, satellite communication systems, and telecommunication equipment.
By component, the global millimeter wave technology market has been segmented into antennas and waveguide components, radio and RF components, imaging components, sensors and controls, frequency meters, networking and communication components, and transceivers.
By license type, the global millimeter wave technology market has been segmented into light licensed frequency, unlicensed frequency, and fully licensed frequency.
By frequency band, the global millimeter wave technology 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.
By end-user, the global millimeter wave technology market has been segmented into IT & Telecommunication, Automotive & Aerospace, Healthcare, Consumer & Commercial, Government & Defense.
Regional Analysis
North America to Dominate the Global Market
North America had the highest market value in 2018, and the millimeter wave technology market is predicted to grow at a 34.22% CAGR over the forecast period. Due to an increase in mobile data traffic with bandwidth-intensive applications, adoption of this technology in small-cell backhaul networks, and development of innovative millimeter wave-based radar and security products, North America is expected to dominate the millimeter wave technology industry during the forecast period.
Key Players
The key players active in the global millimeter wave technology market are Fastback Networks (US), Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), 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).
Industry News
In August 2020, OLL and NEC Launched MIST Cable System Construction More than 216 Gbps capacity to serve bandwidth growth in Asia to enhance the network redundancy. The launch also attributed to the accelerated digital investment pushed by data center growth in Asia.