Market Analysis
Market Research Future (MRFR) predicts the global millimeter wave technology market to register USD 4364.9 million with a CAGR of 35.64% from 2019 to 2024 (forecast period).
Millimeter wave is a type of electromagnetic technology used in various products like phones, cars, medical devices, and others to ensure higher-speed wireless broadband communication. It is exceptionally high frequency (EHF) as it presents a signal spectrum ranging from 30 GHz to 300 GHz with a wavelength between 1 and 10 mm. In addition, millimeter wave technology provides security for communication transmission.
The millimeter wave technology market is experiencing a high adoption in various industrial and commercial sectors, like providing wireless communication in smart wearables, smartphones, and smartwatches. Technological advances in digital networks connect a range of devices and sensors to ensure advancement in healthcare, education, telecommunication, transport, automotive, and other industries. Hospitals also use autonomous millimeter wave technology for medical imaging. In addition, military and aerospace use millimeter wave technology in segments such as radar and satellite communications, mainly used by the military in combat scenarios.
In addition, the rising demand for higher bandwidth increases the demand for new technologies like mm-wave over fiber optic cable, providing high data transmission at a high rate. The surge in demand for connected devices among consumers, such as smartphones, tablets, and others, is accelerating millimeter wave technology market growth. Millimeter-wave technology offers various advantages over fiber optics, like high bandwidth, high speed, and more secure transmission.
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COVID-19 Impact on the Millimeter Wave Technology Market
COVID-19 has a major effect on both the consumer and the economy. Electronics manufacturing units have been temporarily shut down in order to curb the spread of COVID-19 among individuals. This has had a major impact on the supply chain of the semiconductor industry by generating shortages of materials, components, and finished goods. Lack of business continuity has resulted in substantial negative impacts on revenues, shareholder returns, and revenues, which are expected to create financial uncertainty in the millimeter-wave technology industry.
Despite economic slowdowns, demand for 5G in the number of industries has increased. Online and essential retail, healthcare (including mental, physical, and elderly care), and manufacturing are expected to use 5G technologies. With the enhanced capabilities of 5G, particularly the private 5G networks for manufacturing and healthcare networks, demand for 5G infrastructure is estimated to rise.
Physical distancing and surges in hospital volumes due to COVID-19 drive the need for advanced connectivity in healthcare. Using video conferencing and many cloud-connected IoT endpoints, 5G-enabled telemedicine, including remote patient monitoring, is anticipated to enable access to medical care without potential exposure to COVID-19 and reduce hospital bed demand.
However, various supply chain forces will have an impact on the telecommunications ecosystem. For example, despite the advent of open radio access networks, most 5G network operators depend on Huawei, Nokia and Ericsson equipment. The 5G New Radio supply chain has been adversely affected, mainly due to the fact that the majority of 5G radios and active antennas are manufactured in China.
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 industry has been segmented into radar communication systems, satellite communication systems, and telecommunication equipment.
Based on component, the global millimeter wave technology industry has been segmented into antennas and waveguide components, sensors and controls, frequency meters, radio and RF components, networking and communication components, imaging components, and transceivers.
Based on license type, the global millimeter wave technology industry has been segmented into unlicensed frequency, light licensed frequency, and fully licensed frequency.
Based on frequency band, the global millimeter wave technology industry has been segregated into Band between 30 GHz and 57 GHz, Band between 57 GHz and 96 GHz, Band between 96 GHz and 300 GHz
Based on end-user, the global millimeter wave technology industry has been segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, and government & defense.
Regional Analysis
Region-wise, the global millimeter wave technology industry has been segmented into Europe, North America, Asia Pacific, and the rest of the world.
North America to lead the global market
North America is set to lead the global millimeter wave technology market during the forecast period due to an increase in mobile data traffic with bandwidth-intensive applications, the introduction of this technology in a small-cell backhaul network, and the growth of innovative millimeter wave-based radar and security products.
Competitive Landscape
The global millimeter wave technology industry is competitive. With the spread of 5G, the industry is expected to grow and attract more key players. Various collaborations between telecommunications service providers and companies producing mmWave products are expected to take place in the near future in the current landscape.
Industry giants in the global millimeter wave technology market are Millivision Technologies (US), Smiths Group PLC (UK), E-Band Communications, LLC (US), Vubiq Networks, Inc. (US), Fastback Networks (US), NEC Corporation. (Japan), Farran Technology Ltd (Ireland), Mistral Solutions Pvt. Ltd (India), Millimeter Wave Products, Inc. (US), BridgeWave Communications, Inc. (US), L3 Technologies, Inc. (US), SAGE Millimeter, Inc. (US), Keysight Technologies, Inc. (US).
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Industry News
In March 2020, Keysight and VIOMI, IoT@Home's pioneer, partnered to accelerate the 5G-enabled IoT smart home. VIOMI selected Keysight's 5G solutions to verify the radio frequency (RF) performance of the company's IoT devices for home applications.
In January 2020, NEC and Altiostar, the world leader in providing 5G-ready, open, virtualized RAN (vRAN) solutions, collaborated to speed up the deployment of 4G/5G open vRAN solutions. The combined offering will help service providers improve the quality of experience, improve spectral efficiency and significantly reduce the total cost of ownership (TCO).
In January 2020, NEC built a millimeter-wave distributed antenna radio unit to efficiently use the 5G millimeter-wave spectrum (28 GHz band) while improving channel quality for indoor 5G applications.
Summary
The global millimeter wave technology market is set to reach USD 4364.9 million at a 35.64% CAGR from 2019 to 2024. The rise in broadband and mobile speeds with increasing utility and demand, the increase in the use of millimeter wave in small-cell backhaul networks, and the substantial demand of millimeter-wave technology in security and radar applications are some factors accelerating the growth of this market.
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