Product ID: SQMIG50C2034
Global Millimeter Wave Technology Market Size, Share, Growth Analysis, By Product(Telecommunication Equipment, Imaging & Scanning Systems), By Frequency Band(V-Band, E-Band and Other Frequency Band) - Industry Forecast 2024-2031
Report ID:
SQMIG50C2034 |
Region:
Global |
Published Date: February, 2024
Pages:
177
|
Tables:
62 |
Figures:
77
Global Millimeter Wave Technology Market Insights
Global Millimeter Wave Technology Market size was valued at USD 2 billion in 2021 and is poised to grow from USD 2.80 billion in 2022 to USD 29.85 billion by 2030, at a CAGR of 40.20% during the forecast period (2023-2030).
Millimeter wave technology is increasingly being used in the healthcare and aerospace industries because of the rising need for imaging devices, networks, displays, and, most importantly, security. In addition, accurate occupancy detection and person tracking are possible at distances between 14 and 50 metres thanks to the growing adoption of building automation and the demand for millimetre wave solutions in the industrial sector. Global advancements in material science, imaging technology, and industrial process control are what are driving the millimetre wave industry. The market for millimetre wave technology has a lot of room to develop as 5G applications are deployed more often. The introduction of 5G technology has made Millimetre Wave a crucial part of wireless networks, providing higher data transfer speeds and lower latency. For its next-generation 60 GHz wireless RF transceivers and antenna technology, Pharrowtech, a pioneer in designing and developing mmWave hardware and software for wireless applications, has raised USD 18.40 million in a Series A funding round. Additionally, Millimetre Wave technology has the power to revolutionise communication by supporting the Internet of Things (IoT), new applications like wireless virtual reality, augmented reality, and more. The industry is expected to expand due to the rising need for sophisticated communication systems.
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Global Millimeter Wave Technology Market Segmental Analysis
Global Millimeter Wave Technology Market is segmented on the basis of product, frequency band, component and region. By product, the market is segmented into telecommunication equipment, imaging & scanning systems, radar & satellite communication systems. By frequency band, market is segmented into v-band, e-band, and other frequency bands. By component, the market is segmented into antennas & transceivers, amplifiers, oscillators, control devices, frequency converters, passive components. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
In 2022, the market was dominated by the telecommunication equipment segment, which accounted for more than 58.0% of total revenue. Spectrum bandwidth and utilization are both significantly increased by millimeter wave technology. The telecom industry has undergone a transformation thanks to the widespread use of millimeter wave technology. Due to their capacity for gigabit-per-second data transmission, millimeter waves are also revolutionizing fifth generation (5G) cellular communication. Over the projection period, it is expected that the rising demand for MMW technology in 5G applications would fuel the expansion of the telecom equipment market.
Over the projected period, it is expected that the imaging and scanning segment will increase at a high rate. The expanding use of MMW technology in imaging and scanning systems has improved their features by bringing stability and dependability. Additionally, the use of millimeter waves in scanners improves the accuracy of security systems. Modernizing defense strategies, security systems have improved in effectiveness and dependability with the use of millimeter wave technology in radar and satellite communication. Over the projected future, it is anticipated that these applications will help fuel even more growth in the imaging and scanning market.
Analysis by Frequency Band
With a market share of more than 62.0% in terms of revenue in 2022, the E-band category led the market. Due to the E band's unlicensed spectrum being available, wireless networks for high-speed data transfer can be deployed affordably, contributing to the segment's growth. The E band, which offers faster data rates and lower latency, is becoming a crucial part of 5G networks because of the rising need for high-bandwidth applications like video streaming, cloud computing, and IoT.
Over the projected period, the V-Band category is expected to have significant growth. The segment's expansion is attributable to the V band's use in point-to-point communication applications such wireless backhaul and fiber extension. For applications like wireless backhaul for 5G networks and fiber extension for broadband access in rural areas, the high-frequency range of the V band is excellent because it allows for high-capacity, long-range communication with less interference. The V band is also utilized for satellite communication, enabling high-speed connectivity for remote areas and supporting cutting-edge applications like connected vehicles and drones.
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Global Millimeter Wave Technology Market Regional Insights
In 2022, North America held a commanding 42.0% revenue share in the millimeter wave technology market. The expansion of technological adoption in the region can be credited with the rise of the North American millimeter wave technology market. North American nations like the U.S. and Canada are well-known for being early adopters of cutting-edge and new technologies. In addition, the area is home to a number of significant market players who are fostering the region's development. Therefore, these elements open up prospects for MMW technology in many applications in the region, driving its growth during the projection period.
Over the forecast period, growth in Asia Pacific is anticipated to be the fastest. The expansion and modernization of its telecom infrastructures are to blame for the Asia Pacific region's explosive growth. A higher demand for MMW technology is also brought on by the quick adoption of 5G technology in significant nations like South Korea and India. Additionally, it is anticipated that installing new millimeter wave-based telecom equipment will significantly accelerate industry growth in the region.
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Global Millimeter Wave Technology Market Dynamics
Drivers
Increased 5G Technology Testing to Bolster market growth
- The most modern, highly effective infrastructure exists in the US, Japan, South Korea, and China, and it requires 5G networking to function. As a result, enormous amounts of data must be processed quickly and with little latency. Millimeter wave technology is used by the 5G network to provide flawless performance in wireless communication because of its high frequency and significant data carrying potential functions over short distances. For instance, according to Huawei's forecast, China would account for one-third of all 5G network users by 2025. Due to the need for high transmission frequency rates to ensure network efficiency, the need for 5G technology in the US, Japan, South Korea, and China is a significant driver for the global market.
- The demand for millimetre wave technology is influenced by the improvement in wireless technologies since it can support a 5G network and enable high-speed communication, high bandwidth, high-resolution videos, and carrying a lot of data. Multiple devices and sensors are connected by technological advancements in digital networks, ensuring advancements in a variety of smart technologies like autos, cell phones, medical devices, and others. As a result, the global need for millimetre wave technology grows as mobile device penetration from consumer electronics increases.
Restraints
Environmental Effects of Millimetre Wave Technology
- One of the crucial conditions for millimetre wave technology is the quick implementation of a 5G network. The millimetre wave technology used by the 5G network allows for quicker connectivity. However, due to its short range, it can be obstructed by walls or buildings. Additionally, it is impacted by air pollutants and interfered with by electricity towers, which is bad for people, animals, and trees. The deployment of the 5G network in industrialised nations will undoubtedly lead to an increase in the demand for millimetre wave technology, which is damaging to people, pets, and the environment. Such elements limit market expansion.
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Global Millimeter Wave Technology Market Competitive Landscape
There are numerous players who each contribute to the market share in the millimeter wave technology market. These firms are forming strategic alliances to provide improved millimeter Wave technology options following the launch of 5G. The telecom service providers are putting a lot of effort into advancing technology to fulfil the demands of the growing number of bandwidth-intensive applications and the high-speed internet needs they generate.
Top Player’s Company Profiles
- NEC Corporation (Japan)
- Aviat Networks, Inc. (United States)
- Bridgewave Communications, Inc. (United States)
- E-Band Communications, LLC (United States)
- Farran Technology Ltd. (Ireland)
- SAGE Millimeter, Inc. (United States)
- Millitech, Inc. (United States)
- Millimeter Wave Products Inc. (United States)
- ELVA-1 Millimeter Wave Division (Russia)
- QuinStar Technology, Inc. (United States)
- Vubiq Networks, Inc. (United States)
- Siklu, Inc. (United States)
- Radio Gigabit GmbH (Germany)
- Sivers IMA Holding AB (Sweden)
- InnoSenT GmbH (Germany)
- Farran Technology Ltd. (Ireland)
- Milliwave Silicon Solutions Pvt. Ltd. (India)
- LightPointe Communications, Inc. (United States)
- L3 Harris Technologies, Inc. (United States)
Recent Developments
- In March 2023, Samsung announced that it had developed a new millimeter wave radar sensor that is capable of detecting objects at a distance of up to 100 meters. The sensor is designed for use in autonomous vehicles and other applications that require accurate object detection.
- In February 2023, Infineon Technologies announced that it had developed a new millimeter wave transceiver that is capable of operating at frequencies up to 60 GHz. The transceiver is designed for use in 5G networks and other applications that require high-speed data transmission.
- In January 2023, Qualcomm announced that it had developed a new millimeter wave modem that is capable of supporting data speeds of up to 10 Gbps. The modem is designed for use in 5G smartphones and other devices.
Global Millimeter Wave Technology Key Market Trends
Expansion of Wireless Backhaul
- Millimeter wave technology is widely used in wireless backhaul applications. As the demand for data transmission increases, especially in dense urban areas, millimeter wave links provide high-capacity connectivity between base stations and the core network. This trend is driven by the need for reliable and high-bandwidth connections to support the growing volume of data traffic.
Global Millimeter Wave Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global millimeter wave technology market is experiencing significant growth and is expected to continue expanding in the coming years. Millimeter wave technology refers to the utilization of electromagnetic waves in the frequency range of 30 to 300 GHz, enabling high-speed wireless communication and data transmission. The Continued advancements in technology and increased collaboration among industry players are expected to drive the market forward and shape its future trajectory. Market has been witnessing substantial growth due to the increasing demand for high-speed wireless connectivity, advancements in telecommunications infrastructure, and the deployment of 5G networks. The market size is projected to expand further as industries such as telecommunications, automotive, healthcare, consumer electronics, and defence adopt millimeter wave technology.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2 billion |
| Market size value in 2031 | USD 29.85 billion |
| Growth Rate | 40.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Millimeter Wave Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Millimeter Wave Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Millimeter Wave Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Millimeter Wave Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Millimeter Wave Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Millimeter Wave Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Millimeter Wave Technology Market Report Snapshots
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