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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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. 'Keysight Technologies, Inc. (United States)', 'Rohde & Schwarz GmbH & Co. KG (Germany)', 'Siklu Communication Ltd. (Israel)', '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)'

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.

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.

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.

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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

Global Millimeter Wave Technology Market Insights

Global Millimeter Wave Technology Market Report Snapshots

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