Millimeter Wave Technology Market to Grow with a CAGR of 25.19% through 2028
Increasing demand for high-speed data transfer and adoption of 5g
technology are likely to drive the market in the forecast period.
According to TechSci Research report, “Millimeter Wave Technology
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Millimeter Wave Technology Market stood at
USD 2.08 billion in 2022 and is anticipated to grow with a CAGR of 25.19% in
the forecast period. the deployment of 5G networks is propelling the Millimeter
Wave Technology market forward. 5G technology harnesses the millimeter wave
spectrum, which encompasses frequencies between 24 GHz and 100 GHz, to deliver
vastly improved data transfer speeds and lower latency compared to previous
wireless technologies. This makes millimeter wave technology a critical
component for 5G networks, enabling the transmission of massive amounts of data
necessary for emerging applications like augmented reality, autonomous
vehicles, and IoT. Telecom operators and network equipment manufacturers are
heavily investing in millimeter wave technology to build the infrastructure
required to support 5G networks, driving significant growth in the market.
Additionally, the increasing demand for high-bandwidth applications is a
major driver. With the rise of data-intensive applications such as 4K and 8K
video streaming, online gaming, and cloud-based services, consumers and
businesses alike require more bandwidth than ever before. Millimeter wave
technology provides the capacity needed to support these applications
efficiently, ensuring seamless user experiences. As industries continue to
embrace data-driven technologies, including big data analytics and artificial
intelligence, the demand for millimeter wave technology continues to rise,
fostering further market expansion and innovation..
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on
"Global Millimeter Wave Technology Market.”
The Global Millimeter Wave Technology Market is segmented into component,
product, license type, frequency band, application and region.
Based on product, The telecommunication equipment segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. One of the primary factors driving the dominance of telecommunication
equipment in the millimeter wave technology market is the rapid rollout of 5G
networks worldwide. Millimeter wave technology plays a pivotal role in 5G
infrastructure, particularly in delivering the ultra-fast data transfer rates
and low latency that 5G promises. Telecommunication companies are investing
heavily in millimeter wave equipment to build out the necessary infrastructure
for 5G networks, making this sector a dominant force in the market. The global
appetite for data-intensive applications is insatiable. With the proliferation
of high-definition video streaming, online gaming, and IoT devices, there is a
growing need for high-capacity, low-latency communication. Millimeter wave
technology, with its ability to transmit large volumes of data quickly, is
ideally suited to meet these demands. Telecommunication equipment manufacturers
are at the forefront of developing and deploying millimeter wave solutions to
meet this ever-increasing demand for bandwidth. While telecommunication is a
key driver, millimeter wave technology also finds applications in various other
sectors such as automotive radar, healthcare, and security. However, the
telecommunications sector remains the most prominent and lucrative, as it forms
the backbone of modern communication systems.
Based on component, The Antenna & Transceiver Components segment
had the largest market share in 2022 and is projected to experience rapid
growth during the forecast period. Antenna and transceiver components are at
the heart of millimeter wave communication systems. Antennas are responsible
for transmitting and receiving millimeter wave signals, while transceivers
handle the modulation and demodulation of data. These components are
foundational to the functionality of millimeter wave technology, making them
indispensable in various applications. The rollout of 5G networks is a major
driver of the millimeter wave technology market, and antenna and transceiver
components are central to this technology. 5G networks rely on the
high-frequency millimeter wave spectrum to deliver ultra-fast data speeds and
low latency. Antenna and transceiver components are essential for 5G base
stations and user devices, making them a dominant force in the market. While 5G
telecommunications is a primary driver, antenna and transceiver components find
applications in numerous other sectors, including automotive radar, aerospace,
defense, and healthcare. Their versatility and adaptability make them a go-to
choice for implementing millimeter wave technology across a wide range of
industries. Ongoing advancements in antenna and transceiver technologies have
led to improved performance, efficiency, and miniaturization. These innovations
have expanded the scope of millimeter wave technology, enabling it to be used
in more compact and power-efficient devices, which further bolsters their
dominance in the market. As the demand for high data rates continues to soar,
particularly for data-intensive applications like 4K/8K video streaming and
IoT, antenna and transceiver components are indispensable. Their ability to
support the rapid transmission of large volumes of data aligns perfectly with
the needs of modern consumers and businesses.
Major companies operating in the Global Millimeter Wave Technology Market
are:
- NEC
Corporation
- Siklu
Communication, Ltd.
- L3Harris
Technologies, Inc.
- BridgeWave
Communications Inc.
- E-Band
Communications, LLC
- Millimeter
Wave Products Inc.
- Keysight
Technologies, Inc.
- Farran
Technology Ltd.
- Smiths
Group PLC
- SAGE
Millimeter, Inc.
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“The Global Millimeter Wave Technology market is expected to rise in the
upcoming years and register a significant CAGR during the forecast period. The millimeter
wave technology market's growth is driven by the increasing demand for
high-speed data transfer, the adoption of 5G technology, and the need for
advanced imaging and scanning solutions. Millimeter wave technology can offer
much faster data speeds than traditional wireless technologies, such as 4G LTE.
This makes it an attractive option for applications requiring high data
throughput, such as 5G networks and wireless backhaul. Additionally, 5G is the
next generation of cellular networks, and it is expected to offer much faster
data speeds and lower latency than 4G LTE. Millimeter wave technology is a key
enabler of 5G, and its adoption is expected to drive the growth of the
millimeter wave technology market. Therefore, the market of Millimeter Wave
Technology is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Millimeter Wave Technology Market B By
Component (Antenna & Transceiver Components, Frequency Sources &
Related Components, Communication & Networking Components, Imaging
Components, RF & Radio Components, Sensors & Controls, and Others), By
Product (Scanner Systems, Radar & Satellite Communication Systems, and
Telecommunication Equipment), By License Type (Light Licensed Frequency,
Unlicensed Frequency, and Fully Licensed Frequency), By Frequency Band (24 GHz
to 57 GHz, 58 GHz to 86 GHz, and 87 GHz to 300 GHz), By Application (Telecom,
Defense & Aerospace, Automotive, Industrial, Consumer, Medical, and Others),
By Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Millimeter Wave
Technology Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Millimeter Wave Technology
Market.
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