NEW YORK, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Millimeter Wave Technology Market By Component (RF & Radio Components, Antennas & Transceiver Components, Sensors & Controls, Power & Battery Components, Communication & Networking Components, Frequency Sources & Related Components, And Others), By Product (Radar & Satellite Communication Systems, Scanning Systems, Telecommunication Equipment, And Others), By End-User Industry (Automotive & Transportation, Mobile & Telecommunication, Industrial, Consumer & Commercial, Healthcare, And Imaging), By License Type (Fully Licensed, Unlicensed, And Light Licensed), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global millimeter wave technology market size was valued at about USD 2.60 billion in 2022. The market is expected to grow at a CAGR of 19.45% and is anticipated to reach a value of USD 10.82 billion by 2030.”
Millimeter Wave Technology Market Overview:
Millimeter wave is a spectrum band with wavelengths ranging from 10 to 1 millimeter. It is also known as a millimeter band or extremely high frequency (EHF) as designated by the International Telecommunication Union (ITU). The electromagnetic spectrum band to which millimeter wave technology pertains has a wide range of applications in contemporary, digital, and rapid-fire networks. Utilizing the technology, the telecommunications industry provides enhanced services on wireless and mobile networks. The millimeter wave technology is regarded as the future of the modern telecommunication ecosystem and will have a substantial impact on Radio Detection and Ranging (RADAR) systems. With sustained research and investment, the market for millimeter-wave technology is anticipated to expand at a rapid rate over the forecast period.
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 2.60 Billion |
| Market Forecast in 2030 | USD 10.82 Billion |
| Growth Rate | CAGR of 19.45% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Keysight Technologies, Qualcomm Technologies Inc., NEC Corporation, Siklu Communication Ltd., Bridgewave Communications, L3Harris Technologies, Millimeter Wave Products Inc., Millitech Inc., Radiowave Inc., Farran Technology Ltd., Aviat Networks Inc., Sage Millimeter Inc., BAE Systems plc, E-Band Communications LLC, Vubiq Networks Inc., ROHDE & SCHWARZ GmbH & Co KG, Anokiwave Inc., Millimeter Wave Wireless Inc., Cognizant Communication Corporation, TeraView Limited., and others. |
| Segments Covered | By Component, By Product, By End-User Industry, By License Type, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Key Insights from Primary Research
- The millimeter wave technology market is projected to grow at a significant rate due to the increasing investment in 5G
- Based on component segmentation, frequency sources & related components were predicted to show maximum market share in the year 2022
- Based on end-user industry segmentation, mobile & telecommunication was the leading SEGMENT 2 in 2022
- On the basis of region, Asia-Pacific was the leading revenue generator in 2022
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Millimeter Wave Technology Market: Growth Drivers & Restraints
- Increasing investment in 5G to create higher demand
The global market for millimeter wave technology is anticipated to expand due to the rising use of this communication instrument in 5G infrastructure. According to research, the technology will aid in the development of a 5G network through which all present and future applications are anticipated to benefit from increased internet speed and reliability. Global network providers are investing in the deployment of 5G infrastructure, beginning in developed nations and progressing to developing nations. The capacity of 5G technology to support all data-intensive applications is limitless. Predictions indicate that the future of 5G systems will involve the development of all main fields, including smart homes, telemedicine, autonomous vehicles, supply-chain logistics, traffic management, and education.
- Higher manufacturing costs and requirement of skilled labor to restrict market growth
The global millimeter wave technology market growth is likely to be affected by the high cost of manufacturing millimeter wave technology components since they are high-precision and sophisticated devices. Additionally, specialized labor is required for the construction, maintenance, and advancement of the technology.
Millimeter Wave Technology Market: Segmentation
The global millimeter wave technology market is segmented based on component, product, end-user industry, license type, and region.
Based on component, the global market is divided into radiofrequency (RF) & radio components, antennas & transceiver components, sensors & controls, power & battery components, communication & networking components, frequency sources & related components, and others. In 2022, the highest growth was observed in the frequency sources & related components segment. Based on product, the millimeter wave technology industry divisions are radar & satellite communication systems, scanning systems, telecommunication equipment, and others.
Based on end-user industry, the global market segments are automotive & transportation, mobile & telecommunication, industrial, consumer & commercial, healthcare, and imaging. The highest market growth was recorded in the mobile & telecommunication sector since the millimeter wave technology is a crucial driver promoting the development of the 5G services market which is currently valued at over USD 107.5 billion. Based on license type, the millimeter wave technology industry is segmented into fully licensed, unlicensed, and light licensed.
Browse the full “Millimeter Wave Technology Market By Component (RF & Radio Components, Antennas & Transceiver Components, Sensors & Controls, Power & Battery Components, Communication & Networking Components, Frequency Sources & Related Components, And Others), By Product (Radar & Satellite Communication Systems, Scanning Systems, Telecommunication Equipment, And Others), By End-User Industry (Automotive & Transportation, Mobile & Telecommunication, Industrial, Consumer & Commercial, Healthcare, And Imaging), By License Type (Fully Licensed, Unlicensed, And Light Licensed), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/millimeter-wave-technology-market-size
Regional Analysis:
- Asia-Pacific to witness a higher growth rate during the forecasted timeline
Asia-Pacific will have the highest growth rate in the global millimeter wave technology market, as it is home to some of the world's fastest-growing economies that are investing aggressively in modernizing the regional telecommunications sector with the advent of the 5G network. In addition, millimeter wave technology can assist businesses and governments in meeting the expectations of the general populace in light of a growing population and a shift in consumer demand as smart systems are increasingly adopted.
Increasing research to enhance applications of millimeter wave systems and devices is anticipated to contribute to North America's rapid growth. In addition, the rise in investment by network providers for the improvement of 5G infrastructure, along with the increased adoption of the Internet of Things (IoT) and other advanced networking systems, is likely to contribute to greater regional development.
Competitive Players:
The report contains qualitative and quantitative research on the global millimeter wave technology market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global millimeter wave technology market include;
- Keysight Technologies
- Qualcomm Technologies Inc.
- NEC Corporation
- Siklu Communication Ltd.
- Bridgewave Communications
- L3Harris Technologies
- Millimeter Wave Products Inc.
- Millitech Inc.
- Radiowave Inc.
- Farran Technology Ltd.
- Aviat Networks Inc.
- Sage Millimeter Inc.
- BAE Systems plc
- E-Band Communications LLC
- Vubiq Networks Inc.
- ROHDE & SCHWARZ GmbH & Co KG
- Anokiwave Inc.
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The global millimeter wave technology market is segmented as follows:
By Component
- RF & Radio Components
- Antennas & Transceiver Components
- Sensors & Controls
- Power & Battery Components
- Communication & Networking Components
- Frequency Sources & Related Components
- Others
By Product
- Radar & Satellite Communication Systems
- Scanning Systems
- Telecommunication Equipment
- Others
By End-User Industry
- Automotive & Transportation
- Mobile & Telecommunication
- Industrial
- Consumer & Commercial
- Healthcare
- Imaging
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Millimeter Wave Technology industry?
- What are the main driving factors propelling the Millimeter Wave Technology Market forward?
- What are the leading companies in the Millimeter Wave Technology Industry?
- What segments does the Millimeter Wave Technology Market cover?
- How can I receive a free copy of the Millimeter Wave Technology Market sample report and company profiles?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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