Global millimeter wave technology market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 26.4% during the forecast period.
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Market Definition
Millimeter-wave technology represents the radio frequency signals in the electromagnetic spectrum with frequency ranging from 30 GHz to 300GHz and with a wavelength ranging from 1mm to 10mm. It is also known as extremely high frequency and sometimes abbreviated as mmWave and MMW.
Market Dynamics
Rapidly growing adoption of millimeter wave technology by consumers ranging from single users with smartphones to enterprise-level data centers which require higher bandwidth rates is a major driving factor behind the growth of the market. Increasing demand of innovative or latest technologies to provide higher data transmission rates, rising demand of millimeter wave technology from military for applications in airport security scanner, fire-control radar, weapon systems, and many others, a surge in the adoption of mmWave technology for other applications like scientific research, telecommunication equipment, security screening applications and in medicine for the treatment of diseases and increasing technological advancements in the 5G wireless communication network with mmWave technology are expected to improve the growth of the market during the forecast period. Millimeter-wave technology provides some benefits such as higher bandwidth, higher resolution, small component sizes, cost efficiency, low interference, and improved security, which are ultimately propelling the growth of the market.
However, a limited wavelength range of mmWave technology is a major restraining factor that could hamper the growth of the market. Also, high costs associated with the manufacturing of hardware components with small sizes could restrict the growth of the market.
Global Millimeter Wave Technology Market: Segmentation Analysis
By product, the telecommunication equipment segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of 11.23% during the forecast period. The segment is majorly driven by the growing market for the telecommunication industry across the globe and the rising demand for advanced telecommunication equipment. Increasing use of mmWave in applications like point to point and point to multipoint communication, inter-satellite links, autonomous vehicular communications, and in 5G mobile phones are expected to witness fast growth during the forecast period.
Nowadays, many Smartphone users are making a demand for more reliable services and high-speed data transfer rates, which is ultimately grabbing the attention of various leading manufacturers to produce next-generation telecom equipment which can handle mmWave technology to operate in high frequencies. For instance, in Oct 2016, Qualcomm announced the commercial availability of its first integrated 5G modem named as Snapdragon X50 5G modem, with the download speeds of 5 Gbit/s. Furthermore, increasing import-export activities of telecom equipment from countries like the US, China, Canada, India, Japan. and many others are propelling the growth of the market.
Increasing initiatives by the Indian Governments to bar or to boycott Chinese companies like Huawei and ZTE from providing telecommunication equipment could impact on telecom equipment market. Also, Indian telecom department is planning to cancel 5G and 4G telecom equipment tender by MTNL Ltd and BSNL Ltd by keeping out Chinese vendors and also planning to bar companies like Huawei and ZTE from 5G network deployment.
Global Millimeter Wave Technology Market: Regional Analysis
Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The US and Canada are major contributors behind the growth of the market in the region. The growth is attributed to the growing advancements in mmWave technology along with the high adoption of mmWave technology based mobile devices and telecom equipment. The massive presence of mmWave products manufacturing companies across the region is further driving the growth of the market.
Increasing exports of mmWave based telecom equipment from the US and Canada to the European Union and other countries like India and Japan is propelling the growth of the market in the region. Furthermore, growing adoption of mmWave in applications like military and defence, automotive radars, human body scanners, satellite communication, and wireless data communications is improving the growth of the market.
Global Millimeter Wave Technology Market: Key Development
In July 2019, Qualcomm Technologies, Inc announced an expansion of its 5G NR testing facilities in Europe to include a new lab dedicated to end-to-end over-the-air (OTA) configurations for 5G NR millimeter wave.
In Aug 2019, Fujitsu Limited and Qualcomm Technologies, Inc have achieved non-standalone (NSA) 5G New Radio (NR) data calls on sub-6 GHz and mmWave spectrum bands.
In Sept 2019, Qualcomm Technologies, Inc introduced the Qualcomm QTM527 mmWave antenna module for the Snapdragon X55 5G Modem-RF System.
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The objective of the report is to present a comprehensive analysis of the Global Millimeter Wave Technology Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Millimeter Wave Technology Market dynamics, structure by analyzing the market segments and projects the Global Millimeter Wave Technology Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Millimeter Wave Technology Market make the report investor’s guide.
The Scope of Global Millimeter Wave Technology Market
Global Millimeter Wave Technology Market, By Product
• Imaging & scanning systems
• Radar and satellite communication systems
• Telecommunication equipment
• Other products
Global Millimeter Wave Technology Market, By Frequency Band
• 24–57 GHz
• 57–86 GHz
• 86–300 GHz
Global Millimeter Wave Technology Market, By License Type
• Light licensed frequency millimeter wave
• Unlicensed frequency millimeter wave
• Fully licensed frequency millimeter wave
Global Millimeter Wave Technology Market, By Application
• Mobile & telecom
• Consumer & commercial
• Healthcare
• Industrial
• Automotive & transportation
• Imaging
Global Millimeter Wave Technology Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Global Millimeter Wave Technology Market, Key Players
• Millivision Technologies
• Vubiq Networks, Inc
• Smiths Group PLC
• Fastback Networks
• NEC Corporation
• Mistral Solutions Pvt. Ltd
• E-Band Communications, LLC
• Farran Technology Ltd
• L3 Technologies, Inc
• Millimeter Wave Products, Inc
• BridgeWave Communications, Inc
• SAGE Millimeter, Inc
• Keysight Technologies, Inc
• Texas Instruments
• Apple, Inc
• Fujitsu Laboratories Ltd
• Huawei Technologies Co. Ltd
• Ciena
• Nokia
• ZTE Corporation
• Cisco Systems, Inc
• Qualcomm
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