Millimeter Wave Technology Market Share, Size, Trends, Industry Analysis Report, By End-Use (Mobile & Telecom, Healthcare, Commercial, Industrial, Consumer, Automotive, Defense, Others); By Product; By Frequency Band; By Region; Segment Forecast, 2021 - 2029
- Published Date:Nov-2021
- Pages: 101
- Format: PDF
- Report ID: PM1551
- Base Year: 2020
- Historical Data: 2017 - 2019
Report Summary
The global millimeter wave technology market size was valued at USD 1.03 billion in 2020 and is expected to grow at a CAGR of 22.5% during the forecast period. The expanding R&D efforts in millimeter (MM) wave technologies, as well as the continually rising requirement for bandwidth-intensive products, are expected to boost the worldwide market.
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The demand for millimeter waves (MMwave) technology has increased with time on account of the increasing demand for bandwidth-intensive applications. The necessity of high-speed data transfer owing to the growing data across different segments, particularly the data generated from smartphones and wearable electronic devices is attracting the demand for higher bandwidths.
This data stipulation can be appropriately addressed by the use of fiber optics technology as they offer an enlarged bandwidth with higher data transfer rates. However, fiber optics are quite costly and pose a severe matter of concern for small, medium scale, or start-up enterprises. In addition, the logistic challenges faced by the fiber optic cables such as transport, laying out, and reliable & efficient connectivity are other few considerable factors hampering the adoption of fiber optics technology.
Propagation characteristics of the MMW technology are one of the prominent factors that play an important role in determining the feasibility of the technology. The efficient and effective transmission of the millimeter waves is comprised of several aspects which include frequency, wavelength, bandwidth abilities, signal distortion, and attenuation. As the data, should be transferred with minimum signal losses, the atmosphere plays a vital role in altering these propagative aspects which are meant to be regulated keenly.
Industry Dynamics
Growth Drivers
Millimeter wave are radio frequencies and consist of frequencies between 3 GHz to 300 GHz and their wavelength from 1 to 10 millimeters. Millimeter waves are the electromagnetic frequency that demonstrates the features of both microwaves as well as infrared as their frequency lies between the two. Increased modernization of technology and several advancements has led to the evolution of numerous innovations.
Consumer electronic products such as smartphones and wearable electronics are the few remarkable examples amongst these evolved innovations and their tremendous adoption worldwide over time has paved the way for several technologies as well.
Increasing penetration of consumer electronics, especially smartphones is one of the prime factors which is expected to drive the millimeter wave (MMW) technology market across the globe. This tremendous adoption of smartphones has resulted in the growing demand for higher bandwidths owing to satisfy the necessity of bandwidth-intensive applications.
Report Segmentation
The global market is segmented on the basis of product, frequency band, end-use, and region.
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By Product |
By Component |
By Frequency Band |
By End-Use |
By Region |
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Insight by Product
The telecommunications segment is expected to account for the largest market share of 47.8% in 2021. This dominance in the market can be attributed to the increasing demand arising from band-intensive applications, which demand high-speed data transfer.
The telecommunication segment consists of smartphones and wearable technology devices, which demand a tremendous amount of data transfer rate and speed. Eventually, demand for bandwidth-intensive applications is growing significantly, in turn fueling the overall MMW technology market growth.
Insight by Component
The antennas & transceivers segment is expected to grow at a CAGR of 23.1% over the forecast period. The antennas & transceiver components make the maximum use of millimeter (MMW) technology on account of the increasing telecommunication applications. In addition, the growing radar & satellite communication applications due to increasing military & defense practices are the few major factors responsible for the segment growth.
Insight by Frequency Band
The millimeter (mmwave) technology market, based on frequency bands is categorized into E-band, V-band, and other frequency band segments. The E-band frequency segment accounted for the maximum market share, holding a market size of over 55.0% in 2020. As the frequency band is widely used across the telecommunication segment, the growth can be accredited to the increased demand for various telecom applications and eventually growing telecom market.
Insight by End-Use
The millimeter technology industry was dominated by mobile and telecom industries. This segment's expansion is primarily due to the widespread usage of millimeter wave technology benefits in 5G cell devices and telecommunication infrastructure. Owing to the increased need for elevated video data transport in CCTV equipment, personal and business applications are expected to develop significantly over the forecast period.
Geographic Overview
The millimeter wave technology market registered significant growth in North America owing to technological advancement and well-established IT infrastructure. The market growth is fueled by advancements in the telecommunication sector in the region. The large number of consumers based in the region understanding the importance of broadband connections and the value it provides for a convenient lifestyle is expected to propel millimeter wave (MMW) market growth.
Germany becomes the third country in Europe after Italy and Finland which empower the market for turbocharged millimeter waves for the 5G spectrum in the year 2019. This millimeter wave frequency released accelerated the market in Germany in the past years by allowing 5G deployment in the upper part of the band. These changes in the country are expected to lead Germany to contribute the largest market share in Europe over the forecast period.
Asia Pacific millimeter wave technology market is expected to grow at a CARG of 27.2% over the forecast period. Increasing integration of millimeter wave technology in aerospace and healthcare is projected to contribute to market development over the coming years. However, the environmental issues associated with the 5G spectrum and higher installment cost is the major challenge to the market advancement in the region.
Competitive Landscape
In the year 2020, Metawave and MIRAIT entered into a partnership for the purpose of deploying millimeter wave 5G technology across Japan to fulfill the need for 5G in logistics, warehouses, buildings, stadiums, etc. It aids in the market development for millimeter wave technology across various industries and among consumers based in the country.
Key millimeter wave technology companies operating in the market include NEC Corporation, Bridgewave Communications, Inc., Aviat Networks, Inc., Fujitsu, Hubei, Denso Corporation, and Smiths Interconnect.
Millimeter Wave Technology Market Report Scope
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Report Attributes |
Details |
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Market size value in 2020 |
USD 1.03 billion |
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Revenue forecast in 2029 |
USD 5.13 billion |
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CAGR |
22.5% from 2021 - 2029 |
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Base year |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2029 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2029 |
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Segments covered |
By Product, By Frequency Band, By Component, By Application, and, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
BridgeWave Communications, CableFree, Denso Corporation, E-Band Communications, LLC, Farran Technology, Fujitsu, Hubei YJT Technology, Keysight Technologies, L3 Technologies, Inc., Millimeter Wave Products Inc., Mitsubishi Electric Corporation, MMW Biomedical, NEC Corporation, SAGE Millimeter, Inc., Siklu Communication, and Wireless Excellence |
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