Seoul, South Korea, July 05, 2022 (GLOBE NEWSWIRE) — The millimeter wave technology market is forecasted to reach a valuation of US$12.7 Billion by 2032 from US$2.2 Billion in 2022, rising rapidly at a CAGR of 19.3% throughout the forecast period. broadband and mobile speeds, increased use of millimeter wave in small-cell backhaul networks, and significant demand for millimeter wave technology in security and radar applications are all driving millimeter wave technology market forward.
The adoption of millimeter wave technology is growing due to increased consumption of high-bandwidth content and application usage. Fiber-to-the-home (FTTH) adoption, cable broadband adoption, high-speed DSL adoption, and overall broadband penetration are all factors that influence the demand for millimeter wave technology.
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In addition, there is a growing demand for millimetre wave technology in the military, aerospace, and defense sectors due to the ease and speed with which information such as orders and commands can be exchanged while maintaining high connectivity and security through the use of various applications . These reasons are projected to drive the adoption of millimeter wave technology market to new heights.
This millimetre wave technology market is gaining traction in a variety of industrial and commercial industries, including smart wearables, smart phones, and smart watches, which require wireless connectivity.
Digital network advancements connect a large number of devices and sensors, enabling for advancements in healthcare, education, transportation, automotive, telecommunications, and other areas.
Autonomous millimeter wave technology is increasingly being used in hospitals for medical imaging. The demand for millimeter wave technology is projected to rise as it is used in the telecommunications industry to carry data over vast distances.
Furthermore, as the requirement for larger bandwidth grows, the demand for millimeter wave technology grows as it allows high data transfer at a high rate.
Consumer demand for connected gadgets such as smartphones, tablets, and other devices is propelling the adoption of millimeter wave technology. The demand for millimeter wave technology is growing as it has a number of advantages over fibre optics, including increased bandwidth, speed, and security.
Increased demand for imaging equipment, networks, monitors, and, most importantly, security is driving the adoption of multimeter wave technology in the healthcare and aerospace industries.
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Key Segments Covered in the Millimeter Wave Technology Industry Survey
- By Component :
- Antennas & Transceiver Components
- Frequency Sources and Relative Components
- Communication & Networking Components
- Imaging Components
- RF & Radio Components
- Sensors and Controls
- Interface Components
- Power & Battery Components
- Other Components
- By Product :
- Scanning Systems
- Radar and Satellite Communication Systems
- Telecommunication Equipment
- By Frequency Band :
- 24 to 57 GHz
- 57 to 95 GHz
- 95 to 300 GHz
- By License Type :
- Light Licensed FMW
- Unlicensed FMW
- Fully Licensed FMW
- By End Use :
- Mobile & Telecom
- Consumer & Commercial
- Automotive and Transportation
The key players in millimeter wave technology market are Axxcss Wireless Solutions (US), NEC Corporation (Japan), Siklu Communication (Israel), L3HARRIS (US), Smiths Group (UK), Eravant (US), Aviat Networks (US), Farran Technologies (Ireland), and Millimeter Wave Products (US).
To increase their market position, these organizations have used both organic and intangible growth tactics such as product launch and installations, contracts, mergers, collaborations, partnerships, and expansions.
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Key players in the Millimeter Wave Technology Market
- AXXCSS Wireless Solutions
- NEC Corporation
- Siklu Communication
- Smiths Group PLC
- Aviat Networks
- Farran Technology
- Millimeter Wave Products Inc.
- Eravant released custom waveguide solutions in March 2020, including customized waveguide sections and flanges.
- Keysight and VIOMI, the pioneer of IoT@Home, announced a partnership in March 2020 to expedite 5G enabled IoT smart home deployment. The radio frequency (RF) performance of VIOMI’s IoT devices for home applications was validated using Keysight’s 5G solutions.
- NEC and Altiostar, the global leader in 5G-ready, open, virtualized RAN (vRAN) technologies, announced a partnership in January 2020 to accelerate the adoption of 4G/5G open vRAN solutions.
- NEC released a millimeter-wave distributed antenna radio unit in January 2020, allowing for more efficient utilisation of the 5G millimeter-wave spectrum (28 GHz band) and therefore better channel quality for indoor 5G applications.
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