The millimeter-wave technology market is forecasted to reach a valuation of US$ 12.7 Bn by 2032 from US$ 2.2 Bn in 2022, rising rapidly at a CAGR of 19.3% throughout the forecast period.
Increased 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 the 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.
In addition, there is a growing demand for millimeter 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 the millimeter wave technology market to new heights.
This millimeter wave technology market is gaining traction in a variety of industrial and commercial industries, including smart wearables, smartphones, and smartwatches, which require wireless connectivity.
Digital network advancements connect a large number of devices and sensors, allowing 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 several advantages over fiber 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.
Millimeter waves provide several advantages over other radio frequencies, but they also have certain drawbacks which are restraining the multimeter wave technology market growth. Millimeter waves are incapable of bouncing off actual objects. Tree branches and walls might interfere with and absorb the signal, causing it to be halted.
Millimeter waves are much more costly than other regularly utilized frequencies. This makes multimeter wave technology nearly unattainable to smaller businesses without the necessary funds. These are the factors that are forecasted to hinder the growth of the multimeter wave technology market.
- The frequency sources and related components are expected to grow at a CAGR of 19.4% and have the highest share in the multimeter wave technology market.
- With a CAGR of 18.8%, the millimeter wave technology sector is expected to be dominated by telecommunication equipment.
- Due to the increased adoption of multimeter wave technology for devices in the unlicensed frequency range, millimeter wave technology for unlicensed frequencies accounted for the biggest proportion in 2021.
- During the projection period, the market for the 57–95 GHz frequency range is expected to account for the biggest share and increase at the fastest CAGR.
- The millimeter wave technology industry was dominated by mobile and telecom applications.
- Furthermore, increased demand for multimeter wave technology in the industrial industry as a result of increased building automation adoption ensures high precision occupancy detection and tracking of individuals from both indoors and outdoor at a range of 14 m to 50 m.
- North America’s millimeter wave technology market is expected to have the greatest share. The rising demand for millimeter wave technology in telecommunications and mobile applications is driving market expansion. This area is known for having the largest number of millimeter-wave technology suppliers, which helps to drive the market’s growth.
The key players in the 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 inorganic growth tactics such as product launches and installations, contracts, mergers, collaborations, partnerships, and expansions.
Savant released custom waveguide solutions in March 2020, including customized waveguide sections and flanges.
Keysight and VIOMI, the pioneer of [email protected], announced a partnership in March 2020 to expedite 5G enabled IoT smart home deployment. The radiofrequency (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 utilization of the 5G millimeter-wave spectrum (28 GHz band) and hence better channel quality for indoor 5G applications.