According to a new market research report published by Credence Research, “Millimeter Wave Technology Market (By Product Type (Scanner Systems, Telecommunication Equipment, and Radar & Satellite Communications Systems), By Frequency Band, By License Type, By Component, By Application (Mobile & Telecom, Military & Defense, Automotive & Transportation, Consumer & Commercial, Industrial, Healthcare, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global millimeter wave technology market was valued at US$ 289.2 Mn in the year 2018 and expected to reach US$ 4,456.0 Mn by year 2027, expanding at a CAGR of 35.7% during the forecast from 2019 to 2027.
“Rising Wireless Data Traffic at an Alarming Rate projected to drive the Market Growth”
Wireless data traffic is increasing at an alarming rate and expected to witness profound growth during the forecast period owing to increasing application of Internet of Things (IoT), Artificial Intelligence (AI), Big Data, digital currency, and other advanced analytics platforms. As per a report published by Ericsson in November 2019, global mobile data traffic was 38 exabytes per month at the end of 2019 and forecast to reach 160 exabytes per month by 2025. In addition, 5G will capture 45% of the total mobile data traffic by the year 2025. To fulfill this demand the telecom industry is switching to 5G network that requires higher frequency, bandwidth, and resolution. Millimeter wave spectrum fulfills all the requirements and is the best suit for the upcoming high-end technology that requires high data transfer rate.
The global millimeter wave technology market is highly competitive in nature due to the presence of significant leaders in semiconductor & telecom industry. The players are highly focused on developing integrated solutions based on mmwave technology to support 5G and other upcoming high frequency based application. Some of them, are also expanding their global reach to find the best customers for its definite solution.
• On February 13, 2019, Cambridge Broadband Networks Limited (CBNL) announced the launch of two new exciting mmwave products. First one is a small form factor integrated antenna variant and second is a dual-band 60GHz and 5GHz VectaStar Edge residential access platform. These new exciting products are ideal for smart city applications.
• On February 05, 2019, Pasternack Enterprises Inc. launched new series of millimeter wave high-speed end launch PCB connectors. These connectors are ideal for high-speed networking, supercomputing, and cloud server applications.
• On January 31, 2019, Vubiq Networks Inc. announced the completion of hardware/software millimeter wave hyperimaging system development. The system is designed with a vision to overcome the high-cost barrier of traditional RFID tags along with improved performance.
Key Market Movements:
• Globally, the millimeter wave technology market projected to witness a CAGR of 35.7% during the forecast period from 2019 to 2027
• North America held the majority of revenue share in the global millimeter wave technology market for the year 2018 and expected to grow considerably over the forecast period. The prime factor attributed to market growth is the early adoption of 5G technology by several telecom operators
• The Asia Pacific is another prime revenue contributor to the global market owing to significant ongoing research & development on high frequency based communication solution. In addition, the region provides one of the best market place for the companies experimenting with mmwave based solutions in the field of automotive, healthcare, and telecom sectors
• Telecommunication equipment dominated the global millimeter wave technology market in the year 2018 and registered significant growth during the forecast period. On the other hand, radar & satellite communication systems are now matured markets for mmwave technology however they witness steady growth during the forecast period owing to impresive demand from aerospace & defense industry
• By frequency band, the range between 57 and 86 GHz is the prime revenue contributor to the global millimeter wave technology market in the year 2018. The segment growth is mainly due to its major application in healthcare, telecom, and automotive & transportation sectors. Furthermore, the frequency range is free from license or is lightly licensed that provides enormous opportunities for users to operate their equipment without purchasing any license.
List of Companies Covered:
• Broadband Wireless Networks LLC
• L3 Technologies, Inc.
• Keysight Technologies
• Siklu Communication Ltd
• Proxim Wireless
• NEC Corporation
• Aviat Networks, Inc.
• Millimeter Wave Products Inc.
• Sage Millimeter, Inc.
• E-Band Communications, LLC
• Vubiq Networks, Inc
• Farran Technology
• Millivision Technologies
• Smiths Group PLC.
Browse the full report at https://www.credenceresearch.com/report/millimeter-wave-technology-market
The Global Millimeter Wave Technology Market is Segmented into:
|Segmentation||By Product Type Segment (2017–2027; US$ Mn)|
|By Frequency Band Segment (2017–2027; US$ Mn)|
|By License Type Segment (2017–2027; US$ Mn)|
|By Component Segment (2017–2027; US$ Mn)|
|By Application Segment (2017–2027; US$ Mn)|
|By Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on report page