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Millimeter Wave Technology Market Size, Share, and Analysis, By Product (Scanning System, Telecom Equipment, Radar & Satellite Communication System, and Others), By Component (Antennas and Transceiver, Communications and Networking Components, Interface, Frequency, and Related Components, Imaging, and Other Components), By License Type (Light Licensed, Unlicensed, and Fully Licensed), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
Millimeter Wave Technology Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 2.7 billion and is projected to reach USD 42.7 billion by the completion of 2034.
Millimeter wave technology refers to the use of extremely high-frequency electromagnetic waves in the 30 GHz to 300 GHz range, with wavelengths ranging from 10 millimeters to 1 millimeter. This technology has received substantial attention in recent years due to its possible uses across various industries, such as telecommunications and radar. In 5G and other wireless communication networks, millimeter wave technology is fundamentally used to provide high-speed data transmission. These high-frequency waves carry more data than lower frequencies, which makes them ideal for delivering huge volumes of information over short distances. Besides, their ability to travel through certain materials while being obstructed by others allows for the creation of high-resolution images in non-destructive testing and medical diagnostics.
Millimeter wave technology market is projected to reach USD 42.7 billion over the forecast period. The millimeter wave technology market is witnessing substantial interest from major companies, primarily in the telecommunications industry, who are heavily investing in developing new products and services that use this technology. The demand for high-speed data transfer is a major catalyst for the market as millimeter waves allow for fast data transmission over short distances, thus making it ideal for applications like faster wireless internet. In addition, new use cases are continuously emerging, such as security screening at airports, as well as medical imaging, which further boost the adoption of this technology. Furthermore, governments across the world are supporting the adoption of this technology for various applications like 5G networks and defense systems. Thus, the combination of these factors is responsible for the growth of the millimeter wave technology market and its adoption across multiple sectors.
Source: Fatpos Global
Millimeter wave technology market is divided based on Component into Antennas & Transceiver, Communications & Networking Components, Interface, Frequency & Related Components, Imaging, and Other Components. The antennas and transceiver segment will have the largest share in the millimeter wave technology industry as they are important for sending and receiving signals in high-frequency bands. Additionally, with the growing popularity of 5G technology, the demand for efficient antennas and transceivers is on the rise due to the high demand for faster and reliable wireless communication. These components are crucial for simplifying fast data transfer and ensuring a good connection in devices. Also, innovations in technology are improving the capabilities and cutting the costs of antennas & transceivers, which further increases their adoption.
Millimeter wave technology market is divided by Product into Scanning System, Telecom Equipment, Radar & Satellite Communication System, and Others. The telecom equipment segment is expected to lead the millimeter wave technology market as this segment focuses on equipment, that are used for telecommunication purposes, primarily for high-speed wireless internet and 5G networks. The need for faster data transfer and internet connectivity is pushing the demand for telecom equipment that uses millimeter waves. These high-frequency waves can carry large amounts of data over short distances, which makes them perfect for blazing-fast internet speeds. Hence, as more people rely on the internet for work, entertainment, and communication, telecom companies are actively investing in millimeter wave technology to offer better service. As a result, with its ability to enable fast data transmission, the telecom equipment segment is anticipated to lead the market.
Source: Fatpos Global
5G Technology Growth to Drive the Millimeter Wave Technology Market
Growth of 5G technology is a major growth factor for the millimeter wave market. 5G networks promise faster data speeds and lower latency as compared to previous generations. To achieve these improvements, 5G relies heavily on millimeter wave frequencies, which can carry large amounts of data over short distances. Antennas & transceivers are chief components in this setup as they handle the transmission and reception of these high-frequency signals. Moreover, as countries around the world roll out 5G networks, the demand for these components is skyrocketing. This is because any 5G base station or device need efficient antennas and transceivers to function properly. As a result, the spread of 5G technology benefits the millimeter wave sector, thus making antennas and transceivers vital.
High Demand for High-Speed Internet Act as a Catalyst for Market Growth
Demand for high-speed internet is growing rapidly, due to activities such as streaming high-definition videos, online gaming, and remote working. Millimeter wave technology is important to meet this demand as it can deliver very high data transfer rates. This technology uses higher frequencies that can carry enormous data compared to traditional wireless technologies. For these frequencies to be used effectively, special antennas and transceivers are needed. These components ensure that data is transmitted and received quickly, even in data-heavy applications. Therefore, as people increasingly rely on fast internet connections for everyday tasks and entertainment, the demand for millimeter wave technology will continue to rise.
Growth in the Millimeter Wave Technology Market Will Be Affected by Limited Range and Obstruction Issues
Limited range and susceptibility to obstructions is a significant limitation of millimeter wave technology. Millimeter wave signals do not travel as far as lower-frequency signals, which means they can cover only short distances. Additionally, these signals can be easily blocked or weakened by obstacles such as buildings, trees, and even heavy rain. This makes it challenging to provide consistent and reliable coverage in densely built or natural environments. Thus, for effective deployment, a large number of base stations are needed to ensure good coverage, which can be expensive and complicated to install. These challenges can slow down the adoption of millimeter wave technology in areas where maintaining dense networks of base stations is not feasible or affordable.
Millimeter Wave Technology Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia-Pacific region is leading the millimeter wave technology market owing to fast developments in telecommunications infrastructure and substantial investments in 5G deployment, across nations such as China, Japan, and South Korea. The high-speed internet and advanced communication solutions are also in high demand due to the large population and thriving tech industry of the Asia Pacific region.
Simultaneously, North American region is witnessing substantial growth due to heavy investment in 5G technology, combined with large research and development efforts. Furthermore, the growing demand for fast internet for remote work and smart cities is also boosting the growth of the market across the North American region.
Source: Fatpos Global
Millimeter wave technology market was greatly affected by COVID-19 as it increased the need for fast internet and reliable connectivity. There was a notable increase in data traffic and a need for strong network infrastructure as a result of the lockdowns and the shift to remote employment. This increased the investment on the introduction of 5G and other advanced communication technologies. However, the outbreak resulted in several disruptions in the supply chain and further delayed manufacturing and deployment efforts. Even with these challenges, the future appeared bright for the market since the pandemic highlighted the importance of advanced wireless technology. Therefore, millimeter wave solutions have seen major growth and investment to support the digital and remote-based economy.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2034 |
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Base Year |
2023 |
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Forecast Period |
2024-2034 |
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Historical Period |
2019-2022 |
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Growth Rate |
CAGR of 28.7% from 2024-2034 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Product |
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By Component |
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By License Type |
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By Region |
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Millimeter Wave Technology Market size was valued at USD 2.7 billion in 2023 and is projected to reach the value of USD 42.7 billion in 2034, exhibiting a CAGR of 28.7% during the forecast period.
The millimeter wave technology market refers to the industry focused on the development, production, and deployment of technology that utilizes millimeter wave frequencies (30 GHz to 300 GHz) for various applications.
The Telecom Equipment segment and Antennas & Transceiver segment accounted for the largest Millimeter Wave Technology Market share.
Key players in the Millimeter Wave Technology Market include Qualcomm Inc., Nokia Corporation, Ericsson, Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., Siklu Communication Ltd., Keysight Technologies Inc., NEC Corporation, Aviat Networks, Inc., L3Harris Technologies, Inc., BridgeWave Communications, Rohde & Schwarz GmbH & Co KG, Fujitsu Limited, Smiths Group plc (Kaelus), Anokiwave, Inc., And Other Prominent Players.
5G technology growth and high demand for high-speed internet are the factors driving the millimeter wave technology market.
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