Market Overview
The global Millimeter Wave Technology market size was valued at USD 2,800 million in 2022 and is projected to reach USD 8,200 million by 2033, growing at a CAGR of 22.1% during the forecast period.
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Report Scope
| Report Attributes | Description |
| Market Forecast in 2022 | USD 2,800 million |
| Market Forecast in 2033 | USD 8,200 million |
| CAGR % 2023-2033 | 22.1% |
| Base Year | 2022 |
| Historic Data | 2020-2021 |
| Forecast Period | 2023-2033 |
| Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
| Key Companies | Keysight Technologies, Inc.; NEC Corporation; Siklu Communication Ltd.; Aviat Networks, Inc.; Farran Technology Ltd.; E-Band Communications, LLC; Millitech, Inc.; Smiths Group PLC (Smiths Interconnect); Vubiq Networks, Inc.; BridgeWave Communications (REMEC Broadband Wireless Networks LLC) |
Global Millimeter Wave Technology Market- Description
Global Millimeter Wave Technology refers to the use of electromagnetic waves with frequencies ranging from 30 to 300 gigahertz (GHz). This technology enables high-speed wireless communication and has applications in various industries, including telecommunications, automotive, aerospace, healthcare, and defense. Millimeter wave technology offers increased bandwidth, low latency, and high data transfer rates, making it suitable for applications such as 5G wireless communication, radar systems, imaging, and security screening. The exponential growth in data consumption and the need for faster wireless connectivity is driving the demand for millimeter wave technology. With the deployment of 5G networks, millimeter wave frequencies are being utilized to provide high-speed wireless communication, enabling faster downloads, low latency, and enhanced network capacity. The automotive industry is witnessing a shift towards connected and autonomous vehicles. Millimeter wave technology is crucial for enabling vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, collision avoidance systems, and radar-based sensing for autonomous driving. The demand for millimeter wave technology in automotive applications is expected to grow significantly.
Global Millimeter Wave Technology market: Key Trends
• Integration of Millimeter Wave Technology in Consumer Electronics:
Millimeter wave technology is being integrated into consumer electronics devices such as smartphones and tablets to enable faster wireless connectivity. With the advent of 5G networks, millimeter wave frequencies are utilized to deliver high-speed data transfers, video streaming, and immersive augmented reality (AR) and virtual reality (VR) experiences.
• Growing Adoption of Millimeter Wave Technology in Security Applications:
Millimeter wave technology is being used in security applications, including body scanners, perimeter surveillance, and concealed weapon detection. The non-intrusive nature of millimeter waves allows for privacy-friendly security screening in public areas, airports, and other high-security environments. This trend is driven by the need for advanced security solutions and threat detection capabilities.
Global Millimeter Wave Technology market: Geographical landscape
The millimeter wave technology market is distributed globally, with key regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, particularly the United States, holds a significant market share due to the presence of major technology companies and extensive research and development activities. Asia Pacific is also witnessing rapid growth, driven by the increasing adoption of 5G networks and advancements in mobile communication technologies.
Global Millimeter Wave Technology Market- Recent Developments
• In 2022, Today, Movandi, a company at the forefront of cutting-edge 5G RF and millimeter-wave (mmWave) technologies and software, announced a collaboration with Rakuten Mobile in Japan. The collaboration aims to enhance the coverage and capacity of 5G networks, both outdoors and indoors, by leveraging Movandi’s smart repeater and BeamXR Open-RAN technology. By utilizing Movandi’s exclusive mmWave RF chipsets, phased-array antenna, and software technology, Rakuten Mobile will be able to extend the reach of their 5G mmWave signals, surpassing other existing mmWave approaches. This advancement has the potential to significantly reduce infrastructure costs by over 50%. Tareq Amin, the CEO of Rakuten Mobile, expressed excitement about the partnership with Movandi, highlighting their disruptive innovation in 5G mmWave technology, which enables cost-effective extension and deployment of their 5G network in Japan.
Global Millimeter Wave Technology market: Segmental Analysis
Product
• Telecommunication Equipment
• Imaging and Scanning Systems
• Radar and Satellite Communication Systems
• Others
Frequency Band
• V-Band
• E-Band
• Others
Application
• Telecommunications
• Automotive and Transportation
• Consumer Electronics
• Healthcare
• Defense and Aerospace
• Others
Global Millimeter Wave Technology Market: Key Companies
• Keysight Technologies, Inc.
• NEC Corporation
• Siklu Communication Ltd.
• Aviat Networks, Inc.
• Farran Technology Ltd.
• E-Band Communications, LLC
• Millitech, Inc.
• Smiths Group PLC (Smiths Interconnect)
• Vubiq Networks, Inc.
• BridgeWave Communications (REMEC Broadband Wireless Networks LLC)
• Others.
Global Millimeter Wave Technology Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
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• Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of the market they are operating in or considering entering, and make more informed decisions based on data and analysis.
- Competitive analysis: The report reports provide detailed information on competitors’ strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.
• Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources. - Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company’s financials, technology, market position, and other key factors.
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