Global Millimeter Wave Technology Market – Industry Trends and Forecast to 2030

Millimeter Wave Technology Market Analysis and Size

Millimeter-wave technology is also referred to as Eband, MMW, millimeter-wave, or Vband. Millimeter waves are also defined as extremely high frequencies (EHF), are a radio frequency band that is suitable for 5G networks. Major factors that are expected to boost the growth of the millimeter wave technology market in the forecast period of 2023 to 2030 are the rise in broadband and mobile speeds, increase in the utilization of millimeter waves in the small-cell backhaul networks in security and radar applications. On the other hand, the decrease in the penetration power and adverse influence on the environment is further projected to impede the growth of the millimeter wave technology market in the timeline period. The rise in the utilization of 5G will further provide potential opportunities for the growth of the global millimeter wave technology market.  The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Data Bridge Market Research analyses that the global millimeter wave technology market which was USD 3,343.97 million in 2022, is expected to reach USD 48,233.16 million by 2030, and is expected to undergo a CAGR of 39.6% during the forecast period of 2023 to 2030. “Scanner Systems” dominates the product segment of the global millimeter wave technology market due to millimeter-wave technology is widely used in security and surveillance systems due to its ability to penetrate clothing and packaging materials, making it effective for detecting concealed objects. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Millimeter Wave Technology Market Scope and Segmentation

Market Definition

Millimeter wave technology refers to the industry that encompasses the development, manufacturing, and deployment of technology and equipment that operate in the millimeter-wave frequency spectrum. Millimeter-wave technology operates in the radio frequency spectrum between 30 gigahertz (GHz) and 300 GHz, which corresponds to wavelengths between 1 millimeter and 10 millimeters. This specific range of frequencies and wavelengths offers unique capabilities and characteristics that make it suitable for various applications across different industries such as Scanner systems are crucial in airports, transportation hubs, and other high-security areas, contributing to their dominance.

Global Millimeter Wave Technology Market Dynamics

Drivers

• Rising Growth of the Milimeter Wave Technology

Millimeter wave technology is being used to develop radar systems for self-driving cars. Radar systems use millimeter waves to detect objects in the environment, and they are essential for enabling self-driving cars to navigate safely.

• Development of New Millimeter Wave Applications

Millimeter wave technology is being explored for a wide range of new applications, such as medical imaging, environmental sensing, and industrial automation.

• Increasing Demand for High-Speed Wireless Data Transmission

Millimeter wave technology can be used to transmit data at very high speeds, which is making it increasingly attractive for a wide range of applications, such as augmented reality, virtual reality, and cloud gaming and others.

Opportunity

• Growing Investment in Research and Development of Millimeter Wave Technology

There is a growing investment in research and development of millimeter wave technology, which is helping to drive innovation and new applications. It is also helping the market to go to the mass market and can also, improving the standard of living of people across the globe.

Restraints/ Challenges

• High Cost of Millimeter Wave Components

Millimeter wave components are more expensive than traditional radio frequency components. This is due to the fact that millimeter waves have shorter wavelengths, which makes it more difficult to manufacture millimeter wave components and also reduces the rate at which the market will grow as the risk of being successful is very difficult in this market.

• Difficulties in Deploying Millimeter Wave Networks

Millimeter waves are easily absorbed by water vapor and oxygen in the atmosphere. This makes it difficult to deploy millimeter wave networks over long distances and it takes a very long time and labor to expand and spread new technology.

This global millimeter wave technology market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global millimeter wave technology market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In March 15, 2022, Anritsu Company unveiled its new Emerging Technology Testing series system, designed to deliver outstanding performance in a compact millimeter-wave (mm Wave) form factor. Offering a high-performance testing solution in the mm Wave segment, Anritsu can gain a competitive edge in the market. Companies seeking to work with mm Wave technology would be inclined to choose Anritsu's solution due to its performance and compact design
• In January 25, 2021, NEC Corporation announced a significant achievement in the field of millimeter-wave distributed-MIMO (Multiple-Input, Multiple-Output) technology. They demonstrated the ability to establish multiple highly stable simultaneous connections with terminals. By demonstrating advanced capabilities in millimeter-wave technology, NEC solidifies its position as a technological leader in the industry. This can attract partners, customers, and investors seeking cutting-edge solutions

Global Millimeter Wave Technology Market Scope

The global millimeter wave technology market is segmented on the basis of product, frequency band, license type, application, and component. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Scanner Systems
• Radar
• Satellite Communications Systems

Frequency Band

• Band between 24 GHz and 57 GHz
• Band between 57 GHz and 86 GHz
• Band between 86 GHz and 300 GHz

License Type

• Light Licensed Frequency Millimeter Wave
• Unlicensed Frequency Millimeter Wave
• Fully Licensed Frequency Millimeter Wave

Application

• Mobile and Telecom
• Consumer and Commercial
• Healthcare
• Industrial
• Automotive and Transportation Military
• Defense
• Aerospace
• Imaging

Component

• Antennas and Transceiver Components
• Frequency Sources and Related Components
• Communication and Networking Components
• Imaging Components
• RF and Radio Components
• Sensors and Controls
• Interface Components
• Power and Battery Components

Global Millimeter Wave Technology Market Region Analysis/Insights

The global millimeter wave technology market is analysed and market size insights and trends are provided by region, product, frequency band, license type, application, and component, as referenced above.

The countries covered in the global millimeter wave technology market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa

North America dominates the global millimeter wave technology market because North America, particularly the U.S., has a long history of research and development in millimeter-wave technology. Government agencies, research institutions, and private companies have invested significantly in advancing this technology.

Asia-Pacific is expected to be the fastest growing country in the global millimeter wave technology market due to The Asia-Pacific region, including countries such as China, India, Japan, and South Korea, has been aggressively expanding its telecommunications infrastructure, particularly in the deployment of 5G networks. Millimeter-wave technology plays a crucial role in enabling the high-speed and low-latency capabilities promised by 5G.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Millimeter Wave Technology Market Share Analysis

The global millimeter wave technology market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global millimeter wave technology market.

Some of the major players operating in the global millimeter wave technology market are:

• Keysight Technologies, Inc. (U.S.)
• Anritsu Corporation (Japan)
• Rohde & Schwarz GmbH & Co KG (Germany)
• NEC Corporation (Japan)
• L3Harris Technologies, Inc. (U.S.)
• Smiths Interconnect (U.K.)
• Siklu Communication Ltd. (Israel)
• E-Band Communications, LLC (U.S.)
• Farran Technology Ltd. (Ireland)
• SAGE Millimeter, Inc. (U.S.)
• Millivision Technologies (U.S.)
• Vubiq Networks, Inc. (U.S.)
• RadioSight Technologies LLC (U.S.)
• Millimeter Wave Products Inc. (U.S.)
• BridgeWave Communications (U.S.)
• Sivers Semiconductors AB (Sweden)
• Vubiq Networks, Inc. (U.S.)
• QuinStar Technology, Inc. (U.S.)
• Mician GmbH (Germany)
• LightPointe Communications, Inc. (U.S.)

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