Millimeter Wave Technology market is expected to be worth USD 5.23 billion by 2025, at a CAGR of 41.5% between 2019 and 2025. The major factors driving the growth of the millimeter wave technology industry include the surge in mobile data traffic with bandwidth-intensive applications, use in the small-cell backhaul network, demand for innovative application of radar and security products, and potential use in consumer electronics.
Mobile & telecom application to witness highest growth in millimeter wave technology market
The millimeter wave technology market for the mobile & telecom application is expected to grow at the highest CAGR over the next six years owing to the expected commercialization of 5G technology, which needs millimeter wave technology-based components in its infrastructure. The products based on this technology are also used in industrial applications for level measurements in adverse environmental conditions as well as for networking purposes to enhance machine automation, owing to the high data transfer capability. The use of millimeter wave-based radar in autonomous and semi-autonomous vehicles is expected to provide growth avenues for the automotive and transportation application.
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Telecommunication equipment to witness higher growth in millimeter wave technology market during forecast period
The market for millimeter wave-based telecommunication equipment is expected to witness the highest growth in the millimeter wave technology market due to the increasing number of mobile subscribers, which creates a need for high bandwidth in the backhaul. Further, the telecom service market is witnessing a slow shift from 4G LTE to 5G, which needs high data transfer capability that is possible with the implementation of millimeter wave-based electronics and telecommunication components.
North America likely to hold the largest share of the millimeter wave technology market during the forecast period
North America is expected to hold the largest share of the millimeter wave technology market during the forecast period owing to the growing need for high-speed data transfer along with the overuse of the existing spectrum in the telecom sector. Further, the large-scale testing of autonomous and semi-autonomous vehicles is also expected to boost the demand for millimeter wave-based components. North America is also anticipated to witness considerable growth in the market for the military, defense, and aerospace applications with the increasing use of this technology in unmanned aerial vehicles (UAVs) and unmanned surface vessels (USVs).
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The report also profiles the most promising players in the millimeter wave technology market. The competitive landscape of the market presents an interesting picture of the strategies adopted by a large number of players. The key players in this industry are BridgeWave Communications (US), E-Band Communications, LLC (US), Siklu Communication Ltd (Israel), L3 Technologies, Inc. (US), NEC Corporation(Japan), Renaissance Electronics & Communications (HXi) (US), Smiths Group Plc. (UK), Vubiq Networks, Inc. (US), Proxim Wireless (US), ELVA-1 (Sweden), and Wireless Excellence Ltd. (CableFree) (UK).