Millimeter Wave Technology Market Research Report: by Product (Radar Communication System, Satellite Communication System, Telecommunication Equipment), by Component (Antennas and Waveguide Components, Radio and RF Components, Sensors and Controls, Frequency Meters, Networking and Communication Components, Imaging Components, Transceivers), by License Type (Light Licensed Frequency, Unlicensed Frequency, Fully Licensed Frequency), by Frequency Band (Band between 30 GHz and 57 GHz, Band between 57 GHz and 96 GHz, Band between 96 GHz and 300 GHz), by End User(IT & Telecommunication, Automotive & Aerospace, Healthcare, Consumer & Commercial, Government & Defense), by Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027
ID: MRFR/SEM/2618-CR | February 2020 | Region: Global | 177 pages
Millimeter Wave Technology Market Snapshot
The Millimeter Wave Technology Market is expected to register a 35.64% CAGR, witnessing substantial growth during the forecast period. The Millimeter Wave Technology Market was valued at USD 712.5 billion in 2018; it is expected to reach USD 4364.9 million by 2024.
North America accounted for the largest market value in 2018; the Millimeter Wave Technology Market is expected to register a CAGR of 34.22% during the forecast period.
Millimeter Wave Technology Market, by Product (2019 Vs 2024) 
Source: MRFR Analysis
Based on product, the millimeter wave technology market has been classified as radar communication system, satellite communication system, and telecommunication equipment . The telecommunication equipment segment accounted for the larger market share in 2018; it is expected to register a steady CAGR during the forecast period. The radar communication system segment is expected to be the second-largest segment during the forecast period. Radar communication system transmits the signal with a wavelength that is in the millimeter range. A complete millimeter radar communication system consists of radio frequency (RF) components, transmitter, and receiver. Satellite communication system plays a vital role in the telecommunication system. The millimeter wave communication satellites can work as repeaters. Telecommunication equipment are the hardware devices, such as multiplexers, transmission lines, and base transceiver stations, which are used for communication applications.
The proliferation of millimeter wave technology in consumer electronics and increasing demand for millimeter wave technology in radar and security applications are some of the factors expected to drive the millimeter wave technology market during the forecast period. However, delays in the standardization of spectrum allocation is expected to limit market growth during the forecast period. Further, the evolution of 5G in mobile broadband services and IoT applications are expected to act as opportunities for the global millimeter wave technology market during the forecast period.
Millimeter wave is an extremely high-frequency band spectrum that lies between 30 gigahertz (GHz) and 300 GHz with a short wavelength that ranges from 10 millimeters to 1 millimeter. Owing to its high frequency, higher resolution, low interference and similar other propagation characteristics, it is widely used for applications such as the transmission of large volumes of computer data, cellular communications, and radar transmissions. Millimeter wave technology was primarily developed for applications that require high bandwidth. The use of this technology enhances the security of a network by the use of cryptographic algorithms. Millimeter wave radios require only small antennas, measured in inches as compared to Wi-Fi and other wireless connectivity technology.
Regional Analysis
The global millimeter wave technology market, by region, has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to dominate the millimeter wave technology market during the forecast period due an increase in mobile data traffic with bandwidth-intensive applications, adoption of this technology in small-cell backhaul network, and development of innovative millimeter wave-based radar and security products.
Companies Covered
The key players in the global millimeter wave technology market are Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation. (Japan), Mistral Solutions Pvt. Ltd (India), E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US), BridgeWave Communications, Inc. (US), SAGE Millimeter, Inc. (US), Keysight Technologies, Inc. (US).
Key Developments
- In April 2019, NEC and Ceragon, a company that delivers innovative wireless backhaul solutions, collaborated to enhance the technologies and solutions for 5G wireless backhaul in microwave and millimeter wave spectrum. This collaboration helps NEC to access the solutions which are different from their own solutions and technologies.
- In April 2019, Mistral’s Sensor Fusion Kit launched an integrated platform using camera vision and a RADAR module featuring Texas Instruments (TI) mmWave sensors and Jacinto TDA3x processors, for automotive advanced driver assistance systems (ADAS). This will provide the accuracy required for autonomous driving applications.
- In March 2019, The Smiths Detection business division added two scanners with ECAC standard 3.1 for its CTX 9800 DSi to hold baggage explosives detection systems. It will provide additional flexibility and productivity while maintaining the highest level of security.
- In January 2019, Vubiq developed a hardware/software millimeter wave hyper imaging system. This system is able to code and decode chipless radio frequency identification (RFID) tags with a higher order of magnitude as compared to the existing solutions.
- In May 2016, Farran Technology Ltd collaborated with Copper Mountain Technologies, a developer of innovative RF test and measurement solutions to launch CobaltFx—an advanced technology which provides millimeter-wave frequency extension solution built on a 9 GHz Vector Network Analyser (VNA).
Segmentation
- By `Product: Radar Communication System, Satellite Communication System, Telecommunication Equipment
- By Component: Antennas and Waveguide Components, Radio and RF Components, Sensors and Controls, Frequency Meters, Networking and Communication Components, Imaging Components, Transceivers
- By License Type: Light Licensed Frequency, Unlicensed Frequency, Fully Licensed Frequency
- By Frequency Band: Band between 30 GHz and 57 GHz, Band between 57 GHz and 96 GHz, Band between 96 GHz and 300 GHz
- By End User: IT & Telecommunication, Automotive & Aerospace, Healthcare, Consumer & Commercial, Government & Defense
- By Region: North America, Europe, Asia-Pacific, Middle East & Africa, and South America
Key questions addressed by the report
- What was the historic millimeter wave technology market size (2017)?
- Which segmentation (Product/Component/License Type/Frequency Band/End User) is driving the market?
- What will be the growth rate by 2024?
- Who are the key players in this millimeter wave technology market?
- What are the strategies adopted by key players?
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 4364.9 million |
| CAGR | 35.64% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Component, License Type, Frequency Band, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation. (Japan), Mistral Solutions Pvt. Ltd (India), E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US), BridgeWave Communications, Inc. (US), SAGE Millimeter, Inc. (US), Keysight Technologies, Inc. (US) |
| Key Market Opportunities | The evolution of 5G in mobile broadband services and IoT applications. |
| Key Market Drivers |
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Frequently Asked Questions (FAQ) :
The global market for millimeter wave technology registered a market value of USD 712.5 billion in 2018 and is slated to record revenue growth of up to USD 4.36 billion by 2024.
The global millimeter wave technology market is estimated to record a 35.64% CAGR over the review period of 2019 to 2024.
The global millimeter wave technology market is the growing demand from consumer electronics industry and in radar and security applications.
The delay in standardization of spectrum allocation is expected to pose a challenge for the millimeter wave technology market growth.
The telecommunication equipment segment is expected to reach a market share of more than 2 billion by 2024.
North America is estimated to lead the millimeter wave technology market with the largest market share during the forecast period.
A few significant players of the global millimeter wave technology market are Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation (Japan), and others.