mmWave Sensors and Modules Market will exhibit a CAGR of 33.10% in the forecast period of 2022-2030 and is expected to reachUSD 1.29 billion by 2030.
Global mmWave Sensors and Modules Market was valued at USD 73 Million in 2018; it is expected to reach USD 1.29 billion by the end of the forecast period at a CAGR of 33.10%.
Millimeter waveband is the subset of microwave (radio wave spectrum band) which operates in the broad category of wireless data transmission. Millimeter-wave radios require very small antennas, measured in inches as compared to Wi-Fi and other wireless connectivity technologies. The current scope of the millimeter wave technology market covers sensors and modules such as radar communication systems, satellite communication systems, and telecommunication equipment. mmWave sensors and modules are used for virtual reality devices to provide HD audio and video transmission. Due to the need for small-sized components, mmWave can be used in mobile devices to enable highly secure transmission of data. The rising demand for high-speed data in mobile phones and mobile broadband, high-definition gaming, high- definition multimedia, and over-the-top (OTT) services are expected to drive the mmWave sensor and modules market in the forecast period.
The mmWave sensors and modules can also function in low visibility and extreme weather conditions such as smoke, fog, rain, and thunderstorm with minimal noise. In most of the applications, mmWave sensors and modules are more superior than microwave- or infrared-based sensor technologies. The adoption of mmWave sensors and modules in the field of automotive radar applications is rapidly increasing in automotive long-range radar (LRR), advanced avionics navigation systems, and instrument landing systems (ILS). Panasonic Corporation has developed wide-angle scanning and high-precision millimeter-wave radar technology which uses high-frequency radio waves. This technology can detect objects within the range of 40 meters in only 0.1 seconds.
The Global mmWave Sensor and Module Market has been segmented based on Frequency Band, Application, and Region.
By frequency band, the market has been segmented into the band between 30 GHz and 57 GHz, band between 57 GHz and 96 GHz, and band between 96 GHz and 300 GHz.
By application, the market has been segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, government & defense, and transportation.
By region, the industrial controller market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Globally, the mmWave sensors and modules market has been categorized into five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America dominated the mmWave sensors and modules market in 2018 and is expected to continue its dominance throughout the forecast period. This growth is mainly due to high investments in the defense sector owing to the growing mmWave technology market. The military is increasingly adopting mmWave sensors and radar modules to facilitate secure communications. On the other hand, the Asia-Pacific region is expected to show the highest CAGR during the forecast period.
Global mmWave Sensor and Modules Market, USD Million
Source: MRFR Analysis
The market players are adopting several organic and inorganic growth strategies, such as product enhancement and launches, capacity expansion, agreements, and contracts to improve their position and excel in the mmWave sensors and modules market. For instance, in 2019, Vubiq Networks developed a hardware/software millimeter-wave hyper imaging system that can code and decode chipless radio frequency identification (RFID) tags with a higher order of magnitude compared to existing solutions.
The key players in the mmWave Sensors and Modules Market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are Texas Instruments, Mistral Solutions Pvt Ltd, Qualcomm Inc., Keysight Technologies, Radio Gigabit Inc, Virginia Diodes, MediaTek Inc., NOVELIC LLC, Pulsar Process Management Ltd, and Infineon Technologies AG among others. These players significantly contribute to market growth. Apart from the top key players, the other players contribute nearly 30–40% in the mmWave sensor and modules market.
|Market Size||USD 1.29 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Frequency Band, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Texas Instruments, Mistral Solutions Pvt Ltd, Qualcomm Inc., Keysight Technologies, Radio Gigabit Inc, Virginia Diodes, MediaTek Inc., NOVELIC LLC, Pulsar Process Management Ltd, and Infineon Technologies AG|
|Key Market Opportunities||Vendors are focusing on improving their services and expanding to the underdeveloped and developing economies.|
|Key Market Drivers||
By frequency band, the segments of the mmWave sensors and modules market are band between 57 GHz and 96 GHz, band between 30 GHz and 57 GHz, and band between 96 GHz and 300 GHz.
The mmWave sensors and modules market is assessed to augment at 33.10% CAGR.
The valuation of the mmWave sensors and modules market is anticipated to reach USD 1.29 billion by 2030.
North America is assessed to exercise dominance over the mmWave sensors and modules market.
The segments of the mmWave sensors and modules market, by application, are IT & telecommunication, government & defense, healthcare, automotive & aerospace, consumer & commercial, and transportation.