Millimeter Wave Technology Market worth $5.23 billion by 2025 with a growing CAGR of 41.5%

The millimeter wave technology market has been segmented on the basis of product, frequency band, license type, application, component, and geography. The millimeter wave technology market is expected to grow at a CAGR of 35.2% between 2017 and 2023.

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Product launch and development has been the key strategy adopted by the players to grow and stay competitive in the millimeter wave technology market. This strategy accounted for a share of ~59% of the overall growth strategies adopted by the key players between January 2014 and May 2017. The ongoing research and developments in millimeter wave technology space have encouraged companies to adopt this strategy. Besides product launches and developments, the companies also focused on agreements, acquisitions, and collaborations to expand their product portfolio, sales, and distribution network. This strategy significantly increased their market shares and strengthened their position in the overall millimeter wave technology market. These strategies collectively accounted for ~41% of the overall growth strategies adopted by the key market players between January 2014 and May 2017.

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BridgeWave Communications, Inc. is a leading provider of wireless gigabit solutions including point-to-point wireless bridges and wireless backhaul. The company offers 4G backhaul and gigabit wireless connectivity solutions. The company's solutions include point-to-point wireless links that are used by carriers and mobile operators looking to support 4G, LTE, and WiMAX adoption. Its technology is designed to provide for high-capacity mobile backhaul solutions in metropolitan areas with high cell density and small cells. BridgeWave has over 30,000 solutions deployed in more than 60 countries. In the past two years, BridgeWave Communications has launched different millimeter-based products such as Flex4G-1000 (FL4G-1000), Flex4G-5000, Flex4G-LITE, Eagle, and BW64, to be used in various applications. Also, the company has signed the distribution agreement with Minerva (Dubai, UAE) and Streakwave Wireless Inc. (US) to market and sell its millimeter wave products across the globe.

L3 Technologies, Inc. is a prominent provider of a broad range of electronics systems and products that are used in military and commercial applications. The company is also a major contractor in intelligence, surveillance and reconnaissance (ISR) systems; aircraft sustainment, simulation, and training; night vision and image intensification equipment; and security and detection systems. In November 2016, L3's ClearScan explosives detection system (EDS) passed the European Union (EU) Regulation Type D/D+ Standard 2 for cabin baggage under the European Civil Aviation Conference (ECAC) Common Evaluation Process (CEP) of Security Equipment. Also, in the past few years, the company has collaborated with Amsterdam Airport Schiphol (Europe), Transportation Security Administration (US), Incheon International Airport Corporation (South Korea), and Gatwick Airport (UK), supplying checkpoint explosives detection systems and security scanners.

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