Global Millimeter Wave Technology Market estimated to reach USD 19.67 billion by 2030

In 2022, the Global Millimeter Wave Technology Market was valued at $1.95 billion, and is projected to reach a market capitalization of $19.67 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 33.5% owing to the rise in demand for electronic products including smartphones, smartwatches and other electronic wearables requiring high-speed internet and high-bandwidth.

With the rising introduction and easier accessibility of online activities requiring high-speed internet & intense data, such as, online gaming, high-quality video conferencing, high-quality video streaming and huge amounts of data exchange over the internet, the market is set to grow at pace. The Global Millimeter Wave Technology Market is poised to witness growth as this technology provides higher bandwidth connectivity than the microwave-frequency-based technology in densely populated areas. The COVID-19 pandemic, however, provided a significant push to all these telecommunication and data-intensive activities, but it had also negatively impacted this sector's growth. Due to the lockdowns, the implementation of several 5G projects got delayed along with many other telecom installations & expansion activities.

As the global data traffic is increasing at a massive rate, the increase in demand for millimeter-wave technology is estimated to witness a significant growth. E-bands and V-bands, which are used for millimeter-wave backhaul solutions can provide a high bandwidth of up to 400 Mbps transmission through a single 250 MHz channel. These attributes of millimeter-wave technology are estimated to highly boost the demand of the technology in the sectors where high-speed data transmission with better and higher bandwidth is required. With the rise in trend of streaming high quality videos primarily on certain video-streaming and OTT platforms coupled with the jump in online gaming industry with games requiring high data consumption and high speed internet, the demand for Millimeter Wave Technology is estimated to witness a enormous push. The growth rate of global data traffic is increasing exponentially and this would drive a major shift from the current 3G & 4G technologies to 5G networks, as 5G networks can support aggregate data rates thousand times more faster than 3G and hundred times more faster the 4G. The implementation of 5G networks is solely based on the millimeter-wave technology. Therefore, there is a huge opportunity for millimeter wave technology market, as the 5G sector is estimated grow at a significant rate and will be able to find applications in sectors including telecommunication, defense, aerospace, imaging and several other consumer & commercial segments.

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Segmentation Analysis:
The Global Millimeter Wave Technology Market segmentation include:

By Product:
• Radar & Satellite Communication Systems
• Telecommunication Equipment
• Scanner Systems

The telecommunication equipment segment is estimated to be the largest dominating segment and is also considered to be the fastest growing segment as well during the forecast period, owing to the increase in internet penetration and availability of smartphones coupled with the rising video streaming, gaming, video conferencing and large data transfer activities.

By License-Type:
• Fully Licensed
• Light Licensed
• Unlicensed

Under the fully licensed category, a particular spectrum is allotted (sold) to a telecom operator, whereas under the light licensed category, the telecom operator has to pay a nominal amount for using a spectrum of millimeter wave. The fully licensed segment is estimated to become the fastest growing segment, as it is used in point-to-point wireless connections and comprises of the spectrum which is used by 5G technology. However, the fully licensed segment comprises of fewer frequency bands including 8 GHz & 23 GHz, 23 GHz & 38 GHz and 38 GHz & 43 GHz, which accounts for a much smaller market segment than the light licensed and unlicensed frequency bands.

By Frequency Band:
• 24-57 GHz
• 57-86 GHz
• 86-300 GHz

The 57-86 GHz segment accounts for the largest share of the global millimeter wave technology market and is also estimated to be the fastest growing segment with the highest CAGR during the forecast period, owing to its increasing demand in several applications including automated cruise control, security, traffic monitoring and autonomous mining.

By End-Use:
• Mobile & Telecom
• Healthcare
• Aerospace & Defense
• Automotive & Transportation
• Imaging
• Consumer & Commercial

The Mobile & Telecom segment is estimated to hold the largest share in the global millimeter wave technology market owing to the launch of 5G mobile phones & corresponding 5G telecom infrastructure utilizing millimeter wave technology. Due to the increasing adoption of millimeter wave technology in point-to-point wireless communications and satellite links, the Aerospace & Defense sector is estimated to be the fastest growing segment.

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Regional Analysis:
The North America is estimated to account for the largest share of the Millimeter Wave Technology Market, owing to the wider acceptance and early adoption of emerging technologies in the region. However, the rising adoption of advanced consumer electronics products along with the increasing numbers of small & medium enterprises (SMEs) demanding data storage, data security and data accessibility over their enterprise network make the Asia-Pacific region the fastest growing region.

During the projected period, the market is anticipated to expand significantly in the regions of Asia Pacific and the Rest of the World (RoW). With a CAGR of more than 44.0% during the anticipated period, the Asia Pacific area is projected to grow at the fastest rate. The region's quick technical development is due to the upgrades and developments being made to its telecom infrastructures. Additionally, it is anticipated that the installation of new telecom equipment based on millimeter wave technology will significantly accelerate market growth throughout the region.

Latest Industry Developments:
• In January 2022, Siklu a global leader in millimeter wave technology announced a strategic partnership with Signify, a market leader in lighting to develop streetlights with wireless connectivity grid by integrating Siklu's MultiHaul™, which would enable Signify's luminaries to become broadband luminaries.
• In December 2022, Sweden-based company Sivers Wireless signed an agreement of $320,000 with an Indian supplier of 5G technology to develop a millimeter wave technology based 5G prototype for the Indian market.

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This release was published on openPR.