With 22.8% CAGR, Millimeter Wave Technology Market Growth to Surpass USD 7.9 billion

The millimeter wave technology market is anticipated to reach USD 7.9 billion by 2028 from USD 2.8 billion in 2023; it is anticipated to grow at a CAGR of 22.8% from 2023 to 2028. The increasing use of millimeter wave technology in mobile & telecommunication, consumer & commercial, aerospace & defense, and automotive sectors are driving the market growth.

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Based on product: The telecommunication equipment segment is estimated to lead the millimeter wave technology market by product. The high growth of this segment is due to the higher use of millimeter wave components for 5G backhaul. Millimeter wave components are also used widely in indoor and outdoor telecommunication equipment, including small-cell and macrocell equipment. Scanning systems find applications in public places, recreational events, airports, and other commercial places for safety purposes. The exposure of the human body to millimeter waves does not pose the same risk as X-rays, which is an advantage over traditional X-ray body scanners. Therefore, airport authorities globally are adopting highly sophisticated millimeter wave body scanners.

Based on licensed type: The millimeter wave technology market for fully licensed frequency bands is projected to account for the largest share by 2028 due to the high adoption of millimeter waves for devices in the unlicensed frequency band. The fully licensed band segment is also set to grow at the highest rate due to its increasing adoption, mainly in the telecommunication sector. Users are expected to use light licensed and fully licensed frequency bands in the near future, owing to the lack of security in the unlicensed spectrum.

Based on frequency band: The 57-95 GHz segment is estimated to account for the largest millimeter wave technology market share and grow at the highest CAGR during the forecast period. This frequency range has major applications in the automotive, healthcare, and telecommunications industries. It has been divided into V-band (57-66 GHz) and E-band (71-76 GHz and 81-86 GHz).
Based on end use: The mobile & telecommunication is expected to lead the millimeter wave technology market, owing to the wide adoption of millimeter waves in small-cell backhaul networks to ensure rapid connectivity. This enable the use of millimeter wave backhaul equipment as an fundamental part of the deployment of 5G, which is expected to create avenues for future growth. Moreover, In 2022, several major countries, such as the US, Japan, South Korea, the UK, Germany, and China, have deployed 5G technology at a mass scale. This would increase the need for the millimeter wave spectrum to provide high data rate and enhanced quality of the received signal.

Based on region: North America is leading the market in 2022. The growth of this regional market can be attributed to the increased adoption of millimeter wave technology in mobile & telecom end use. Axxcss Wireless Solutions, Keysight Technologies, Eravant, Aviat Networks, and L3HARRIS Technologies are some of the major companies providing millimeter wave technology and products in North America.

Major players operating in millimeter wave technology market include Axxcss Wireless Solutions, Inc. (US), NEC Corporation (Japan), Siklu Communication (US), L3HARRIS Technologies, Inc. (US), Smiths Group PLC (UK), Millimeter Wave Products Inc. (US), Farran Technology (Ireland), Eravant (US), Keysight Technologies, Inc. (US), Avait Networks, Inc. (US), Vubiq Networks, Inc. (US), ELVA-1 (Latvia), Verana Networks (US), FastBack Networks (US), and Anokiwave (US), among others.

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Millimeter wave radars can enable cars to acquire the visual acuity essential for autonomous driving. LIDAR is currently used to provide the visual capability to driverless vehicles. In April 2023, Toyoda Gosei, a Japanese Tier I auto parts supplier, developed the automobile brand emblem compatible with millimeter wave radar and luminescent. This product will be in-built into Toyota's new Lexus RZ battery electric vehicle (BEV). Such radars can potentially drive the need for millimeter wave-based components in automotive applications.

News also covered: https://www.prnewswire.com/news-releases/millimeter-wave-technology-market-worth-7-9-billion-by-2028---exclusive-report-by-marketsandmarkets-301810710.html

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