60GHz mmWave Radar Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

60GHz mmWave Radar Market Size

The global 60GHz mmWave Radar market was valued at US$ 24 million in 2022 and is anticipated to reach US$ 275.8 million by 2029, witnessing a CAGR of 38.3% during the forecast period 2023-2029.

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60GHz mmWave Radar Market Trends

A significant driver is the desire for high-resolution radar systems for use in surveillance, industrial automation, and driverless cars. The 60GHz frequency band is the ideal choice for these applications because it provides higher resolution and precision. The need for 60GHz mmWave radar is growing as companies implement automation and autonomous technologies more often. The deployment of 60GHz mmWave radar systems in the automotive industry is being driven by the growing need for better safety features in automobiles. Advanced driving assistance systems (ADAS) including adaptive cruise control, lane-keeping assistance, and collision avoidance are made possible by these radar systems. Key factors in this market sector include strict safety rules and the goal to prevent accidents.

The development of 5G technology is a key driver fueling growth. For effective data transmission, the implementation of 5G networks necessitates a dense network of tiny cells, and 60GHz mmWave radar devices are utilized in these networks for accurate alignment and beamforming. The need for mmWave radar technology is anticipated to increase in tandem with the global rollout of 5G networks. To increase production and efficiency, the manufacturing and industrial sectors are adopting automation. By providing accurate object recognition and localization, 60GHz mmWave radar plays a significant role in robotics by supporting applications including material handling, warehouse automation, and industrial robots. The use of mmWave radar is anticipated to grow as firms look to streamline processes and save labor costs.

The market for 60GHz mmWave radar is expanding as a result of the advent of smart cities and the rising need for security and surveillance systems. These radar systems improve overall urban safety and efficiency by being utilized for crowd control, traffic management, and perimeter security.

Radar system miniaturization and improvements in semiconductor technology have significantly increased the affordability and accessibility of 60GHz mmWave radar, supporting the market's expansion. Integration into a greater variety of products and applications is made possible by smaller form factors and lower power consumption.

60GHz mmWave Radar Market Share

The market for 60GHz mmWave radar technology is large, especially in the United States. The use of mmWave radar technology has been sparked by the region's leadership in driverless cars, advanced driver assistance systems (ADAS), and defence applications. Major automotive and technology businesses, as well as enabling legislative frameworks, promote market expansion.

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By Application
• Building Automation
• Factory Automation
• Personal Electronics

By Type
• 2D
• 3D

Key Players
Infineon, Texas Instruments, Acconeer, Socionext, Calterah

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