Millimeter Wave Technology Market - Detailed Study Analysis and Forecast by 2024

The millimeter-wave technology is electromagnetic spectrum is primarily considered to be the range of wavelengths between 0.4 inches (10 millimeters) to 0.04 inches (1 millimeter). Millimeter waves are shorter than microwaves or radio waves and longer than x-rays or infrared waves. The market has been segmented into by frequency band which includes E-band, V-band among others. The market is also segmented into by application which includes defense, telecommunication, automotive, industrial and healthcare among others. The market by geography has been segmented into, Asia Pacific, Europe, North America, Middle East and Africa and South America.

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The millimeter-wave technology of the electromagnetic spectrum primarily corresponds to 30 GHz to 300 GHz of radio band frequencies. This is called EHF (Extremely High Frequency) range. Growing demand for wireless technologies is one of the key factors boosting the market for millimeter wave technologies globally. Limited range and increasing environmental concerns are some of the restraints which may inhibit the growth of this market. Earth’s atmosphere may also pose as a restraining factor for the millimeter wave technologies. For instance 60 GHz is not appropriate for use in long-range radar or communications and it is suitable for local wireless area networks which are primarily used for portable systems or computers. 5G technologies offer potential opportunities for the millimeter wave technology. With the increasing research activities in the domain of millimeter wave technology equipment is fueling the market across different regions. Major companies are concentrating more on research activities in order to increase application area of millimeter wave technology based equipment is different sectors which include defense and military, healthcare, automotive among others.

The major application fields of millimeter wave technology market include automotive, defense and military, telecommunication, industrial, security and healthcare. Telecommunication sector is leading the market, followed by defense and military sector. Moreover, industrial sector is also contributing in the positive development of the market. The growing advancement in the field of imaging systems, material research and process control in the industrial sector is driving the market for millimeter wave technology equipment across different nations globally. E-band is dominating the market. Telecommunication is the prime application area of E- band, which is contributing in the market and is expected to maintain its leading position over the forecast period, 2016 to 2024. The increasing demand for advanced technologies and high bandwidth-intensive applications along with rising application of small cell backhaul systems is fueling the requirement for millimeter wave technologies in different industries. Furthermore, growing ratio of data usage is also one of the prime factors behind the growth of millimeter wave technology equipment in the telecommunication sector.

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North America and Europe is dominating the millimeter wave technology market worldwide. Rising demand for 5G technologies in the developing nations such as Asia Pacific is boosting the demand for the millimeter wave technology. The U.S., U.K., Germany, France, Italy, Japan, South Korea, China, Brazil and India are expected to witness positive growth over the forecast period from 2016 to 2024. Increasing advancement in the field of satellite communication systems, radar, scanning and imaging systems is fueling the demand for millimeter wave technology.

Research and development, product innovation, merger and acquisitions are some of the prime business strategies adopted by the companies operating in this industry in order to strengthen its presence globally. NEC Corporation (Japan), E-Band Communications, LLC (The U.S.), LightPointe Communications, Inc (The U.S.), BridgeWave Communications (The U.S.), Siklu Communication Ltd. (Israel), Keysight Technologies (The U.S.). There are some other companies which also playes an important role in the field of millimeter waves which includes SAGE Millimeter, Inc. (The U.S.), Millitech Inc. (The U.S.), Farran technology Ltd. (Ireland) and Trex Enterprises Corporation (The U.S.) among others are some of the major players operating in the millimeter wave technology market.

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