Millimeter Wave Technology Market Size, Share, and Analysis, By Product (Scanning System, Telecom Equipment, Radar & Satellite Communication System, and Others), By Component (Antennas and Transceiver, Communications and Networking Components, Interface, Frequency, and Related Components, Imaging, and Other Components), By License Type (Light Licensed, Unlicensed, and Fully Licensed), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Millimeter Wave Technology Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 2.7 billion and is projected to reach USD 42.7 billion by the completion of 2034.
Millimeter wave technology refers to the use of extremely high-frequency electromagnetic waves in the 30 GHz to 300 GHz range, with wavelengths ranging from 10 millimeters to 1 millimeter. This technology has received substantial attention in recent years due to its possible uses across various industries, such as telecommunications and radar. In 5G and other wireless communication networks, millimeter wave technology is fundamentally used to provide high-speed data transmission. These high-frequency waves carry more data than lower frequencies, which makes them ideal for delivering huge volumes of information over short distances. Besides, their ability to travel through certain materials while being obstructed by others allows for the creation of high-resolution images in non-destructive testing and medical diagnostics.
MARKET HIGHLIGHTS
Millimeter wave technology market is projected to reach USD 42.7 billion over the forecast period. The millimeter wave technology market is witnessing substantial interest from major companies, primarily in the telecommunications industry, who are heavily investing in developing new products and services that use this technology. The demand for high-speed data transfer is a major catalyst for the market as millimeter waves allow for fast data transmission over short distances, thus making it ideal for applications like faster wireless internet. In addition, new use cases are continuously emerging, such as security screening at airports, as well as medical imaging, which further boost the adoption of this technology. Furthermore, governments across the world are supporting the adoption of this technology for various applications like 5G networks and defense systems. Thus, the combination of these factors is responsible for the growth of the millimeter wave technology market and its adoption across multiple sectors.
Millimeter Wave Technology Market Segments:
- By Product
- Scanning System
- Telecom Equipment
- Radar & Satellite Communication System
- Others
- By Component
- Antennas and Transceiver
- Communications and Networking Components
- Interface
- Frequency and Related Components
- Imaging
- Other Components
- By License Type
- Light Licensed
- Unlicensed
- Fully Licensed
Growth Drivers
5G Technology Growth to Drive the Millimeter Wave Technology Market
High Demand for High-Speed Internet Act as a Catalyst for Market Growth
Restraint
Growth in the Millimeter Wave Technology Market Will Be Affected by Limited Range and Obstruction Issues
Key Players
- Qualcomm Inc.
- Nokia Corporation
- Ericsson
- Samsung Electronics Co., Ltd.
- Huawei Technologies Co., Ltd.
- Siklu Communication Ltd.
- Keysight Technologies Inc.
- NEC Corporation
- Aviat Networks, Inc.
- L3Harris Technologies, Inc.
- BridgeWave Communications
- Rohde & Schwarz GmbH & Co KG
- Fujitsu Limited
- Smiths Group plc
- Anokiwave, Inc.
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 3-month post-sales analyst support.
- 1 Executive Summary
- 1.1. Regional Market Share
- 1.2 Business Trends
- 1.3. Millimeter Wave Technology Market: COVID-19 Outbreak
- 1.4. Regional Trends
- 1.5. Segmentation Snapshot
- 2. Research Methodology
- 2.1 Research Objective
- 2.2. Research Approach
- 2.3. Data Sourcing and Methodology
- 2.4 Primary Research
- 2.5 Secondary Research
- 2.5.1 Paid Sources
- 2.5.2. Public Sources
- 2.6. Market Size Estimation and Data Triangulation
- 3. Market Characteristics
- 3.1 Market Definition
- 3.2 Millimeter Wave Technology Market: COVID-19 Impact
- 3.3. Key Segmentations
- 3.4 Key Developments
- 3.5 Allied Industry Data
- 4 Millimeter Wave Technology Market – Industry Insights
- 4.1. Industry Segmentation
- 4.2 COVID-19 overview of world economy
- 4.3 Industry Ecosystem Channel Analysis
- 4.4 Innovation & Sustainability
- 5. Macroeconomic Indicators
- 6. Recent Developments
- 7. Market Dynamics
- 7.1 Introduction
- 7.2. Growth Drivers
- 7.3. Market Opportunities
- 7.4 Market Restraints
- 7.5. Market Trends
- 8 Risk Analysis
- 9. Market Analysis
- 9.1 Porter's Five Forces
- 9.2. PEST Analysis
- 9.2.1 Political
- 9.2.2. Economic
- 9.2.3. Social
- 9.2.4. Technological
- 10 Millimeter Wave Technology Market
- 10.1 Overview
- 10.2. Historical Analysis (2019-2022)
- 10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
- 11. Millimeter Wave Technology Market Size & Forecast 202 A-203 F
- 11.1. Overview
- 11.2 Key Findings
- 11.3 Market Segmentation
- 11.3.1. By Product
- 11.3.1.1. Scanning System
- 11.3.1.1.1 By Value (USD Million) 2024-203 F
- 11.3.1.1.2. Market Share (%) 2024-203 F
- 11.3.1.1.3. Y-o-Y Growth (%) 2024-203 F
- 11.3.1.2 Telecom Equipment
- 11.3.1.2.1. By Value (USD Million) 2024-203 F
- 11.3.1.2.2 Market Share (%) 2024-203 F
- 11.3.1.2.3 Y-o-Y Growth (%) 2024-203 F
- 11.3.1.3 Radar & Satellite Communication System
- 11.3.1.3.1. By Value (USD Million) 2024-203 F
- 11.3.1.3.2 Market Share (%) 2024-203 F
- 11.3.1.3.3 Y-o-Y Growth (%) 2024-203 F
- 11.3.1.4 Others
- 11.3.1.4.1. By Value (USD Million) 2024-203 F
- 11.3.1.4.2 Market Share (%) 2024-203 F
- 11.3.1.4.3 Y-o-Y Growth (%) 2024-203 F
- 11.3.2. By Component
- 11.3.2.1 Antennas and Transceiver
- 11.3.2.1.1. By Value (USD Million) 2024-203 F
- 11.3.2.1.2 Market Share (%) 2024-203 F
- 11.3.2.1.3 Y-o-Y Growth (%) 2024-203 F
- 11.3.2.2. Communications and Networking Components
- 11.3.2.2.1 By Value (USD Million) 2024-203 F
- 11.3.2.2.2. Market Share (%) 2024-203 F
- 11.3.2.2.3. Y-o-Y Growth (%) 2024-203 F
- 11.3.2.3. Interface
- 11.3.2.3.1 By Value (USD Million) 2024-203 F
- 11.3.2.3.2. Market Share (%) 2024-203 F
- 11.3.2.3.3. Y-o-Y Growth (%) 2024-203 F
- 11.3.2.4. Frequency and Related Components
- 11.3.2.4.1 By Value (USD Million) 2024-203 F
- 11.3.2.4.2. Market Share (%) 2024-203 F
- 11.3.2.4.3. Y-o-Y Growth (%) 2024-203 F
- 11.3.2.5. Imaging
- 11.3.2.5.1 By Value (USD Million) 2024-203 F
- 11.3.2.5.2. Market Share (%) 2024-203 F
- 11.3.2.5.3. Y-o-Y Growth (%) 2024-203 F
- 11.3.2.6. Other Components
- 11.3.2.6.1 By Value (USD Million) 2024-203 F
- 11.3.2.6.2. Market Share (%) 2024-203 F
- 11.3.2.6.3. Y-o-Y Growth (%) 2024-203 F
- 11.3.3 By License Type
- 11.3.3.1 Light Licensed
- 11.3.3.1.1. By Value (USD Million) 2024-203 F
- 11.3.3.1.2 Market Share (%) 2024-203 F
- 11.3.3.1.3 Y-o-Y Growth (%) 2024-203 F
- 11.3.3.2. Unlicensed
- 11.3.3.2.1 By Value (USD Million) 2024-203 F
- 11.3.3.2.2. Market Share (%) 2024-203 F
- 11.3.3.2.3. Y-o-Y Growth (%) 2024-203 F
- 11.3.3.3. Fully Licensed
- 11.3.3.3.1 By Value (USD Million) 2024-203 F
- 11.3.3.3.2. Market Share (%) 2024-203 F
- 11.3.3.3.3. Y-o-Y Growth (%) 2024-203 F
- 12 North America Millimeter Wave Technology Market Size & Forecast 202 A-203 F
- 12.1 Overview
- 12.2. Key Findings
- 12.3. Market Segmentation
- 12.3.1 By Product
- 12.3.2. By Component
- 12.3.3. By License Type
- 12.4. Country
- 12.4.1. United States
- 12.4.2 Canada
- 13 Europe Millimeter Wave Technology Market Size & Forecast 202 A-203 F
- 13.1 Overview
- 13.2. Key Findings
- 13.3. Market Segmentation
- 13.3.1 By Product
- 13.3.2. By Component
- 13.3.3. By License Type
- 13.4 Country
- 13.4.1 Germany
- 13.4.2. United Kingdom
- 13.4.3. France
- 13.4.4. Italy
- 13.4.5. Spain
- 13.4.6. Russia
- 13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
- 14 Asia-Pacific Millimeter Wave Technology Market Size & Forecast 202 A-203 F
- 14.1. Overview
- 14.2. Key Findings
- 14.3 Market Segmentation
- 14.3.1 By Product
- 14.3.2. By Component
- 14.3.3. By License Type
- 14.4 Country
- 14.4.1. India
- 14.4.2. China
- 14.4.3. South Korea
- 14.4.4 Japan
- 14.4.5 Rest of APAC
- 15 Middle East and Africa Millimeter Wave Technology Market Size & Forecast 202 A-203 F
- 15.1 Overview
- 15.2. Key Findings
- 15.3. Market Segmentation
- 15.3.1 By Product
- 15.3.2. By Component
- 15.3.3. By License Type
- 15.4 Country
- 15.4.1. Israel
- 15.4.2 GCC
- 15.4.3 North Africa
- 15.4.4 South Africa
- 15.4.5 Rest of Middle East and Africa
- 16. Latin America Millimeter Wave Technology Market Size & Forecast 202 A-203 F
- 16.1 Overview
- 16.2. Key Findings
- 16.3. Market Segmentation
- 16.3.1 By Product
- 16.3.2. By Component
- 16.3.3. By License Type
- 16.4. Country
- 16.4.1. Mexico
- 16.4.2 Brazil
- 16.4.3 Rest of Latin America
- 17. Competitive Landscape
- 17.1 Company market share, 2023
- 17.2. Key player overview
- 17.3. Key stakeholders
- 18. Company Profiles
- 18.1. Qualcomm Inc.
- 18.1.1 Company Overview
- 18.1.2 Financial Overview
- 18.1.3 Key Product; Analysis
- 18.1.4 Company Assessment
- 18.1.4.1 Product Portfolio
- 18.1.4.2 Key Clients
- 18.1.4.3. Market Share
- 18.1.4.4. Recent News & Development (Last 3 Yrs.)
- 18.1.4.5. Executive Team
- 18.2 Nokia Corporation
- 18.3 Ericsson
- 18.4. Samsung Electronics Co., Ltd.
- 18.5. Huawei Technologies Co., Ltd.
- 18.6 Siklu Communication Ltd.
- 18.7 Keysight Technologies Inc.
- 18.8. NEC Corporation
- 18.9 Aviat Networks, Inc.
- 18.10 L3 arris Technologies, Inc.
- 18.11. BridgeWave Communications
- 18.12 Rohde & Schwarz GmbH & Co KG
- 18.13 Fujitsu Limited
- 18.14 Smiths Group plc
- 18.15 Anokiwave, Inc.
- 18.16 Other Prominent Players
- 19. Appendix
- 20 Consultant Recommendation
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