Millimeter Wave Technology Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Millimeter Wave Technology Market Trends and Forecast

The future of the millimeter wave technology market looks promising with opportunities in the telecommunication, military & defense, automotive & transport, healthcare, electronic & semiconductor, and security applications. The global millimeter wave technology market is expected to reach an estimated $10.8 billion by 2028 with a CAGR of 30% from 2023 to 2028. The major drivers for this market are growing usage of millimeter waves in small-cell backhaul connections, increasing broadband internet speeds, and emergence of 5G networks globally.

A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.

Millimeter Wave Technology Market by Segment

The study includes a forecast for the global millimeter wave technology market by product, component, frequency band, application, and region, as follows:

Millimeter Wave Technology Market by Product [Shipment Analysis by Value from 2017 to 2028]:

• Telecommunication Equipment
• Imaging & Scanning Systems
• Radar & Satellite Communication Systems

Millimeter Wave Technology Market by Component [Shipment Analysis by Value from 2017 to 2028]:

• Antennas & Transceivers
• Amplifiers
• Oscillators
• Control Devices
• Frequency Converters
• Passive Components
• Others

Millimeter Wave Technology Market by Frequency Band [Shipment Analysis by Value from 2017 to 2028]:

• V-Band
• E-Band
• Others

Millimeter Wave Technology Market by Application [Shipment Analysis by Value from 2017 to 2028]:

• Telecommunications
• Military & Defense
• Automotive & Transport
• Healthcare
• Electronics & Semiconductor
• Security

Millimeter Wave Technology Market by Region [Shipment Analysis by Value from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Millimeter Wave Technology Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies millimeter wave technology companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the millimeter wave technology companies profiled in this report include.

• Aviat Networks
• BridgeWave Communications
• E-Band Communications
• Farran Technology
• Keysight Technologies

Millimeter Wave Technology Market Insights

• Lucintel forecasts that telecommunication equipment will remain the largest segment over the forecast period due to the increasing usage of mmWave technology to boost spectrum utilization as well as spectrum bandwidth and growing use of this technology in 5G networks owing to its capacity of transmitting gigabits of data per second.
• Telecommunication is expected to remain the largest segment due to the escalating need for high-speed data transport and communication from business and residential sectors, including data centers and IT organizations.
• North America will remain the largest region due to the rapid technological advancement, existence of key players, and widespread application of mmWave technology in various end use industries of the region.

Features of the Millimeter Wave Technology Market

• Market Size Estimates: Millimeter wave technology market size estimation in terms of value.
• Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Millimeter wave technology market size by various segments, such as by product, component, frequency band, application, and region
• Regional Analysis: Millimeter wave technology market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different by product, component, frequency band, application, and regions for the millimeter wave technology market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the millimeter wave technology market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

Q1. What is the millimeter wave technology market size?

Answer: The global millimeter wave technology market is expected to reach an estimated $10.8 billion by 2028.

Q2. What is the growth forecast for millimeter wave technology market?

Answer: The global millimeter wave technology market is expected to grow with a CAGR of 30% from 2023 to 2028.

Q3. What are the major drivers influencing the growth of the millimeter wave technology market?

Answer: The major drivers for this market are growing usage of millimeter waves in small-cell backhaul connections, increasing broadband internet speeds, and emergence of 5G networks globally.

Q4. What are the major segments for millimeter wave technology market?

Answer: The future of the millimeter wave technology market looks promising with opportunities in the telecommunication, military & defense, automotive & transport, healthcare, electronic & semiconductor, and security applications.

Q5. Who are the key millimeter wave technology companies?

Answer: Some of the key millimeter wave technology companies are as follows:

• Aviat Networks
• BridgeWave Communications
• E-Band Communications
• Farran Technology
• Keysight Technologies

Q6. Which millimeter wave technology segment will be the largest in future?

Answer: Lucintel forecasts that telecommunication equipment will remain the largest segment over the forecast period due to the increasing mmWave use to boost spectrum utilization by widening spectrum bandwidth and growing use of this technology in 5G networks because of their capacity for transmitting gigabits of data per second.

Q7. In millimeter wave technology market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region due to the rapid technological advancement, existence of key players, and widespread application of mmWave technology in various end use industries of the region.

Q8. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

Q.1. What are some of the most promising, high-growth opportunities for the millimeter wave technology market by product (telecommunication equipment, imaging & scanning systems, and radar & satellite communication systems), component (antennas & transceivers, amplifiers, oscillators, control devices, frequency converters, passive components, and others), frequency band (v-band, e-band, and others), application (telecommunications, military & defense, automotive & transport, healthcare, electronics & semiconductor, and security), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

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