Millimeter Wave Technology Market by Product (Scanning Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile & Telecommunication, Automotive), Component, Frequency Band and Region - Global Forecast to 2028

Millimeter Wave Technology Market by Product (Scanning Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile & Telecommunication, Automotive), Component, Frequency Band and Region - Global Forecast to 2028

The millimeter wave technology market is projected to reach from USD 2.8 billion in 2023 to USD 7.9 billion by 2028, at a CAGR of 22.8%. Some key factors accrediting to the growth of millimeter wave technology market include increase in broadband and mobile speeds, rising use of millimeter wave in small-cell backhaul networks, and surging demand for millimeter wave technology in security and radar applications.

The recession’s impact on the millimeter wave technology market has been analyzed in this study. The short-term outlook for semiconductors and materials revenues is expected to be worse in the third quarter of 2023. Rising inflation, increasing interest rates, unemployment, and energy crises will lead to slow economic activity. As a result, end-user industries experience deterioration of their businesses, cash flow, and ability to obtain financing, delaying or canceling product purchase plans.

Communication and networking components market to hold a significant share of the millimeter wave technology market during the forecast period

Communication and networking components include switches and routers, which are crucial in telecommunication applications. The quest for a viable and low-cost solution for high data rate applications such as home and personal area networking, automotive radar, and high bandwidth communications has helped boost the millimeter wave technology market. During the last five years, market players have been increasingly focusing on the semiconductor segment due to the advantages of millimeter wave technology. Communication and networking are key components in any millimeter wave device, especially for the telecom sector, a major application sector for millimeter wave technology.

Unlicensed type to hold the second largest share of millimeter wave technology market during the forecast period

License-free 60 GHz radios have unique characteristics that significantly differ from the traditional 2.4 GHz to 5 GHz license-free radios and licensed millimeter wave radios. The FCC allocated 7 GHz of unchanneled spectrum for license-free operations between 57 and 64 GHz. The allocation has made multi-gigabit radio frequency links possible. In the US, the FCC has set aside the V band (60 GHz) as an unlicensed spectrum. This band provides 14 GHz of contiguous spectrum available for anybody to use. In June 2019, Siklu launched its third-generation gigabit wireless solution in the MultiHaul product line that would integrate Facebook’s Terragraph within its products.

Aerospace & defense to hold the second largest share of millimeter wave technology market during the forecast period

As millimeter waves are superior to microwave and infrared-based sensors in almost every application, they are extensively used in defense and aerospace applications as well as solutions that test, filter, and process high-frequency signals for wireless telecommunication networks. Millimeter waves are also used to provide antenna systems for use in military and commercial aerospace applications and a wide range of innovative RF and microwave solutions for the wireless telecommunication devices used in the aerospace and defense sector. In May 2021, Pasternack, an Infinite Electronics brand leading provider of RF, microwave, and millimeter wave products, launched a new series of low-noise amplifiers perfect for use in aerospace and defense applications, mainly for electronic warfare, space systems, and R&D.

Europe to hold a significant share of the millimeter wave technology market during the forecast period

Europe is an important market for millimeter wave technology owing to its increased use in various sectors. Europe has been the frontrunner in 5G trials and projects that are currently being implemented in various regions of the world. Various industries are providing 5G services across Europe, including enhanced mobile broadband, massive machine-type communications, and ultra-reliable and low-latency communications. Such commercial 5G launches require substantial investments for the new infrastructure, a large amount of spectrum, new capabilities, and a close collaboration between telecom players, network enablers, and government authorities.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the millimeter wave technology market space. The break-up of primary participants for the report has been shown below:

By Company Type: Tier 1 – 45%, Tier 2 – 34%, and Tier 3 – 21%

By Designation: C-level Executives – 45%, Directors – 36%, and Others – 19%

By Region: North America –39%, Asia Pacific –41%, Europe – 16%, and RoW – 4%

The report profiles key players in the millimeter wave technology market with their respective market ranking analysis. Prominent players profiled in this report are 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), and Avait Networks, Inc. (US), among others.

Research Coverage:

This research report categorizes the millimeter wave technology market on the basis of product, component, license type, frequency band, end use, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the millimeter wave technology market and forecasts the same till 2028 (including analysis of recession impact on the market). Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the millimeter wave technology ecosystem.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:

1. This report segments the millimeter wave technology market comprehensively and provides the closest market size projection for all subsegments across different regions.

2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.

3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.

4. The analysis of the major 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.

5. Patent analysis, trade data, porters five forces analysis, and technological analysis that will shape the market in the coming years has also been covered in this report.