The millimeter wave technology market is predicted to grow at a moderate CAGR of 5.8%, reaching nearly US$ 535 Mn by 2032 from US$ 295 Mn in 2021.
USA and Canada being the early adapters of the Millimeter Wave Technology have positioned North America as the dominant region in terms of revenue generated by the global market. The regional market in USA alone is estimated to worth US$ 800 Mn in 2022. By the end of this forecasted period it is predicted to reach a valuation of US$ 4.5 Bn by witnessing a year-on-year growth of about 19% which is highest among all other top performing countries.
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Growth Drivers:
- 5G Wireless Networks: The rollout of 5G networks is one of the most significant drivers for millimeter wave technology. Millimeter wave spectrum offers high data transfer rates, low latency, and the potential for massive device connectivity, making it a crucial component for 5G networks. Telecom companies are investing heavily in millimeter wave infrastructure to deliver faster and more reliable wireless communication.
- Increased Data Demand: With the proliferation of data-hungry applications like streaming video, augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT), there is a growing need for higher data bandwidth. Millimeter wave technology can accommodate this demand and deliver high-speed data transmission, making it essential for the future of data communication.
- Automotive Radar Systems: Millimeter wave radar systems play a pivotal role in advanced driver-assistance systems (ADAS) and autonomous vehicles. These systems are used for collision avoidance, parking assistance, and adaptive cruise control, among other safety features. As the automotive industry continues to embrace these technologies, the demand for millimeter wave components is on the rise.
- Point-to-Point Wireless Communication: Millimeter wave frequencies are well-suited for point-to-point wireless communication applications. They are used for high-capacity backhaul links, offering fast and reliable connectivity for businesses and service providers. This is particularly important as the demand for reliable and high-speed data connections continues to grow.
- Security and Surveillance: Millimeter wave technology is utilized in security and surveillance systems for applications such as airport security, border control, and crowd scanning. It can detect concealed weapons or threats and provides a high level of security in public places.
Competitive landscape:
- Keysight Technologies, Inc enhanced the Oscilloscopes in March 2020 that provide approximately 110 GHz frequency range across standard analysis bandwidth. The newly introduced UXR0051AP infiniium UXR-Series Oscilloscopes are expected to accelerate the development of next generation mm wave communications and technology for the company.
- TeraGo Corporation that provides cloud, colocation and connectivity services in Canada announced in January 2020 to start 5G millimeter wave technical trials in 2 areas. It will use both ISED developmental licenses and its own spectrum for trial of 28 and 38GHz frequency bands.
Key Segments:
- By Component :
- Antennas & Transceiver
- Frequency Sources and Relative
- Communication & Networking
- Imaging
- RF & Radio
- Sensors and Controls
- Interface
- Power & Battery
- Other
- By Product :
- Scanning Systems
- Radar and Satellite Communication Systems
- Telecommunication Equipment
- Others
- By Frequency Band :
- 24 to 57 GHz
- 57 to 95 GHz
- 95 to 300 GHz
- By License Type :
- Light Licensed FMW
- Unlicensed FMW
- Fully Licensed FMW
- By End Use :
- Mobile & Telecom
- Consumer & Commercial
- Healthcare
- Industrial
- Automotive and Transportation
- Imaging
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Major Challenges Experienced by the Millimeter Wave Technology Market Players:
- While the millimeter-wave internet offers a significantly higher data transfer rate compared to previous generations of wave bands, it faces a notable limitation in terms of its network coverage area. Unlike its predecessors, millimeter-wave signals cannot bounce off physical objects; instead, they tend to be absorbed, resulting in transmission failures. These drawbacks have raised concerns and are considered significant obstacles to the widespread adoption of millimeter-wave technology.
- Another major challenge for millimeter-wave companies is the higher operational costs associated with the need for a greater number of network points. To address this issue and expand their reach into new markets, these companies are actively pursuing the acquisition of smaller operators to enhance their infrastructure, which is expected to create new opportunities for the future millimeter-wave technology market.
- Environmental and climatic concerns have also cast a shadow over the adoption of this technology. However, collaborative efforts between public institutions and private entities are anticipated to create a more favorable environment for the increased adoption of millimeter-wave devices in the years to come.
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