Millimeter Wave Technology Market Report 2023: Size, Share, Industry Growth and Forecast 2028

by Zayn Mathew Market Research Reports

According to the recent report by IMARC Group, titled “Millimeter Wave Technology Market Size : Global Industry Trends, Growth, Opportunity and Forecast 2023-2028,” The global millimeter wave technology market size reached US$ 2.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.8 Billion by 2028, exhibiting a growth rate (CAGR) of 20.1% during 2023-2028. The report provides a detailed analysis of the market by segments and region and The report provides a detailed analysis of the market on the basis of region, component, product, frequency band, license type and application also, the report analyzes the market’s competitive landscape.

Report Metric

Historical: 2017-2022

Base Year: 2022

Forecast Year: 2023-2028

Download free sample of the report: https://www.imarcgroup.com/millimeter-wave-technology-market/requestsample

Industry Definition and Application:

Millimeter wave (mmWave or MMW) refers to an electromagnetic (radio) wave within the spectrum from 30 to 300 gigahertz (GHz) and wavelength from 1 to 10 mm. It is also classified as the extremely high frequency (EHF) or very high frequency (VHF) by the International Telecommunication Union (ITU). Radio waves have high atmospheric attenuation due to which they are absorbed by the gases in the atmosphere, resulting in a short-range. They can transfer a bulk of data at high speed and help in increasing the bandwidth capacity, performance, and reliability. As a result, they are used in an array of services and products like point-to-point wireless local area networks (WLANs), radio astronomy, security screening, remote sensing, airport security scanners, and automotive radars.

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Market Trends and Drivers:

The rising demand for wireless technologies and high-speed networks represents one of the major growth-inducing factors for the market. Moreover, the continuation of 5G projects by major telecom operators despite the outbreak of the coronavirus disease (COVID-19) has provided a thrust to the market growth. For instance, the Government of China supported the aggressive roll-out of high-speed mobile networks by 5G infrastructure telecommunication carriers in April 2020. Besides this, millimeter wave technology is utilized in the healthcare sector in therapies to treat diseases like diabetes, cardiovascular ailment, depression, and gastrointestinal disorders. Furthermore, several industry players are investing in research and development to tap into the potential of millimeter wave technology in sectors like defense and military, and automotive. With the evolution of new technologies, MMW is expected to become an integral part of the next-generation network.

Millimeter Wave Technology Market Segmentation:

The report has segmented the market on the basis on region, component, product, frequency band, license type and application.

Breakup by Component:

Antennas and Transceivers
Amplifiers
Oscillators
Control Devices
Frequency Converters
Passive Components
Others

Breakup by Product:

Telecommunication Equipment
Imaging and Scanning Systems
Radar and Satellite Communication Systems
Services

Breakup by Frequency Band:

30 GHz – 57 GHz
57 GHz – 96 GHz
96 GHz -300 GHz

Breakup by License Type:

Light Licensed Frequency Millimeter Wave
Unlicensed Frequency Millimeter Wave
Fully Licensed Frequency Millimeter Wave

Breakup by Application:

Telecommunication
Military and Defense
Automotive and Transport
Healthcare
Electronics and Semiconductor
Others

Breakup by Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

Who are the Major Millimeter Wave Technology Market Key players?

The report provides a detailed analysis of the market leaders, including.

Aviat Networks Inc., AXXCSS Wireless Solutions Inc., Farran Technology Ltd., Fastback Networks Inc., Keysight Technologies Inc., L3 Technologies Inc., Millimeter Wave Products Inc., Mistral Solutions Pvt. Ltd. (AXISCADES Engineering Technologies Ltd.), NEC Corporation, Siklu Communication Ltd., Smiths Group Plc and Vubiq Networks Inc.

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